NIB to hand out shares in planned $500m float

Article by Danny John - Sydney Morning Herald June 9, 2007

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.