28th Jul 2025 12:38
(Alliance News) - Primary Health Properties PLC reported on Monday that a marginal number of shareholders of Assura PLC have accepted its revised offer since it was recommended last month.
As at 1300 BST Friday last week, PHP had received acceptances of the offer amounting to 39.5 million Assura shares, representing about 1.21% of the issued share capital of Assura, up slightly from 1.18% a week earlier.
The PHP offer is open until August 12 to Assura shareholders.
Under the terms of the increased PHP offer, Assura shareholders will receive 0.3865 of a new PHP share and 12.5 pence in cash. Also, Assura shareholders are entitled to receive or retain a quarterly dividend of 0.84p per Assura share paid on April 1, and a quarterly dividend of 0.84p per Assura share paid on July 9.
The fresh PHP offer implies a total value to be received by Assura shareholders of 53.3p for each Assura share.
This represents a premium of 5.8% to the value of the best and final cash offer of 50.42p per Assura share, made by Sana Bidco Ltd, a consortium made up of Kohlberg Kravis Robert & Co Inc and property investor Stonepeak Partners LP.
PHP also reiterated on Monday that the "mix and match facility" remains open until its offer becomes unconditional. This facility allows Assura shareholders to vary the proportions in which they receive cash and new PHP shares.
Assura directors recommended the new raised PHP offer on June 23.
In a separate filing on Monday, KKR said Bidco's takeover offer for Assura has 0.01% acceptances as at 1800 BST on Friday last week. The consortium owns a 5.05% stake in Assura.
On Monday, PHP shares were down 0.1% at 95.17p in London, but they were up 0.8% at ZAR22.69 in Johannesburg.
Assura shares were down under 0.1% at 49.94p in London, but they were unchanged at ZAR12.10 in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
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