Impact Healthcare REIT plc intends to raise as much as approximately £32.6 million in gross proceeds from the placement of up to 32,034,471 ordinary shares at 101.75 pence apiece.
The shares represent 19.99% of Impact's issued share capital at a price that mirrors its NAV per share plus placement costs.
The new shares will stand equivalent to existing shares upon issuance. The placing will entitle shareholders to participate in the dividend payable for the quarter ended Sept. 30, expected to be declared later in October.
Net proceeds from the issuance will fund a portfolio that includes beds upward of 280, as well as two deals for which the trust has agreed to heads of terms. The target portfolios will add three new tenants to the existing number. Other potential acquisition opportunities and/or investment in the trust's existing portfolio will also be carried out using the proceeds.
Meanwhile, the company's investment adviser appraised in excess of 13,000 beds in developing its pipeline of potential investments, according to a release.
The placing is subject to shareholders' approval at the Nov. 6 general meeting, following which it will close at 2 p.m. on Nov. 7. The results of the issuance will be announced Nov. 8.
Impact aims to file for admission of the new shares to the specialist fund segment of the London Stock Exchange, with trading expected to commence from 8 a.m. on Nov. 13.
Winterflood Securities Ltd. will be the sole placing agent and book runner for the placement.
Separately, the company expects to pay a per-share dividend of 6.0 pence in quarterly installments for the 12-month period following its IPO in March.