Ramsay Healthcare, off the back of the HY results and announcement that the Sante business will be spun off via an in-specie distribution, seems to be emerging out of a multi-year downtrend. I would rather they sold that business entirely, and used the proceeds to reduce debt, but this is a positive step nonetheless.

Longer-term, the first test will be the 200 week MA which is around $50. Breaking that may flip the primary trend positive, though there will be lots of overhead resistance to overcome. It will need further positive fundamental catalysts to achieve that likely, or a "panic" into defensive assets.

David Thodey, former CEO of Telstra, bought over $200k worth on-market at $52 and change in a disclosure filed last week.

Good to see...

• SALE OF RAMSAY SIME DARBY JOINT VENTURE
• REACHED AGREEMENT ON SALE OF ITS 50:50 JOINT VENTURE IN ASIA, RAMSAY SIME DARBY HEALTH CARE
• DEAL FOR MYR6,056M
• EXPECTS NET PROFIT AFTER TAX ON SALE OF ITS SHARE OF JOINT VENTURE WILL BE APPROXIMATELY A$630M
• DEPENDING ON TIMING OF COMPLETION, FY24 NET INTEREST COSTS EXPECTED AT LOWER END OF A$570-600M
• PROCEEDS TO RAMSAY EXPECTED TO BE ABOUT A$935M AND WILL BE USED TO PAY DOWN DRAWN DEBT OF FUNDING GROUP

The company has announced the sale of its Asian JV, for what looks like a good price. The proceeds will be used to pay down debt, which is also a good move. These operations only contribute a low single digit % of operating profits, so the divestment should be a positive for management to focus on the more important divisions.

How much egg is on the Ramsay board's collective faces after spurning KKR's approach @ $88? They looked after themselves at the expense of shareholders, and have now destroyed an enormous amount of value - the most I can think of in absolute terms on the ASX, especially for a large and established company like this.

The tomatoes may follow at this year's AGM :)