5th Feb 2019 08:15
LONDON (Alliance News) - Primary Health Properties PLC said on Tuesday the contingent liability for its convertible bonds has been removed.
Last week, when announcing annual results, Primary Health said there was a contingent liability resulting from a question over whether there should be an adjustment to the exchange price of its convertible bonds.
This question came as a result of the open offer part of a fundraise announced in March 2018 as well as one in March 2016.
Primary Health said Tuesday: "The independent adviser has determined that no adjustment is required in respect of the open offer element of the equity issues and his determination is conclusive and binding on the parties. Accordingly there is no longer any contingent liability."
On Thursday last week, Primary Health said net asset value over 2018 grew 4.4% to 105.1 pence per share, with its investment portfolio value increasing 2.5% to GBP1.36 billion.
Shares were 0.1% higher on Tuesday at a price of 116.50 pence each.
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