Primary Health Properties PLC
02 January 2007
2 January 2007
Primary Health Properties PLC
("PHP" or the "Company")
UK-REIT Conversion and change of accounting reference date
- PHP, the provider of modern primary healthcare facilities, today
announces that its conversion to UK-REIT status took effect from 1 January
2007.
- In June 2006, PHP announced its intention to convert to a UK -REIT.
Shareholders approved conversion on 18 December 2006. Conversion effective
from 1 January 2007- the earliest possible conversion date.
- The Company will achieve significant annual tax savings on income and
capital gains tax paid on disposal of assets
- The Company will now pay minimum of 90% of the profits of the tax exempt
business in dividends - in line with current dividend policy and in
accordance with REIT legislation.
- The Company also announces, with effect from 1 January 2007, the change of
its accounting reference date to 31 December. The current accounting
reference period, which commenced on 1 July 2006, will therefore comprise 18
months ending 31 December 2007. The Company will publish interim financial
statements for the 6 months ended 31 December 2006 and 6 months ending 30
June 2007, prior to publishing final financial statements for the 18 months
ending 31 December 2007.
Harry Hyman, Executive Managing Director of PHP, said:
"I am extremely pleased that we have been able to complete the UK -REIT
conversion. Our new status will enhance overall shareholder returns, augment
the company's growth prospects, and significantly reduce the Company's corporate
income taxes. At PHP, we have always believed in maximum possible distribution
of after tax profits to shareholders and UK- REIT status will allow us to
further implement this policy. We look to the future with enthusiasm."
-ends-
Enquiries:
Bell Pottinger Corporate & Financial
David Rydell/ Victoria Geoghegan Tel: 020 7861 3232
Primary Health Properties PLC
Harry Hyman, Managing Director Tel: 01483 306 912
This information is provided by RNS
The company news service from the London Stock Exchange
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