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As it delivered the result, Ramsay also launched a capital raising to generate A$260 million (US$214.97 million) to be used to reduce debt and position the company for future growth. Ramsay shares went into a trading halt while the capital raising takes place. Ramsay delivered net profit for the 2008/09 financial year of A$106.47 million, up from A$92.2 million in the prior year. The company declared a fully franked final dividend of 21.5 cents, bringing the full year dividend to 38 cents, up from 32.5 cents last year. "Looking ahead, we remain confident about growth prospects for the group," managing director Christopher Rex said in a statement. "The integration of Ramsay UK is complete and we have achieved a stable platform for expansion into the broader European market. "Factors such as population growth, an ageing population and the baby boomer effect will drive demand for hospital care over the long term and we believe we are well positioned to capture that projected increase." Included in Ramsay's annual result were specific items of A$39.9 million, mostly related to deferred non-cash rent expense from its UK hospitals and some restructuring and integration costs. Core net profit, which excludes those impacts, was up 18.9 per cent on last year to A$146.4 million. Ramsay forecast core net profit growth of between 12 and 14 per cent for 2009/10. Ramsay also announced a capital raising to generate approximately A$260 million to strengthen its balance sheet and support its pursuit of growth opportunities. It will conduct an underwritten institutional placement of new shares to raise A$220 million, and a non-underwritten share purchase plan to raise a further A$40 million. The placement has been underwritten at a minimum price of A$10 per share, with the final price to be determined by bookbuild, Ramsay said. Ramsay shares are in a trading halt at A$10.79. Following the capital raising, Ramsay's outstanding net debt will be approximately A$1.1 billion, it said. "This equity raising further strengthens Ramsay's capital position," Mr Rex said. "In the current environment, this provides the right balance between our commitment to invest in growth whilst at the same time prudently managing our balance sheet." Acquisition research is continuing, Ramsay said, especially in Europe where more reasonable valuations are starting to emerge. (AAP) rw For full details for RHCRF click here.
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