David Thodey is a potential catalyst for change at Ramsay Health Care. Will he make it happen?
Ramsay Health Care’s incoming chairman David Thodey has a rare chance to wipe the company’s slate clean – and shareholders are asking him to grab it with both hands., a bunch of shareholders want to see Ramsay offload offshore businesses, rein in its global ambitions and refocus on its core Australian operations.It would be a big strategic shift for the country’s biggest private hospital owner, and the sort of change that does not normally happen without a fresh set of hands at the wheel.
Some investors go further, saying Ramsay should also sell its UK business, commit to not spending another $1 of shareholders’ capital outside of Australia, want to see management change and question the board’s hospital experience. “We’re making sure there’s good alignment between the issues we are looking at, and those of investors,” the seasoned executive and Australian company director says.Thodey’s been joined in the meetings by Ramsay’s outgoing chairman Michael Siddle, who is handing over the reins but seeking re-election to the company’s board.
He would have been asked about M&A – Ramsay has been a busy buyer of assets over the years, including offshore – but says the company is more focused on its existing operations than new businesses. “Some investors have been lobbying the RHC board to restructure the company to boost its share price,” he says, valuing Ramsay at $58.50 and Sante at $17 a share. Together, that is well more than the $50.26 that Ramsay shares were trading at on Thursday.
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