Confirmation of transaction completion

RNS Number : 5395U

Primary Health Properties PLC

03 December 2013

 



Primary Health Properties PLC

("PHP", the "Company")

Confirmation of transaction completion

Acquisition of Prime Public Partnerships (Holdings) Limited for £41.1 million

The Board of PHP, the UK's leading investor in modern primary healthcare facilities, is pleased to announce the completion today of the Company's acquisition of the entire issued share capital of Prime Public Partnerships (Holdings) Limited ("PPP") for an estimated £41.1 million.

The acquisition of PPP secures an additional 54 primary healthcare facilities across the UK, with an aggregate value of £233 million and a contracted annual rent roll of £14.3 million.  This represents a significant advance for PHP, extends the Company's portfolio to 257 assets, a combined value of approximately £933million, with an aggregate annual rent roll of £57.2 million, including all acquisitions since 30 June 2013 and assets currently under construction.

The acquisition is a key part of the strategy to grow the PHP group through investment in high quality primary care facilities in the UK and is a major step toward achieving the Company's priority objective of regaining full dividend cover.

The consideration for PPP has been satisfied through PHP allotting and issuing 12,577,771 ordinary shares of 50 pence each (ISIN GB0007015521) to the Sellers (the "Consideration Shares").  The Consideration Shares have been admitted to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange and such admission and dealings on the London Stock Exchange commenced at 8.00 a.m. on 3 December 2013.

For further information contact:

Ends

Primary Health Properties PLC            [phone]

Harry Hyman, Managing Director

Phil Holland

Bell Pottinger                                      [phone]

David Rydell/Victoria Geoghegan/Elizabeth Snow

Numis Securities Limited                    [phone]

(Sponsor, joint financial adviser and joint broker to PHP)

Corporate Finance: Michael Meade/Andrew Holloway

Corporate Broking: David Poutney

Peel Hunt LLP                                     [phone]

(Joint financial adviser and joint broker to PHP)

Corporate Finance: Capel Irwin / Hugh Preston

Corporate Broking: Andy Crossley

IMPORTANT NOTICE

This announcement is an advertisement and does not constitute a prospectus or prospectus equivalent document.  Nothing in this announcement should be interpreted as a term or condition of the Acquisition.

This announcement does not constitute or form part of any offer or invitation to purchase, or otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security in the capital of the Company in any jurisdiction. 

The information contained in this announcement is not for release, publication or distribution to persons in any jurisdiction where to do so would breach any applicable law.  The Consideration Shares have not been and will not be registered under the securities laws of such jurisdictions and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such jurisdictions except pursuant to an exemption from and in compliance with any applicable securities laws. No public offer of the Consideration Shares is being made by virtue of this announcement into any jurisdiction outside the United Kingdom in which such offer would be lawful. No action has been or will be taken by the Company, Numis, Peel Hunt or any other person to permit a public offering or distribution of this announcement or any other offering or publicity materials or the Consideration Shares in any jurisdiction where action for that purpose may be required, other than in the United Kingdom.

The Consideration Shares will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or the relevant laws of any state, province or territory of the United States. There will be no public offer in the United States.

This announcement has been issued by and is the sole responsibility of the Company.

Numis Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for Primary Health Properties PLC and for no-one else in connection with the contents of this and will not be responsible to anyone other than Primary Health Properties PLC for providing the protections afforded to clients of Numis Securities Limited, or for providing advice in relation to the contents of this announcement or any matters referred to herein.  Numis Securities Limited is not responsible for the contents of this announcement.  Numis Securities Limited has given and not withdrawn its written consent to the issue of this announcement with the inclusion of the reference to its name in the form and context in which it is included.

Peel Hunt LLP, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for Primary Health Properties PLC and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than Primary Health Properties PLC for providing the protections afforded to clients of Peel Hunt LLP, or for providing advice in relation to the contents of this announcement or any matters referred to herein.  Peel Hunt LLP is not responsible for the contents of this announcement.  Peel Hunt LLP has given and not withdrawn its written consent to the issue of this announcement with the inclusion of the reference to its name in the form and context in which it is included.

This announcement has been prepared for the purposes of complying with the applicable law and regulation of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.

If in any doubt about any of the contents of this announcement, independent professional advice should be obtained.

 

END

 

 

MSCUGGAPPUPWURW