News: EHE Estia Health undertakes entitlement offer of $136.8 mln

Dec 12 (Reuters) - Estia Health Ltd (EHE)

• Underwritten entitlement offer of $136.8 million announced
• No interim dividend to be paid for first half of fy17 and dividend policy revised to pay at least 70% of npat
• Estia will undertake an underwritten 1-for-3 accelerated non-renounceable entitlement offer at $2.10 per new share
• Estia shares have been placed in a trading halt pending announcement regarding outcome of institutional entitlement offer
• In current operating environment its optimal maximum leverage position should be in range of 1.5x - 1.8x ebitda
• Asx alert-asx announcement - entitlement offer-ehe.ax
• Proceeds used to reduce core debt
• Gary Weiss to succeed pat grier as estia chairman
• Estia reconfirms its fy17 ebitda guidance range of $86 - $90 million