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All-share merger of Primary Health, MedicX Fund takes effect

The all-share merger of U.K. healthcare real estate investment trusts Primary Health Properties PLC and MedicX Fund Ltd. took effect March 14 following a court sanction of the scheme of arrangement by which the deal is being implemented.

Holders of MedicX shares on record as of March 13 will receive 0.77 new Primary Health share for each MedicX share. Existing shareholders of Primary Health and MedicX will respectively own 69.4% and 30.6% of the combined company, which will have a portfolio of properties totaling about £2.3 billion in the U.K. and Ireland.

Dealings in MedicX shares on the London Stock Exchange's main market for listed securities and their listing on the premium listing segment of the Financial Conduct Authority's Official List have been suspended from March 14, with cancellation scheduled March 15. Admission and dealings in the 341,045,427 new Primary Health shares is also expected to take effect March 15.

With the scheme becoming effective, nonexecutive directors Helen Mahy, Steve Le Page, Laure Duhot and John Hearle stepped down from the MedicX board. Mahy was also chairman, while Le Page was a senior independent director of the company.