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LONDON (Alliance News) - Impact Healthcare REIT PLC is planning to raise GBP25 million to allow it to pay off some debt and fund new investments.
The issue price will be 106 pence per share, a 2.3% discount to its closing price on Friday last week. Winterflood Securities Ltd and RBC Capital Markets are working with Impact on the placing.
Shares were 0.9% lower on Monday at a price of 107.49 pence each.
Impact has a "strong" pipeline of new investments with a total value worth over GBP400 million, with six in an advanced stage.
Chair Rupert Barclay said: "The company and its fund manager are continuing to exercise robust capital discipline to deliver value at the point of acquisition or investment and this share placing will enable the company to capitalise on its identified pipeline of attractive near-term investment opportunities, which is expected to generate value for shareholders."
"The group has a secure and growing income stream from its diversified portfolio of high-quality homes let on long, inflation-linked leases to a growing number of capable tenants with whom we have strong relationships," continued Barclay.
"Our tenants offer an essential regulated service and provide high quality care, which helps to underpin our new progressive dividend policy and total return target, helping to ensure that the company stands in good stead in an uncertain economic and political environment."
"Each of these opportunities identified by the company's fund manager are expected to be earnings accretive and further diversify the company's portfolio," he added.