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CareTech raises £30m in ground rent agreement

Fri, 19th Feb 2016 09:41

(ShareCast News) - Social care provider CareTech said it had raised £30m in cash to support its growth strategy through a ground rent deal.Under the terms of the agreement, the freehold to 41 CareTech properties will be transferred to Alpha Real Capital's managed funds in exchange for the cash and security of tenure with a 150 year term.The starting rent will be £1.07m a year, which will rise with the Retail Price Index on a five yearly compound basis at between 0%-5% annually.CareTech said the deal "releases a significant amount of cash for reinvestment in growth opportunities whilst maintaining a virtual freehold interest in the properties, which are located mainly in the South East and represent less than a quarter of the company's freehold portfolio".As part of the transaction, the valuation of CareTech's entire property portfolio has been updated, which post transaction, now stands at £282m.The company said its loan to value ratio, before application of the proceeds for growth, of less than 50% and a net debt to earnings before interest, tax, depreciation and amortisation ratio of less than 4x."The transaction also highlights the extent to which the valuation of our freehold portfolio is in excess of our book cost," CareTech said."There is no requirement to pay off any existing bank debt as a result of the transaction, supporting the updated freehold valuation and our low loan to value ratio. This utilisation of existing assets gives us additional resources to continue to grow our business and fits into our overall long term growth strategy."Chief executive Farouq Sheikh said the company had already identified a number of "potential earnings-enhancing acquisition opportunities, which we believe will meet the evolving requirements of care commissioners along with our own growth criteria".
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3 May 2022 08:53

CareTech trades 'broadly in line' amid staffing pressures

(Sharecast News) - CareTech said in an update on Tuesday that group performance for the first half was "broadly in-line" with its expectations, despite Covid-19 causing some staffing pressures.

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29 Apr 2022 21:19

IN BRIEF: CareTech suitors gain extended deadlines to seal offer

CareTech Holdings PLC - London-based social care services provider - Sheikh Holdings gains further deadline to 725 pence per share offer to acquire CareTech Holdings to 1700 BST at May 30.

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27 Apr 2022 16:06

UK dividends calendar - next 7 days

Thursday 28 April 
4imprint Group PLCex-dividend date
AEW UK REIT PLCex-dividend date
AVI Japan Opportunity Trust PLCex-dividend date
Bakkavor Group PLCex-dividend date
Carr's Group PLCex-dividend date
Coats Group PLCex-dividend date
CQS Natural Resources Growth & Income PLCex-dividend date
CQS New City High Yield Fund Ltdex-dividend date
Derwent London PLCex-dividend date
Drax Group PLCex-dividend date
Ecofin Global Utilities & Infrastructure Trust PLCex-dividend date
Fresnillo PLCex-dividend date
Henderson Far East Income Trust PLCex-dividend date
Hikma Pharmaceuticals PLCdividend payment date
HSBC Holdings PLCdividend payment date
Kenmare Resourcesex-dividend date
LSL Property Services PLCex-dividend date
M&G PLCdividend payment date
M P Evans Group PLCex-dividend date
Mobius Investment Trust PLCex-dividend date
Morgan Advanced Materials PLCex-dividend date
Morgan Sindall Group PLCex-dividend date
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Reckitt Benckiser Group PLCex-dividend date
Rightmove PLCex-dividend date
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Smart Metering Systems PLCdividend payment date
St James's Place PLCex-dividend date
Synthomer PLCex-dividend date
Tate & Lyle PLCspecial ex-dividend date
TT Electronics PLCex-dividend date
Tyman PLCex-dividend date
XP Power Ltddividend payment date
Friday 29 April  
BlackRock Sustainable American Income Trust PLCdividend payment date
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CLS Holdings PLCdividend payment date
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GlobalData PLCdividend payment date
Greggs PLCspecial dividend payment date
Henderson High Income Trust PLCdividend payment date
ICG-Longbow Senior Secured UK Property Debt Investments Ltd dividend payment date
Lowland Investment Co PLCdividend payment date
Martin Currie Global Portfolio Trust PLCdividend payment date
Quartix Technologies PLCspecial dividend payment date
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Monday 2 May 
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Tuesday 3 May 
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Wednesday 4 May 
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CareTech Holdings PLCdividend payment date
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Segro PLCdividend payment date
  
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14 Apr 2022 17:46

CareTech says would be "minded to recommend" new bid from founders

(Alliance News) - CareTech Holdings PLC on Thursday said it would back a potential new bid by its founders.

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14 Apr 2022 09:50

CareTech ready to recommend sweetened Sheikh offer

(Sharecast News) - CareTech confirmed on Thursday that its co-founders had sweetened their offer to take the company private, as the battle between the Sheikh brothers and asset management firm Dbay Advisors continued.

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13 Apr 2022 17:42

TOP NEWS: CareTech founders propose sweetened takeover tilt

(Alliance News) - CareTech Holdings PLC suitor Sheikh Holdings Group (Investments) Ltd upped its takeover proposal for the London-based social care services provider, matching an offer made by DBAY Advisors Ltd last week.

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4 Apr 2022 12:26

IN BRIEF: Logistics Development notes DBAY approach for CareTech

Logistics Development Group PLC - London-based Investment company formerly known as Eddie Stobart Logistics PLC - Notes that DBAY Advisors Ltd, Logistics Development's investment manager, makes an indicative proposal to CareTech Holdings PLC regarding a possible all cash offer.

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4 Apr 2022 11:19

AIM WINNERS & LOSERS: i3 rises on record production; XLMedia CEO exits

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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4 Apr 2022 10:19

DBAY Advisors submits proposal for possible offer for CareTech

(Alliance News) - DBAY Advisors Ltd on Monday said it submitted an indicative proposal for a possible all cash offer for CareTech of 750 pence per CareTech share.

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4 Apr 2022 08:43

DBay enters battle to take CareTech private

(Sharecast News) - DBay Advisors entered the fray in the battle to take CareTech private on Monday, announcing a higher possible offer than the Sheikh brothers' upgraded proposal.

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1 Apr 2022 13:27

IN BRIEF: Logistics Development buys further 974,130 Caretech shares

Logistics Development Group PLC - London-based Investment company formerly known as Eddie Stobart Logistics PLC - Buys 974,130 ordinary shares in Caretech Holdings PLC at an average price of GBP6.95 per share, paying a total of GBP6.8 million. Says that following the transaction it is interested in 1.9 million Caretech shares, representing 1.7% of Caretech's share capital.

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1 Apr 2022 09:58

CareTech founders make improved proposal to take it private

(Sharecast News) - CareTech announced an improved possible offer for the company on Friday, as its co-founder brothers continued their plans to take it private.

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1 Apr 2022 08:41

LONDON BROKER RATINGS: Citi upgrades Bridgepoint and Lancashire

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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10 Mar 2022 20:33

IN BRIEF: Logistics Development buys shares in Caretech Holdings

Logistics Development Group PLC - AIM-listed cash shell - Snaps up 1 million shares in Caretech Holdings PLC at GBP6.335 per share, for a total of GBP6.3 million. Company's first investment since becoming an investing company and is consistent with its investing policy, it says. Logistics Development now holds 0.9% stake in Caretech.

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7 Mar 2022 13:36

UPDATE: CareTech independent directors prepare for takeover offer

(Alliance News) - Sheikh Holdings Group Investments Ltd said on Monday it was in the early stages of a possible takeover offer for CareTech Holdings PLC.

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