WFD - Wakefield Hospital

[MeNoBatty]

Had a good run up late 2003 but seems to be dropping off a bit lately. Any one following this puppy?

[clearasmud]

Does anybody else thing their next report could be a good one
disc:hold

[Gryffyn]

It's a very low vol share. I wonder what the distrib of holders is.

A few analysts have picked this to be worth round what it is now (those picks were when the price was 170ish). Problem is that this share is heavily affected by political and dhb decisions.

It could be a winner but then again it could languish. Not easy to get out of in a hurry.

Disc: Watching.

[clearasmud]

Thanks Gryffin.
for me this share is attractive because the dirctors own most of the shares,hospital spending is growing ;bs still under geared and nta is $2.30+.Also it is cheap.
For the above reasons this co is small risk with big growth potential.

[Gryffyn]

Clearas,

Yes and no to your pick for small risk and big potential. I think the risk is high due to eggs in one basket and subject to political winds in a very political city. Current govt and MOH policy is not esp. favourable towards this kind of enterprise.

I like the fact that dirs hold lots of share - presuming they don't get a second bite with over generous dir packages though.

What divvy yield is it currently at?

[clearasmud]

The fact that WFD is in Wgtn is surely irrelevant.I believe WFD's exposure to public $ is low and govt is in no position to fund the exponential health funding needed over the next many years.
Divvy is 1.75%
Good luck

[Gryffyn]

Cheers.

[clearasmud]

Good result from Wakefield.Adjusted NPAT for the 2nd half was $1.32m =14.3c per share =PE 8.5.
Also they made 3.9m from bulding revaluations.
They have undergeared BS to allow for plenty of future growth.
final dividend up to 6c
Here it is:
WFD
18/05/2004
FLLYR

REL: 1500 HRS Wakefield Hospital Limited

FLLYR: WFD: Increased Profit for Wakefield Group

Wakefield Hospital Limited today reported an audited net profit after tax of
$2.4 million for the year ended 31 March 2004, up 198 per cent from the
previous year. The result includes $206,000 of tax refunds relating to prior
periods.

Group revenues of $37.4 million represented an increase of 53 percent. The
increase is due to the inclusion of Bowen Hospital, acquired at the beginning
of the financial year, and growth in patient volumes at Wakefield Hospital.
The company will pay a fully imputed final dividend of 6 cents per share.

Chairman John Calder said: "The significant increase in profitability is
pleasing and in line with the expectations signalled in the Half-Year
Report." Mr Calder said underlying net profit, after adjusting for the tax
refunds, a $100,000 investment write-down and other unusual items, increased
by almost 186%, from $0.80 million to $2.27 million.

Wakefield Hospital financial performance (for the year ended)

Revenue $37.371m (2004) $24.492m (2003) 53% (% change)
EBITDA $5.840m (2004) $3.243m (2003) 80% (% change)
Net Profit After Tax $2.371m (2004)$0.795m (2003) 198%(% change)
Tax refunds $0.206m (2004) $Nil (2003)
Adjusted NPAT $2.165m (2004) $0.795m (2003) 172% (% change)
Earnings Per Share 25.9cps (2004)8.7cps (2003) 198% (% change)
Dividend (final)6.0cps (2004) 3.0cps (2003) 100% (% change)
Dividend (full year) 8.0cps (2004) 5.0cps (2003) 60% (% change)

The value of total assets employed increased by $12.4 million (45%) to $40.1
million after the inclusion of Bowen Hospital and the annual revaluation of
assets at both Bowen Hospital and Wakefield.

Shareholders funds increased by $6.3 million, up 31 percent to $26.4 million;
and following the acquisition of Bowen, term debt increased by $4.3 million
to $8.3 million.

Mr Calder said Directors had to accommodate a continuing need for investment
in medical equipment to keep both hospitals at the leading edge of
established technology.

"Our policy is to do this rather than use our strong cash flows to fund
bigger dividend payments. Nevertheless we are paying total dividends of 8
cents per share from this financial year compared with 5 cents per share last
year, because we believe dividends can be maintained at this level if patient
numbers are maintained. This has been the case in the first two months of
the current financial year."

"The recently announced resumption of contracted cardiac surgery with Capital
& Coast Health DHB, is a welcome development. It's not significant in revenue
terms but we are pleased to be able to help," he said.

Wakefield Hospital financial position (as at)

Assets $40.114m (2004) $27.738m (2003) 45% (% change)
Liabilities $13.764m (2004) $7.640m (2003) 80% (% change)
Shareholder's Equity $26.350m (2004) $20.098m (2003) 31% (% change)

The fully imputed final dividend of 6.0 cents per share (2003: 3.0 cents per
share) will be paid on 21 June 2004 to shareholders on the register at close
of business on 11 June 2004.

Ends
Issued by Wakefield Hospital Limited
Contact:

John Calder (Chairman): (07) 571 8899

Richard Barnes (Chief Executive): (04) 381 8100
End CA:00100283 For:WFD Type:FLLYR Time:2004-05-18:15:00:05

[Snow Leopard]

quote:
WFD
06/05/2005
STAND

REL: 1246 HRS Wakefield Hospital Limited

STAND: WFD: Stand in the Market

ABN AMRO Craigs Limited has provided the following notice:

STAND IN THE MARKET

This letter is to advise the NZX that ABN AMRO Craigs Limited has received
instructions to acquire up to 10% of the issued ordinary shares in Wakefield
Hospital Limited through a stand in the market. Pursuant to NZX participant
rule 10.7.4 we provide the required details of the stand as follows:

i) Name of Issuer
Wakefield Hospital Limited (WFD)

ii) Class of Equity Security
Ordinary shares (WFD.NZ).

iii) Number of Equity Securities (or percentage of issued capital) to be
acquired
Up to 10.0%.

iv) Price of the Offer to which that stand in the market relates
The price of the Offer is NZ$4.23 per WFD Ordinary share.

v) Period for which the stand in the market will remain open
The stand will commence from at 1.45pm on Friday 06 May and will
remain open until close of trading Tuesday 10th May or the NZX is advised
that the stand is complete or withdrawn.

vi) Details of the acceptance process
A special order facility and code (SPEC1) will be established to facilitate
acceptances into the stand.
All shares sold into the stand on SPEC1 will be on a conditional basis until
such time as the Bidder receives minimum acceptances of 5.0% of the ordinary
shares in WFD, or if advised earlier by the Bidder that the sale of shares
into the stand is unconditional.

vii) Details of any price escalation or other condition of the Offer to
which that stand in the market relates. The following condition relates to
the Offer:

a. The stand in the market to acquire shares includes an
escalation clause. In the event the Bidder buys any shares in WFD at a price
higher than that paid to sellers in the stand in the market within 6 months
thereafter, (after adjusting for all normal factors such as dividends,
subdivisions, consolidations and share issues) the Bidder will ensure that
those sellers receive the higher price per share.
End CA:00114967 For:WFD Type:STAND Time:2005-05-06:12:46:57

[cdt18]

Great so we've got a bit of corruption going on. A stand in the market a few hours after a improved result announcement.