May 10, 2019 Finance

Impact Healthcare REIT Results of Issue

Further to its announcement on 15 April 2019, the board of Directors of Impact Healthcare REIT plc, the real estate investment trust which provides investors with exposure to a diversified portfolio of UK healthcare real estate assets, in particular residential care homes, is pleased to announce that the Company’s placing is significantly oversubscribed.

The Board, after careful consideration with the Company’s Investment Manager and in consultation with its joint bookrunners, has exercised its right to increase the size of the Placing to £100 million. Accordingly, a total of 94,339,623 ordinary shares (“New Ordinary Shares”) in the Company will be issued at the Placing Price of 106 pence per New Ordinary Share.

The Placing remains oversubscribed at the increased size of £100 million and therefore applications have been scaled back in accordance with the terms set out in the prospectus published by the Company on 11 February 2019 (the “Prospectus”).

The net proceeds of the Placing are expected to be used to: (i) repay the amounts drawn under the Company’s revolving credit facilities; (ii) pursue a number of near-term pipeline opportunities; and/or (iii) invest in value enhancing opportunities within the Company’s existing portfolio.

Application has been made for the admission of 94,339,623 New Ordinary Shares to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange (Admission). Admission is expected to occur at 8.00 a.m. on 15 May 2019 and the New Ordinary Shares will trade under the ticker IHR (ISIN: GB00BYXVMJ03).

Following the Issue, the Company’s issued share capital will comprise 286,546,454 Ordinary Shares and this is the total number of Ordinary Shares with voting rights in the Company. This figure should 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 Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Commenting on the announcement, Rupert Barclay, Non-executive Chairman of Impact Healthcare REIT plc, said:
“This successful capital raise of £100 million will enable the Company to build on its successes to date by executing on its pipeline of attractive near term investment opportunities, each of which is expected to generate further value for shareholders. These investments are expected to enhance the diversification of the portfolio and tenant mix and enable the Company to invest in the next phase of organic growth within the Group’s existing portfolio.

We are delighted by the strong response from both existing and new investors and, on behalf of the Board and the Investment Manager, I would like to thank shareholders for their continued support.”


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