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Primary Health Properties' equity issue garners £150M

Primary HealthProperties Plc expects to raise £150 million from its plannedcapital raising, above its initial £120 million .

The company said that it received valid applications andcommitments for the firm placing and placing, open offer and offer forsubscription, and as such will offer 150.0 million new shares at 100 penceapiece. The issuance is subject to shareholder approval at an April 13 meeting,according to a same-day filing.

The proposed issuance will be divided as follows:

60.0 million new shares under the firm placing; 30,308,710shares under the open offer; 44,301,740 shares under the placing; and15,389,550 shares under the offer for subscription.

Primary Health Properties Managing Director said that theproceeds from the capital raising will be used to fund the group's expansion inthe U.K. and Ireland.