Primary Health Properties PLC (LON:PHP), a leading investor in modern primary health facilities, has announced the successful completion of its upsized placing announced on Thursday, which raised gross proceeds of approximately £140mln following strong investor demand.
The group said a total of 96,555,000 new ordinary shares were placed by Numis Securities and Peel Hunt at a price of 145p each with existing and new institutional investors, representing a discount of just 1.9% to the stock's intra-day trading price on Thursday.
READ: Primary Health Properties to raise cash to fund new developments
The placing, which represents approximately 7.9% of Primary Health Properties’ issued ordinary share capital prior to the fundraising, was upsized from approximately £120mln due to strong investor demand.
In a statement released after the market close on Thursday, Harry Hyman, managing director of Primary Health Properties commented: "On behalf of the Board I would like to thank all of our new and existing shareholders for their support of PHP. As stated in our trading update this morning, operational and financial performance to date remains strong, and our portfolio continues to demonstrate resilience, and the additional funds raised will help further accelerate our growth by funding near-term portfolio expansion, forward funded developments and asset management projects.”
He added: “Now more so than ever, there is a significant need for modern, purpose-built primary healthcare facilities and the Group has a strong pipeline of opportunities ahead, which together with our strategic capital management, will deliver further earnings growth with reliable dividends to our shareholders as we move forwards with confidence."