24th Sep 2015 07:58
LONDON (Alliance News) - Primary care property developer Assura PLC on Thursday saw its share price fall after it raised GBP309.0 million via a placing, open offer and subscription at a discount in order to fund its acquisition pipeline and to pay down debt.
Assura said it will issue 556.2 million shares via a firm placing and open offer to raise GBP278.1 million, and will raise another GBP30.9 million via a subscription, all at 50.0 pence per share. Shares in the company were down 12% on the news to 55.50 pence, the worst performer in the FTSE All-Share index.
Assura said it will use the funding to back its acquisitions and development work. It said it has identified around GBP96.0 million in acquisition opportunities, which it expects to have under contract by the end of March 2016.
In addition to backing the acquisitions, the company plans to use around GBP175 million of the proceeds to pay down its debt pile.
"Our business is focused on helping the NHS in improving patient care whilst adapting to ever increasing demand from an ageing population and medical progress. Investing in primary care infrastructure is a recognised priority for the NHS and the support from so many institutions in this fund raise sends a clear message that long term investors want to participate in this significant endeavour," said Chief Executive Graham Roberts.
By Sam Unsted; [email protected]; @SamUAtAlliance
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