A fully underwritten share issue will raise approximately £57.5m net of expenses, primarily to finance medium-term growth via corporate and property acquisitions. PHP is to issue 26.1m new shares at 230p/share, 27% below the previous day’s 315p close, a TERP of 280p. The new shares represent c 74% of the existing issued share capital, ie 42.5% dilution. Approximately 7.1m shares are being offered to existing shareholders on a one-for-five basis under the open offer.

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