Dec 12 (Reuters) - Estia Health Ltd EHE.AX
* Underwritten entitlement offer of $136.8 million announced
* No interim dividend to be paid for first half of fy17 and dividend policy revised to pay at least 70% of npat
* Estia will undertake an underwritten 1-for-3 accelerated non-renounceable entitlement offer at $2.10 per new share
* Estia shares have been placed in a trading halt pending announcement regarding outcome of institutional entitlement offer
* In current operating environment its optimal maximum leverage position should be in range of 1.5x - 1.8x ebitda
* Asx alert-asx announcement - entitlement offer-ehe.ax
* Proceeds used to reduce core debt
* Gary Weiss to succeed pat grier as estia chairman
* Estia reconfirms its fy17 ebitda guidance range of $86 - $90 million Source text for Eikon: ID:nASXbQVcQH Further company coverage: EHE.AX