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Target Healthcare raises £94M from common shares issuance

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Target Healthcare raises £94M from common shares issuance

Target Healthcare REIT Ltd. raised £94 million in gross proceeds from the issuance of 87,037,038 ordinary shares through an initial placing, open offer and offer for subscription.

The company, which placed up to 92,592,592 ordinary shares at 108 pence apiece under the initial placement and offerings, received valid acceptances for 52,524,814 shares under the placing; 33,704,513 shares under the open offer and 807,711 shares under the offer for subscription. New shares tendered with regards to the open offer represented approximately 73.5% of the total offering of 45,851,063 shares, sold in pairs for every 11 existing ordinary shares held by qualifying shareholders Jan. 30.

The trust will lodge an application to admit the new shares to the premium segment of the official list, as well as to trading on the London Stock Exchange's Main Market for listed securities, following which dealings in the shares are expected to commence Feb. 27.

Following admission, the total ordinary shares in issue are slated to amount to 339,217,889, according to a release.

Stifel Nicolaus Europe Ltd. and Dickson Minto W.S. are acting as sponsors of the company.