Mbf Health Insurance Float

Record profits spur talk of privatisation

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nib to hand out shares in planned $500m float

THE 320,000 policyholders of private health insurer NIB could get up to 6000 shares each if they vote to drop the group's mutual status and float it on the stock exchange in a listing worth around $500 million.

Holders of family insurance policies who have been with NIB for up to 30 years will be the biggest beneficiaries as they will receive the maximum allocation under the plans to issue equity.

It will be the first Australian private health insurance group to list on the Australian Stock Exchange if the move goes ahead.

The Newcastle-based insurer will ask policyholders to vote on the demutalisation on July 19 which, if approved, will clear the way for the newly incorporated company to join the ASX in either October or November.

NIB is the country's sixth-biggest health insurer and will use the listing to expand either through a merger or by acquiring other operators. No price has yet been fixed for the shares as that will be decided only if the demutalisation - which requires the support of 75 per cent of those voting on the day or by proxy - is approved.

Details of the plan will be sent to policyholders next week. Three categories of eligibility to receive shares have been set out by NIB's board. Only members who had taken insurance before March 20 this year will qualify for the shares, designed to stop "carpetbaggers" buying into NIB to get free stock and then selling out as soon as it goes public.

Those with a basic "ambulance-only" insurance policy will receive 10 shares for every year they have been with NIB but are guaranteed to get at least 100 shares. The maximum allocation under this category has been capped at 300 shares.

Single policyholders will receive 100 shares per year of membership, with a minimum allocation of 300 shares and a limit of 3000. The biggest issues will be reserved for family policyholders, who stand to gain 200 shares for every year they have been members.

They have been reserved a minimum of 600 shares, while anyone who has been with NIB since it was founded at Newcastle's old BHP Steelworks in 1953 will get the maximum issue, capped at 30 years' membership, of 6000 shares.

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