Ed Bateman wants to give money away while he can still enjoy the process of giving.
The managing director of $2.5 billion listed medical services business Primary Health Care Ed Bateman has informed the market this morning of his plans to give away a large part of his holding in the company, worth about $85 million.
Bateman’s wealth has risen strongly over the past 12 months. In May last year, he had an estimated net worth of $420 million. This has since risen to about $500 million on the back of strong growth of the Primary Health Care share price.
Bateman wrote that he and his wife, Belinda Bateman, wanted the beneficiaries to “receive these gifts now when they are likely to be of most use and when Dr and Mrs Bateman can enjoy the process of making these gifts”.
He also said that the gifts do not impact on his ongoing commitment to his role as managing director.
Bateman is the second largest shareholder in Primary Health Care. He has 37.2 million shares, which equates to 7.4 per cent of the listed capital.
In this morning’s announcement, Bateman said that after the gifts are made he will retain about 20 million shares.
The split between family and charity is unknown.
Strong performance by the company’s imaging business has helped push up earnings.
Primary Health Care reported earnings before tax, depreciation and amortisation of $350 million last year. Its half-ear results suggest the company is on track to achieve its target of $370 million to $380 million this year.
Laverty pathology 