The Offer Price represents a discount of 2.7 per cent. to the Closing Price of 58.6 pence per Existing Ordinary Share on 15 November 2017 (being the last business day prior to the announcement of the Share Issue) but a premium of 7.3 per cent. to the Company's last reported EPRA NAV per Ordinary Share as at 30 September 2017 of 53.1 pence.
Highlights of the Share Issue
· Issue of up to 193,460,489 New Ordinary Shares through the Firm Placing, raising gross proceeds of up to £110 million at the Offer Price. The Firm Placed Shares are not subject to clawback and are not part of the Placing and Open Offer
· Issue of 332,855,300 New Ordinary Shares through the Placing and Open Offer, raising gross proceeds of £190 million at the Offer Price
· The Firm Placing and Placing being conducted through the Bookbuild will open with immediate effect
· Under the Open Offer, Qualifying Shareholders will have an Open Offer Entitlement of 2 Open Offer Shares for every 11 Existing Ordinary Shares held
· Qualifying Shareholders are also being offered the opportunity to subscribe for New Ordinary Shares in addition to their Open Offer Entitlements under the Excess Application Facility
· Issue of up to 52,631,578 New Ordinary Shares through the Offer for Subscription, in order to raise gross proceeds of up to £30 million at the Offer Price. It is expected that the Offer for Subscription will open on 17 November 2017 and allow interested parties who cannot participate in the Firm Placing, Placing or Open Offer an opportunity to subscribe for New Ordinary Shares
Reasons for the fundraising and use of proceeds
Assura has delivered substantial growth in its portfolio and income over the last three financial years. The Company has a strong investment pipeline and continues to see opportunities to make further investments in the primary care property market which is a sector which has attractive fundamentals and a track record of strong risk adjusted returns. The estimated net proceeds from the Share Issue will be used to make further investments into primary care properties and to reposition the Group's balance sheet.