16th Nov 2015 09:12
LONDON (Alliance News) - Target Healthcare REIT Ltd said Monday that it plans to place up to 15.7 million shares in order to raise funds to make further acquisitions and increase its portfolio.
Target Healthcare is a real estate investment trust, focused on a portfolio of care homes.
It will issue up to 15.7 million shares in the placing, representing around 9.99% of its existing issued share capital, with a price expected to be in the range of 103 to 106 pence per share. Target will determine the price of the placing based on the level of demand from potential investors.
Shares in Target were down 1.3% at 108.88 pence Monday morning.
Target said the issue price will represent a premium to its last published net asset value per share of 99.2 pence.
Target said it has a further pipeline of opportunities estimated at over GBP40 million which is being actively evaluated.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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