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SHL - SONIC HEALTHCARE LIMITED


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From Aegis

 

Sonic Healthcare (SHL) - Initiates $200M institutional equity raising...with SPP to come

SHL is conducting an underwritten $200M institutional placement via book-build. SHL has reserved the right to accept over-subscriptions. In addition, an SPP will offer existing shareholders the opportunity to participate in the capital raising. The SPP will be priced at the lower of the placement price or a 3% discount to the 5-day VWAP at pricing. Proceeds from these raisings will be used to partly retire debt incurred by SHL in its recent purchase of US-based CPL. EPS impact is minimal.

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and more from Aegis

 

SHL reconfirmed guidance at today's AGM of FY06 revenue of $1.60B-$1.67B, up 18% on FY05, and FY06 EBITA of $300M - $320M, up 19% on FY05. Our forecasts lie at the upper end of the guidance range. We expect solid continued organic growth for SHL. IPN, which is 72% owned by SHL, will contribute for a full year in FY06, while 82% owned US acquisition CPL will contribute from 1-Oct-05. We remain bullish on SHL's international growth prospects and foresee further acquisitions in the near term.

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