Primary Health Properties (PHP) has announced plans to raise £120m through a share placing, rising to £150m if the demand is there. And in a departure from the norm, half of the new shares will be offered to new and existing shareholders.
IC TIP:
Buy
at
103p
Usually, shares are placed with institutions, leaving retail investors with no opportunity to take part. The share price dipped 6 per cent on the news, but the placing is set at a 10 per cent discount to yesterday's share price, so the offer still has value.
