The prospectus for the Medibank Private Share Offer has been lodged with the Australian Securities and Investments Commission and is now available at medibankprivateshareoffer.com.au.
Australian retail investors will be able to apply for Medibank Private shares from Tuesday, 28 October 2014.
The indicative price range for Medibank Private shares has been set at $1.55 to $2.00 per share. A price cap for retail investors means that Australian residents who choose to apply for shares will not pay any more than $2.00 per share, even if the final price is set above the indicative range.
The indicative market capitalisation of Medibank Private would be $4,269 – $5,508 million, which would place it among the top 100 companies on the ASX.
The Government intends to sell down its entire shareholding. The launch of the offer follows a successful pre-registration process where more than 750,000 Australians pre-registered to receive the Medibank Private Share Offer prospectus.
Australian residents who pre-registered their interest in receiving a prospectus and apply for shares in the General Public Offer can be allocated an amount of shares up to 15 per cent higher than General Public Offer applicants who did not pre-register.
Eligible Medibank private and ahm policyholders who pre-registered and apply for shares in the Policyholder Offer can be allocated an amount of shares up to 30 per cent higher than General Public Offer applicants who did not pre-register.
Eligible4 Medibank Private and ahm policyholders who did not pre-register are still eligible to apply for shares in the Policyholder Offer and can still be allocated an amount of shares up to 15 per cent higher than General Public Offer applicants who did not pre-register.
Potential investors who have not pre-registered can get a prospectus by calling 1800 998 778 or visiting medibankprivateshareoffer.com.au.
The Government has long been committed to the sale of Medibank Private.
The lodgement of the prospectus is another important step in the Government’s orderly and methodical approach to the sale.
Medibank Private is a commercial business operating in a well functioning and competitive private health insurance market with 34 competing funds.
As such there is no compelling policy reason for the Government to continue to own Medibank Private.
The sale of Medibank Private will provide the company with full commercial independence and access to capital markets.
The sale will also remove the current conflict where the Government is both the regulator of the private health insurance market and owner of the largest market participant.
Proceeds from the sale of Medibank Private will be re-invested into productivity enhancing infrastructure through the Government’s Asset Recycling Initiative.
The prospectus may be obtained by visiting medibankprivateshareoffer.com.au or calling 1800 998 778.
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