Ramsay Health Care Elects to Distribute Ramsay Santé CDIs on ASX Following Foreign Exempt Listing Approval

Sonal Goyal

12 November 2026 06:44 PM AEDT

Ramsay Health Care Elects to Distribute Ramsay Santé CDIs on ASX Following Foreign Exempt Listing Approval

Image Source: Krish Capital Pty Ltd

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Ramsay Health Care (ASX:RHC) has disclosed that Ramsay Générale de Santé SA (Ramsay Santé) has received approval from the Australian Securities Exchange for a foreign exempt listing, prompting Ramsay to elect to distribute Ramsay Santé CHESS Depositary Interests (CDIs) quoted on ASX to eligible shareholders, rather than Ramsay Santé shares listed on Euronext, as part of the proposed demerger scheme of arrangement.

Key Points

ASX has approved Ramsay Santé's application for admission as an ASX Foreign Exempt Listing.
Ramsay Group holds a 52.79% shareholding in Ramsay Santé, which it intends to distribute to Ramsay shareholders via an in-specie distribution through a scheme of arrangement.
Each CDI will represent a beneficial interest in one Ramsay Santé share and carry economically equivalent rights.
CDI trading on ASX is expected to commence on a deferred settlement basis on 1 December 2026, with the distribution expected to be completed on 9 December 2026 and normal trading expected from 10 December 2026.
The distribution remains subject to approval by Ramsay shareholders at a scheme meeting scheduled for 24 November 2026, and approval by the Supreme Court of New South Wales.

ASX Foreign Exempt Listing Approval and CDI Election

Ramsay Santé lodged an announcement confirming ASX approval of its application for a foreign exempt listing. Following this approval, Ramsay Health Care made an election under the Scheme to distribute Ramsay Santé CDIs quoted on ASX to eligible Ramsay shareholders, in place of Ramsay Santé shares listed on Euronext. The issuance of Ramsay Santé CDIs remains subject to the Demerger being approved by Ramsay shareholders and other conditions being satisfied, including the Scheme being approved by the Court and Ramsay Santé CDIs being admitted to quotation on ASX.

CDI Structure and Shareholder Voting Rights

Under the proposed arrangements, each CDI issued to eligible Ramsay shareholders will represent a beneficial interest in one Ramsay Santé share and carry economically equivalent rights. CDI holders will be able to exercise their voting rights by instructing the depositary nominee to vote on their behalf, according to the filing. The issuance of the CDIs remains subject to applicable conditions, including shareholder and Court approvals. The scheme meeting at which Ramsay shareholders will vote on the Demerger is scheduled for 24 November 2026.

Expected Timetable for CDI Quotation and Distribution

Subject to the Scheme becoming effective, quotation of Ramsay Santé CDIs on ASX is expected to commence on Tuesday, 1 December 2026, on a deferred settlement basis. The distribution of Ramsay Health Care's shareholding in Ramsay Santé is expected to be completed on Wednesday, 9 December 2026, with Ramsay Santé CDIs expected to be issued to eligible Ramsay shareholders on that date. Normal trading of the CDIs on ASX is expected to commence from Thursday, 10 December 2026, according to the filing.

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