15th Nov 2013 09:11
LONDON (Alliance News) - Primary Health Properties PLC (PHP) Friday said it has agreed to acquire Prime Public Partnerships Holdings Limited (PPP) for GBP41.1 million in shares.
PPP invests in 54 healthcare facilities across the UK with an aggregate valuation of GBP233 million.
PHP will pay for PPP via the issue of new shares at a price of 320p per share.
It said 12.5 million initial consideration shares will be issued at completion, while up 513,378 further consideration shares may be issued following preparation of completion accounts, based on the actual net asset value of PPP at completion.
PHP said 235,475 further consideration shares may be issued subject to the amendment of a PPP portfolio property lease within 12 months of completion.
The acquisition is part of PHP's strategy, outlined in its interim results earlier this year, to return to full dividend cover.
The stock was trading at 330.00 pence Friday morning, up 6.00 pence or 1.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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