Primary Health Properties (PHP)

[idpickering]

Investor webinar hosted by Capital Access Group.

Primary Health Properties PLC (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, is pleased to announce that Harry Hyman, CEO and Richard Howell, CFO will be presenting live, via Capital Access Group, on Wednesday, 16 August 2023 at 9.15am BST. The webinar is free to join and is open to all existing and potential shareholders.

It can be accessed via the following link: https://www.research-tree.com/events/ca ... binar/1608

https://www.investegate.co.uk/announcem ... up/7695858

Ian.

[idpickering]

Chief Executive Officer Appointment.

Primary Health Properties, one of the UK's leading investors in modern primary healthcare facilities, is pleased to announce, after a thorough and extensive search process, the appointment of Mark Davies, ACA as Chief Executive Officer ("CEO") with effect from the conclusion of its Annual General Meeting to be held on 24 April 2024 ("2024 AGM"). He will succeed Harry Hyman, CEO and Founder of PHP who, as previously announced in December 2022, indicated his intention to step down as CEO at the time of PHP's 2024 AGM.

Mark Davies is a highly experienced FTSE250 Executive having held CEO and CFO roles in listed companies and private equity. He was a Co-founder Director of NewRiver REIT plc ("NewRiver") in 2009 and played an important role in taking the Company from IPO to the FTSE250 in seven years. He was CFO of NewRiver for over twelve years and, alongside his role as CFO, was also CEO/Executive Chairman of Hawthorn Leisure Limited ("Hawthorn") for five years. Mark stood down from the Board of NewRiver following the successful sale of Hawthorn in July 2021 to private equity at a premium price.

Mark has considerable capital markets experience and over the last fourteen years has raised over £3 billion of equity and debt in public and private markets.

Prior to co-founding NewRiver, Mark spent three years as an Executive Director and CFO at Omega Land, a private equity fund, with over £2 billion of London real estate owned by Morgan Stanley Real Estate Funds.

As part of the handover process Mark will work alongside Harry for a period of three months up to the 2024 AGM under the terms of a consultancy agreement.

Mark is currently the Senior Independent Director at Palace Capital PLC, a London-listed REIT

https://www.investegate.co.uk/announcem ... nt/7732872

Ian (I hold and might buy more of the stock (again)).

[idpickering]

Secondary Listing on the JSE.

Primary Health Properties plc (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, announces that it is in the process of applying for a secondary inward listing on the Main Board of the Johannesburg Stock Exchange (JSE) by way of an introduction. The listing of PHP on the JSE is expected to become effective in October 2023, subject to various regulatory approvals in South Africa.

The Company will not place or issue any new PHP shares in connection with its application for a secondary listing on the JSE and will remain listed on the premium segment of the Official List in London. PSG Capital Proprietary Limited have been appointed as Corporate Advisor and Sponsor.

PHP believes that admission to trading of the shares on the JSE will be beneficial to the Company and its stakeholders. The Board of PHP believes that the secondary listing can be expected to contribute to liquidity in the Group's shares through its increased profile in the South African market, where a number of investors have already shown strong interest in investing in PHP, driven by its high-quality, government-backed income stream and robust operating model.

https://www.investegate.co.uk/announcem ... se/7737642

Ian (I hold and fully support this move from PHP).

[idpickering]

PHP makes largest single Irish acquisition to date.

Primary Health Properties plc (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, announces that it has agreed to acquire Ireland's first Enhanced Community Care ("ECC") facility at Ballincollig, near Cork, Ireland, for a total consideration of €29.64 million.

The property is fully let to the Health Service Executive ("HSE") on a 25-year lease and benefits from five yearly, compounded annually, Irish CPI indexed rent reviews.

The Government led ECC programme is a €240 million initiative to enhance and increase community-based health services aimed at reducing pressure on hospital services in Ireland. The building will provide a variety of services primarily to support elderly care and those suffering from a variety of chronic diseases including cardio, respiratory and endocrine issues.

The building has strong ESG credentials, with a BREEAM rating of "Very Good" and a Building Energy Rating of A3 equivalent to a Near Zero Emission Building ("NZEB") status. In addition, it benefits from solar roof panels and an air source heat pump. The property will have a strong social impact helping to support the HSE to deliver health and wellbeing in a community setting.

The property will be managed by Axis Technical Services, PHP's Irish property management business, and the acquisition will increase PHP's portfolio to 514 assets, of which 21 are in Ireland, with a contracted rent roll of over £149 million.

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

"We are delighted to have acquired another modern purpose-built facility which represents our largest single investment in Ireland to date.

"Ireland continues to be the Group's preferred area for future investment where the property investment market continues to remain attractive and is accretive to earnings, being less affected by the ongoing interest rate and economic outlook in the UK."

https://www.investegate.co.uk/announcem ... te/7751721

Ian.

[Dod101]

Sounds fine but no word on how they are to fund it?

Dod

[tjh290633]

Sounds fine but no word on how they are to fund it?

Dod

There is more information in another RNS about them getting a JSE quote, as there is a lot of South African money wanting to invest in PHP. See https://www.investegate.co.uk/announcem ... se/7737642

That may answer your question, although they deny that possibility.

TJH

[Dod101]

Sounds fine but no word on how they are to fund it?

Dod

There is more information in another RNS about them getting a JSE quote, as there is a lot of South African money wanting to invest in PHP. See https://www.investegate.co.uk/announcem ... se/7737642

That may answer your question, although they deny that possibility.

TJH

I wonder if the two are linked? Certainly I would not want to see them adding to their debt. It is pretty high already but to otherwise tap into South African money as you put it without a share issue would simply drive up the share price (some hope!) and not bring more money into the business. Anyway, buying into an already built asset suggests that they have a spare £30 million or so looking for investment. Maybe they do.

Dod

[monabri]

I suspect that PHP have simply added the 29m euro (c.£25m) to their debt. It's an asset being acquired. They've not tapped shareholders. Looking at the debt history, £25m is not a significant increase in debt ( see 2019).


Source: https://simplywall.st/stocks/gb/real-es ... res/health

[Dod101]

Thanks monabri. Of course they have bought in Euros so it is a mere £25 million not £29 million. A lot of their debt is at fixed rates as you would expect but it will come home to roost, by which time of Harry Hyman will be retired!

Dod

[idpickering]

Notice of Interim Dividend.

The Company announces that the fourth quarterly interim dividend in 2023 of 1.675 pence per ordinary share of 12.5 pence each will be paid as to 1.34 pence by way of a Property Income Distribution ("PID") and the remainder as an ordinary dividend on 24 November 2023 to shareholders on the register on 13 October 2023.

https://www.investegate.co.uk/announcem ... nd/7797578

Ian (I hold).

[idpickering]

Update on secondary listing on the Johannesburg Stock Exchange.

Primary Health Properties plc (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, is pleased, following the announcement on 6 September 2023, to confirm the release of a pre-listing announcement ("PLA") relating to a secondary inward listing on the Main Board of the Johannesburg Stock Exchange ("JSE"). The listing of PHP on the JSE is expected to become effective on 24 October 2023.

The Company will not place or issue any new PHP shares in connection with its application for a secondary listing on the JSE and will remain listed on the premium segment of the Official List in London. PSG Capital Proprietary Limited have been appointed as Corporate Advisor and Sponsor on the JSE.

PHP believes that admission to trading on the JSE will be beneficial to the Company and its stakeholders. The Board of PHP believes that the secondary listing can be expected to contribute to liquidity in the Group's shares through its increased profile in the South African market, where a number of investors have already shown strong interest in investing in PHP, driven by its high-quality, government-backed income stream and robust operating model.

https://www.investegate.co.uk/announcem ... se/7821038

Ian.

[idpickering]

Q3 Trading Update, Completion of Secondary Listing.

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, today publishes a trading update for the third quarter of the year to 30 September 2023 ("Q3 2023") and announces the completion of its secondary Listing on the Johannesburg Stock Exchange ("JSE").

And later;

Dividend

On 5 October 2023, the Company declared its fourth quarterly interim dividend of 1.675p per Ordinary Share which will be paid on 24 November 2023 to shareholders who were on the share register at the close of business on 13 October 2023. The dividend will be paid by way of a property income distribution of 1.34 pence and a normal dividend of 0.335 pence. The dividend is equivalent to 6.7p on an annualised basis and represents a 3.1% increase over the 6.5p paid in 2022.

https://www.investegate.co.uk/announcem ... ng/7835243

Ian (I hold).

[idpickering]

Chairman Appointment.

Primary Health Properties PLC ("PHP" or the "Group"), one of the UK's leading investors in modern primary healthcare facilities, is pleased to announce, after consultation with a number of the Group's major shareholders, the appointment of Harry Hyman, Founder and Chief Executive Officer ("CEO") of PHP, as Non-executive Chairman subject to shareholder approval at, and with effect from the conclusion of, its Annual General Meeting to be held on 24 April 2024 ("2024 AGM").

Harry will succeed Steven Owen who, as previously announced, will remain as Chairman until the conclusion of the 2024 AGM. On 4 September 2023 it was announced that Mark Davies will succeed Harry Hyman as CEO upon the conclusion of the 2024 AGM.

The Board believes that Harry Hyman's appointment is in the best interests of the Group and all of its stakeholders, particularly as Harry's knowledge and expertise gained over nearly 30 years in the primary care property sector will continue to be invaluable and highly relevant to the Group's future success. The Board has determined that the term will be a maximum of three years.

https://www.investegate.co.uk/announcem ... t-/7855055

Ian,

[Dod101]

Chairman Appointment.

Primary Health Properties PLC ("PHP" or the "Group"), one of the UK's leading investors in modern primary healthcare facilities, is pleased to announce, after consultation with a number of the Group's major shareholders, the appointment of Harry Hyman, Founder and Chief Executive Officer ("CEO") of PHP, as Non-executive Chairman subject to shareholder approval at, and with effect from the conclusion of, its Annual General Meeting to be held on 24 April 2024 ("2024 AGM").

Harry will succeed Steven Owen who, as previously announced, will remain as Chairman until the conclusion of the 2024 AGM. On 4 September 2023 it was announced that Mark Davies will succeed Harry Hyman as CEO upon the conclusion of the 2024 AGM.

The Board believes that Harry Hyman's appointment is in the best interests of the Group and all of its stakeholders, particularly as Harry's knowledge and expertise gained over nearly 30 years in the primary care property sector will continue to be invaluable and highly relevant to the Group's future success. The Board has determined that the term will be a maximum of three years.

https://www.investegate.co.uk/announcem ... t-/7855055

Ian,

And of course goes against the various governance codes that are supposed to guide these things.

Dod

[Arborbridge]

Chairman Appointment.



https://www.investegate.co.uk/announcem ... t-/7855055

Ian,

And of course goes against the various governance codes that are supposed to guide these things.

Dod

So, what does your antenna tell us about the corporate ethos of PHP, Dod?

Arb.

[simoan]

Chairman Appointment.



https://www.investegate.co.uk/announcem ... t-/7855055

Ian,

And of course goes against the various governance codes that are supposed to guide these things.

Dod

I'd be more concerned if the new CEO was an insider stepping up, but he's not. He looks competent with a decent track record. It's not that unusual for an ex-CEO to become a Non-Exec Chairman so don't really see a problem tbh. I've held several companies where this has happened and it's only ever been beneficial to the company.

[idpickering]

I'd be more concerned if the new CEO was an insider stepping up, but he's not. He looks competent with a decent track record. It's not that unusual for an ex-CEO to become a Non-Exec Chairman so don't really see a problem tbh. I've held several companies where this has happened and it's only ever been beneficial to the company.

Thanks for your input. That’s my feelings on this matter too.

Ian.

[Dod101]

Well Harry Hyman has been the architect and CEO for PHP since it was founded so I cannot see an operational problem but of course the Code guidelines are to try to stop cosy relationships developing and to provide independent oversight by the Board on a multitude of governance issues. Some will remember the minor controversy when Michael Dobson stepped up as Chairman of Schroders having been CEO for sometime.

I was simply commenting that the move is not in accord with best practice

Dod

[BullDog]

Mr Market seems happy enough today with PHP. Base rate held is good news too.

[monabri]

Mr Market seems happy enough today with PHP. Base rate held is good news too.

A good shareprice rise (7.5%) today following US inflation results and the hope/expectation that UK rates will also track downward. The shorters won't be happy! ( PHP is in the top 10).


https://www.shorttracker.co.uk/companies/?sort=2&d=desc