Ann: Becoming a substantial holder-EHE.AX, page-6

Estia Health finds new friend in Credit Suisse

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There is plenty to play out for Estia Health and chief executive Paul Gregersen. Fiona Morris

• by
• Sarah Thompson
• Anthony Macdonald
• Joyce Moullakis

When it comes to Estia Health, it feels like we ain't seen nothing yet.
If there is anything to take from the advisers swarming all over the embattled aged care operator, its key stakeholders and rivals, it's that there are plenty of pages to be written in the Estia story.
Street Talk understands investment bank Credit Suisse has established a reasonably new-found relationship with Estia, and is a welcome friend at what is a difficult time for the company.
While sources said Credit Suisse had not signed a formal defence adviser mandate at Estia, it is believed to be in the box seat. That means the Swiss bank has its nose in front of arch rival UBS, which floated the company in December 2014 and kept close ties to its management team.
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Meanwhile Estia's biggest shareholders are considering their options.
Related Quotes

• EHE

ESTIA HLTH FPO (EHE)

$2.59-0.08-3.00%
volume 897325value 2352809.5

• 5 YEARS
• 1 DAY

Aug15Apr16GMT+1000 (AUS Eastern Standard Time)Dec14Oct16463.017.674
Last updated: Fri Oct 14 2016 - 13:34:38
View full quote
Company Profile
Residential aged care operator.
http://www.estiahealth.com.au
Health Care Providers & Services (351020)
ASIC

Capital markets heavyweights Perpetual and Regal Funds Management have almost 25 per cent of the shares on issue between them, while aged care stalwarts the Kennedy family has another 5 per cent.
There are also a number of swaps and other derivatives at play - with hedge funds keeping a particularly close eye on substantial notices from the equity derivatives specialist Deutsche Bank. Deutsche disclosed a 9.92 per cent stake as at August 30, on behalf of unnamed clients.
Citi is believed to be sticking close to some of Estia's key investors. And while the investors are understood to be keeping their distance from each other at this stage, one wonders whether they would be tempted to meet up for a cup of tea in coming weeks.
Meanwhile Macquarie Capital is on hand for its two listed aged care clients; Japara Healthcare and Regis Healthcare. While most of the market's attention is rightly on Estia, the two other heavyweights are also in need of friends.















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