Bryan Dorman, the co-founder of Regis Healthcare, who grew it to become one of Australia’s largest and most successful aged care companies before floating the business on the Australian Stock Exchange with a market cap of $700 million-plus, has sold a 5.81% stake for $68.25 million according to back-of-envelope calculations on Monday.
The co-founder had held a 27.2% stake in the company, the same as co-founder Ian Roberts. He sold 17.5 million Regis Healthcare shares just before market close through a 'block trade agreement' with Merrill Lynch Equities (Australia) Limited. The $3.90 per share price was a 7% discount to the $4.18 share price at 3.40pm, just before the stock fell to a close of $3.93.
His private family office, Dorman Capital, is now an active investor in commercial property, equities, venture capital and development.
"This transaction represents the Dorman Family’s first sell-down in Regis since the Company’s Initial Public Offering in October 2014," Bryan said in a statement lodged with the Australian Stock Exchange (ASX).
"The share sale will enhance Regis’ trading liquidity and free-float and will allow the Dorman Family to diversify its portfolio.
"I am... committed to serving on the Company’s Board of Directors.
"The Dorman Family does not intend to sell any further shares in the short to medium term," added Bryan, who still holds 21.4% of Regis Healthcare.
Regis Healthcare, Australia's last remaining publicly listed aged care provider with 68 aged care homes, delivered a third-quarter update earlier this month. Its shares have risen 169% in the last 14 months.
The stock floated on the ASX nearly a decade ago, opening at $3.85, a 5.48% increase on its offer price of $3.65 per share.
