Simmons & Simmons is advising Numis Securities Limited and Peel Hunt LLP as joint bookrunners, and Numis Securities Limited as sponsor, to Main Market listed Primary Health Properties PLC (“PHP”) on its proposed firm placing and placing, open offer and offer for subscription at 315 pence per share to raise gross proceeds of up to £60.0 million.

The fundraising was announced by PHP on 22 May 2013 and is conditional upon shareholder approval and admission of the new shares.

Under the fundraising structure, 7,301,587 new shares will be issued pursuant to the firm placing (which is being underwritten by Numis Securities and Peel Hunt) to raise gross proceeds of £23.0 million, with up to 11,746,031 new shares issued pursuant to the placing, open offer and offer for subscription to raise gross proceeds of up to £37.0 million. Shareholders are being offered the opportunity to participate in the open offer on the basis of 1 open offer share for every 10 existing ordinary shares.

PHP also has the ability to increase the size of the fundraising by up to 25 per cent., should there be sufficient demand. If exercised in full, this would increase gross proceeds from the fundraising to £75.0 million.
The Simmons & Simmons team is being led by Corporate partner Colin Bole, and includes corporate associates Stephanie Johnston and Rachel Lewis, US securities partner Julian Perlmutter, US securities associate Tara Waters, Tax partner Nick Cronkshaw and Tax associate Laura Allwright.

Commenting on the transaction, Colin Bole said: ‘‘We are delighted to be advising both Numis and Peel Hunt on PHP’s proposed fundraising, the structure of which involved a number of interesting deal points to work through.”

http://www.simmons-simmons.com/en/News/2013/05-May/Firm-Advises-Numis-S…