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HSO, HEALTHSCOPE LIMITED
nipper
post Posted: Dec 6 2018, 08:28 AM
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A deal being closely watched is Brookfield’s mooted $4.5bn acquisition of Healthscope.

Challenges for the country’s second-largest private hospital operator around its Northern Beaches Hospital in Sydney could trigger a profit downgrade, prompting Canada-based Brookfield to walk away when due diligence ends on December 22.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Aug 6 2018, 05:26 PM
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In Reply To: nipper's post @ Aug 6 2018, 04:59 PM

QUOTE
Any way you look at it, Healthscope's new Frenchs Forest public and private facility ....is an impressive building.

The long entry unfolds into an atrium with sun beaming down from circular yellow rimmed skylights five storeys above. Wooden panels line the walls, giving an earthy feeling, and matching the steel construction on the outer building.

But it's the details that stand out. Private surgical wards have quartz countertops and tiled bathrooms. Corridors along which patients are wheeled in beds are lit from the side so centre-ceiling lights don't glare down too brightly. Food at the cafe is made to order, including fresh salads. And two sets of stairs flank each side of the building (private is blue for the sea while public is a soft green for the bush) in order to promote exercise and wellness.
- feeling sick already



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: JSB  
 
nipper
post Posted: Aug 6 2018, 04:59 PM
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In Reply To: alonso's post @ Aug 6 2018, 02:37 PM

faux-gold is much more soothing on the eye. .... you can see where the out-of-pocket gap between rebate and the bill went (and gain comfort from that?)

I went to National Capital Private today (don't ask) - another Healthscope venture - and found it bizarre, in its layout. Wide corridors, large rooms for specialists, but a rabbit warren. Brand-new, also, and a further 6 storey extension underway out the back.






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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
alonso
post Posted: Aug 6 2018, 02:37 PM
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In Reply To: nipper's post @ Aug 4 2018, 08:16 AM

Does the décor look like something out of the 1960s-70s? I was expecting to see a lot of black & white & glass & chrome.



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"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
nipper
post Posted: Aug 4 2018, 08:16 AM
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Inside Healthscope's hospital of the future

https://www.afr.com/business/health/hospita...20180718-h12tn5
QUOTE
...Any way you look at it, Healthscope's new Frenchs Forest public and private facility with its 488 beds, 20 operating theatres, maternity and paediatrics wards and 50 bed emergency department is an impressive building.

... The $3.8 billion healthcare giant recently knocked back two takeover bids, denied the interested parties due diligence and instead opted to explore a sale and lease back of its $1.3 billion property portfolio.

"What is all the fuss about? Why is it that private equity is showing up on our doorstep three months before we open this wonderful facility? The answer is this, right here," Ballantyne tells AFR Weekend while sitting in the foyer of the hospital, which is due to begin accepting patients on October 30. "This is destined to be one of our most successful hospitals over the next three to five years in this very unique partnership with government. We are very proud about what we are building here and want to finish what we start."

Consumers have been seriously questioning the value of private health insurance, the cost of which has been rising ahead of inflation for years. Many are downgrading their policies and some have dropped insurance altogether, which has led to softer elective surgery volumes. But Ballantyne says despite the slower market growth, long-term fundamentals remain.

"Healthcare costs continue to rise, demand continue to rise, ageing population, and chronic disease – all of these are driving significant future growth," he says. "The people who win at times of change are those that can be most efficient, and also deliver a level of quality at the same time as delivering efficient operations in health sector and I think Healthscope is demonstrating we can do that. That is one reason why we were chosen by the government to design, build and operate this hospital."

Healthscope will receive about $400 million back from the government around next March. Patient volumes are expected to achieve a full ramp-up within four to five years after opening (Healthscope previously had said three to four years).

The company has been able to attract many specialist doctors such as orthopaedic surgeons, psychiatrists and emergency doctors who like the private and public co-location. It also will be a teaching hospital affiliated with Sydney University. One area of difficulty noted by several sources has been attracting more emergency and operating theatre nurses.

The hospital is 50 per cent paperless, with the goal to eventually be 80 per cent digital. Despite Northern Beaches having the most advanced clinical care technology, such as its CT scanners and massive monitors where operations can be beamed out to another room for educational purposes, there are likely to be teething issues....




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: May 14 2018, 11:12 AM
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In Reply To: nipper's post @ May 14 2018, 10:11 AM

Nice. Looks like the shorts scrambled to cover - short positions @ 24/4/18 13.07% and @ 7/5/18 5.82%
https://www.shortman.com.au/stock?q=hso

QUOTE
Healthscope Limited ("Healthscope") today announced that it has received an unsolicited, nonbinding
indicative proposal from Brookfield Asset Management Inc, together with its affiliates and
their managed funds (together, "Brookfield"), to acquire all of the shares in Healthscope by way
of a scheme of arrangement. The indicative price of $2.50 cash per share represents a premium
of 23% to Healthscope’s closing share price of $2.03 on 24 April 2018, the last trading day prior
to the announcement of the proposal from the BGH – AustralianSuper Consortium on 26 April
2018. The indicative price will be reduced by the value of any dividends or shareholder
distributions announced, committed or paid.

Brookfield has indicated that it intends to provide existing Healthscope shareholders with an
opportunity to invest alongside Brookfield in a privatised Healthscope, which may result in
existing shareholders holding a “significant minority position” in the company.

The Brookfield proposal is subject to a significant number of conditions, including:
 due diligence;
 arranging debt financing for the acquisition;
 approval by Brookfield’s investment committee of the final transaction terms;
 negotiation and execution of a Scheme Implementation Agreement;
 receipt of all necessary regulatory approvals;
 a requirement that the Healthscope Board agrees unanimously to recommend that
shareholders vote in favour of the proposed scheme and a commitment to vote in favour
of the scheme in respect of their Healthscope shares; and
 satisfaction of a "level playing field condition".




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


nipper
post Posted: May 14 2018, 10:11 AM
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Brookfield in with an indicative bid. !!!



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Apr 27 2018, 01:08 PM
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In Reply To: nipper's post @ Apr 26 2018, 11:00 AM

Is someone betting T/O won't happen?

Notable short alert yesterday

QUOTE
Thu 26th Apr, 2018 11,152,583 1,739,703,286 0.64% 64,487,335 17.29%

https://www.shortman.com.au/stock?q=HSO

QUOTE
The proposal is subject to a significant number of conditions, including:
 due diligence;
 arranging debt financing for the acquisition;
 each BGH – AustralianSuper Consortium member obtaining approval to submit a binding
proposal from its investment committee;
 negotiation and execution of a Scheme Implementation Deed;
 receipt of all necessary regulatory approvals, including Foreign Investment Review Board
and Overseas Investment Office approvals;
 Healthscope does not sell or agree to sell any material asset of the company, including its
Asian pathology operations; and
 a requirement that the Healthscope Board agrees unanimously to recommend that
shareholders vote in favour of the proposed scheme in the absence of a superior
proposal, subject to an Independent Expert concluding that the proposed scheme is in the
best interests of Shareholders.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Apr 26 2018, 11:00 AM
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Posts: 5,039
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In Reply To: nipper's post @ Apr 13 2018, 02:37 AM

T/O 'lobbed'; PE bound at $2.36

Be able to buy it back in 5 years.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 13 2018, 02:37 AM
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Posts: 5,039
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Macquarie's plan to find consortium of bidders for Healthscope

QUOTE
Investment bank Macquarie Capital is understood to have been working on a potential takeover bid of Healthscope, embarking on efforts to bring together a consortium of buyers. The consortium, it is understood, would include Macquarie, which would commit to a small portion of equity, while BGH Capital is also tipped to be part of a mooted buyer group. However, it is not clear whether a takeover is still under consideration.

As reported by DataRoom yesterday, fresh talk emerged in recent weeks that Healthscope is in the cross hairs of a suitor. BGH Capital and Bain Capital were the two names mentioned in market talk.

Healthscope's shares closed 3.43 per cent higher yesterday to $1.96, after closing at $1.89 in the previous trading session. But shares remain below the $2.10 price of its initial public offering in 2014 when it was floated as a $3.6 billion company by private equity firms TPG Capital and The Carlyle Group.

Working as a defence adviser for Healthscope is UBS, which is currently running a sales process for Healthscope's pathology operation. A teaser was sent out for a sale of that part of the business about a week ago. BGH Capital was recently founded by former TPG Australian head Ben Gray and his former offsider Simon Harle, along with the previous head of investment banking at Macquarie Capital, Robin Bishop. Mr Gray and Mr Harle jointly led TPG's previous investment in Healthscope, which was bought by TPG and Carlyle for $2.7bn in 2010 and sold via a float four years later.

There was takeover interest around September last year, when the stock was as low as $1.64. At that time, market participants said the group was a target on the basis of its share price remaining under $2 and the offer price being discussed was about $2.40-$2.50. It was believed that a property group — potentially Dexus or Charter Hall — was running the ruler over the business with an Asian-based operator.

As one of Australia's dominant private hospital operators, Healthscope would be highly sought after for not only its operations but also its lucrative real estate portfolio, with it owning hospital sites worth about $1.2bn.
https://www.theaustralian.com.au/business/d...4015091624dfd7

Healthscope has 45 hospitals and 43 medical centres in Australia, and pathology operations in Asia and New Zealand.





--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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