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Primary Health Properties plans £100M capital raise

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Primary Health Properties plans £100M capital raise

Primary Health Properties PLC expects to raise gross proceeds of up to £100 million by issuing a maximum of 92,592,592 new ordinary shares.

The subscription price is 108 pence per new share, which reflects a 5.3% discount to the company's closing price of 114 pence per ordinary share as of March 22.

The board of the London-listed healthcare real estate investment trust has the option to increase the size of the capital raising by up to 25% in case of sufficient demand, with the gross proceeds then reaching about £125 million.

The proceeds will be used along with existing and future debt facilities to pay down the company's revolving debt, which totaled £129 million at the end of 2017, and to fund the company's acquisition and development pipeline, which totals roughly £81.8 million in the U.K. and roughly €79.0 million in the Republic of Ireland.

A general meeting is scheduled April 18 to approve the capital raise, and the new shares are expected to commence trading on the London Stock Exchange on April 19 if the requisite resolutions are passed at the general meeting.