Image source: Company update

Highlights

  • Healius to pay a fully franked special dividend of 41.3 cents per share, yielding 26%.

  • Dividend follows the successful $822 million sale of Lumus Imaging.

  • Company secures new $300 million syndicated bank facility expiring in 2028.

Healius Ltd (ASX:HLS) shares surged on Monday, defying broader market weakness after the company unveiled plans to reward shareholders with a substantial special dividend. The move comes in the wake of the successful divestment of its Lumus Imaging business, unlocking significant capital for the healthcare services provider.

The company announced it will distribute $300 million of the proceeds to shareholders through a fully franked special dividend of 41.3 cents per share. The dividend includes franking credits worth 17.7 cents per share, or around $128 million, bringing the total value returned to shareholders to nearly $428 million.

Based on the stock’s closing price on Monday, the dividend represents an impressive 26% yield, making it one of the most generous payouts seen on the ASX this year. The stock will go ex-dividend on 9 May, with payment scheduled for 23 May.

A windfall from Lumus Imaging sale

The dividend stems from the $822 million cash proceeds Healius received after completing the sale of Lumus Imaging to funds managed by Affinity Equity Partners. The total enterprise value of the deal is pegged at $965 million, inclusive of lease repayments and other closing adjustments. After accounting for all fees and transaction-related costs, net proceeds are expected to exceed $800 million.

The monetisation of Lumus Imaging marks a pivotal shift for Healius, as it unlocks value from its diagnostic imaging arm and strengthens its balance sheet, while allowing it to refocus on core operations.

Financial position

In a separate announcement, Healius also confirmed it has successfully secured a new $300 million syndicated bank facility with a three-year term expiring in May 2028. This replaces its existing $680 million facility, representing a downsizing of both the facility and lender syndicate, now trimmed to four banks.

The new agreement sets a gearing covenant at 3.5x and an interest cover covenant of 3.0x.