NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR TO ANY NATIONAL, RESIDENT OR CITIZEN OF THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM)
This announcement is for information purposes only and shall not constitute an offer to sell or issue or the solicitation of an offer to buy, subscribe for or otherwise acquire any Ordinary Shares of Target Healthcare REIT Limited in any jurisdiction in which any such offer or solicitation would be unlawful.
TARGET HEALTHCARE REIT LIMITED
("Target" or the "Company")
RESULTS OF PLACING AND SALE FROM TREASURY
Further to the announcement on 16 November 2015, Target Healthcare REIT Limited is pleased to announce the successful completion of a placing of 15,652,803 new Ordinary Shares ("New Ordinary Shares"). Furthermore, in response to excess demand for the New Ordinary Shares, the Company also announces a sale of 14,229,822 Ordinary Shares which were held in treasury (the "Treasury Shares") raising, along with the placing of the New Ordinary Shares, total gross proceeds of approximately £31.1 million.
The New Ordinary Shares and the Treasury Shares have been subscribed for at a price of 104 pence each (the "Issue Price"). The Issue Price represents a discount of 5.67% to the closing share price on 13 November 2015. The number of applications for New Ordinary Shares and Treasury Shares exceeded the available supply, which has led to the scale back of applications.
Applications will be made to the FCA for admission of 15,652,803 New Ordinary Shares to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities (''Admission''). It is expected that Admission will become effective, and that unconditional dealings in the New Ordinary Shares will commence, at 8.00 a.m. (London time) on, or around, 25 November 2015 (the "Admission Date").
In relation to the Treasury Shares, it is expected that trade confirmations will be sent to investors today, with the trades expected to settle on, or around, 25 November 2015.
Following the Admission Date and completion of the Treasury Share sale, the Company's issued share capital will consist of 172,180,851 Ordinary Shares. The Company will no longer hold any Ordinary Shares in treasury. Accordingly, the total number of voting rights in the Company will be 172,180,851. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Target Advisers LLP Kenneth MacKenzie, Managing Partner |
01786 845 915 |
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Stifel Nicolaus Europe Limited Mark Young / Roger Clarke / Neil Winward |
020 7710 7600 |
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Dickson Minto, W.S. Douglas Armstrong / Fiona Thompson |
020 7649 6823 |
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Quill PR Fiona Harris / Sam Emery |
020 7466 5058 / 020 7466 5056 |
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Important Information
The content of this announcement has been prepared by, and is the sole responsibility of, Target Healthcare REIT Limited.
The information contained in this announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time.
Stifel Nicolaus Europe Limited, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Stifel Nicolaus Europe Limited or advice to any other person in relation to the matters contained herein.
None of the Company, Target Advisers LLP or Stifel Nicolaus Europe Limited, or any of their respective affiliates, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, Target Advisers LLP and Stifel Nicolaus Europe Limited, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.
