Primary Health Properties (PHP) is planning to raise at least £100m through a firm placing and open offer to fund further acquisitions, while keeping debt at a conservative level. The primary healthcare landlord also retains the option to raise this to £125m, depending on demand.
IC TIP:
Buy
at
110p
The offer price is 108p, which represents a 5.3 per cent discount to the previous closing price, and half the offer, now ex-entitlement, was open to existing shareholders on the basis of one new share for every 17 held. As well as funding new investments from the £81.8m acquisition and development pipeline, the money will be used to pay down funds drawn on the group’s revolving debt facility, currently standing at £129m, allowing sums to be re-drawn when necessary.
