REG - Primary Health Props - Statement regarding offer by PHP for Assura

Primary Health PropertiesAnnouncement

11/06/2025 15:00

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RNS Number : 4479M  Primary Health Properties PLC  11 June 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE
RELEASE

 

11 June 2025

 

Statement regarding shares and cash offer by Primary Health Properties PLC for
Assura plc

 

Primary Health Properties PLC ("PHP") notes the announcement this morning by
Sana Bidco Limited ("Bidco") of a recommended best and final cash offer for
the entire issued and to be issued share capital of Assura plc ("Assura").

PHP also notes the announcement by Assura this morning setting out the Assura
Board's assessment of PHP's firm offer for Assura announced on 16 May 2025.
The Board of PHP strongly disagrees with the Assura Board's assessment and
will set out its detailed views in due course.

The Board of PHP considers the Government's spending review for the next three
years announced earlier today as positive for both the PHP and Assura
businesses, with a 3 per cent. per annum increase to the NHS day-to-day
budget, in real terms, equivalent to approximately £29 billion per year of
additional funding. Furthermore, the Board of PHP expects the upcoming 10-year
plan on healthcare to be equally positive and to provide a boost to primary
care as the Government shifts toward community, primary and preventive care in
the future.

PHP is considering its options and a further announcement will be made when
appropriate.

Assura shareholders are strongly advised to take no action in response to the
announcement by Bidco in the meantime.

 

Enquiries:

 PHP                                                        +44 (0) 7970 246 725

 Harry Hyman, Non-Executive Chair                           via Sodali & Co

 Mark Davies, Chief Executive Officer

 Richard Howell, Chief Financial Officer

 Rothschild & Co (Joint Lead Financial Adviser to PHP)      +44 (0) 207 280 5000

 Alex Midgen

 Sam Green

 Nikhil Walia

 Jake Shackleford

 Deutsche Numis (Joint Lead Financial Adviser to PHP)       +44 (0) 207 260 1000

 Kevin Cruickshank

 Heraclis Economides

 Stuart Ord

 Jack McLaren

                                                            +44 (0) 7970 246 725

 Sodali & Co (Communications for PHP)

 Rory Godson

 Elly Williamson

 Louisa Henry

CMS Cameron McKenna Nabarro Olswang LLP are retained as legal adviser to PHP.

The person responsible for arranging the release of this announcement on
behalf of PHP is Toby Newman, Company Secretary.

 

Further information

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is
authorised and regulated by the Financial Conduct Authority in the United
Kingdom, is acting exclusively for PHP and for no one else in connection with
the subject matter of this announcement and will not be responsible to anyone
other than PHP for providing the protections afforded to its clients or for
providing advice in connection with the subject matter of this announcement.
This announcement is not intended to and does not constitute an offer to sell
or the solicitation of an offer to subscribe for or buy or an invitation to
purchase or subscribe for any securities or the solicitation of any vote in
any jurisdiction.

Numis Securities Limited ("Deutsche Numis"), which is authorised and regulated
in the United Kingdom by the Financial Conduct Authority, is acting
exclusively for PHP and no one else in connection with the matters set out in
this announcement and will not regard any other person as its client in
relation to the matters in this announcement and will not be responsible to
anyone other than PHP for providing the protections afforded to clients of
Deutsche Numis, nor for providing advice in relation to any matter referred to
herein. Neither Deutsche Numis nor any of its affiliates (nor any of their
respective directors, officers, employees or agents), owes or accepts any
duty, liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any person who is
not a client of Deutsche Numis in connection with this announcement, any
statement contained herein or otherwise.

The release, publication or distribution of this announcement in jurisdictions
outside the United Kingdom may be restricted by law and therefore persons into
whose possession this announcement comes should inform themselves about, and
observe such restrictions. Any failure to comply with such restrictions may
constitute a violation of the securities law of any such jurisdiction.

 

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror(s), save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure.

 

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available at www.phpgroup.co.uk promptly and in any event by no later than 12
noon on the business day following this announcement. The content of this
website is not incorporated into and does not form part of this announcement.

 

Profit Forecasts and Estimates

No statement in this announcement is intended to constitute a profit forecast
or profit estimate, no statement in this announcement is subject to the
requirements of Rule 28 of the Code and no statement in this announcement
should be interpreted to mean that the earnings or future earnings per share
of or dividends or future dividends per share of PHP and/or Assura for current
or future financial years will necessarily match or exceed the historical or
published earnings or dividends per share of PHP or Assura, as appropriate.

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