(Alliance News) – Primary Health Properties PLC (PHP) announced on Monday that the number of insurance shareholders having accepted its revised offer remains less than 2%.
On Friday at 1:00 pm BST, PHP had received acceptance of 39.8 million Assura shares, which represents approximately 1.22% of the share capital issued, slightly increased compared to 1.21% a week earlier.
The PHP offer remains open to insurance shareholders until August 12.
Under the terms of the improved PHP offer, insurance shareholders will receive 0.3865 new PHP action and 12.5 pence in cash. In addition, they have the right to perceive or keep a quarterly dividend of 0.84 pence per share assured on April 1, as well as a quarterly dividend of 0.84 pence per share paid on July 9.
The new PHP offer values each action assured 53.3 pence.
This represents a premium of 5.8% compared to the best and last offer in cash of 50.42 PENCE by Action Assura, proposed by Sana Bidco LTD, a consortium composed of Kohlberg Kravis Robert & Co Inc and the real estate investor Stonepeak Partners LP.
PHP also said on Monday that the “Facility Mix and Match” remains open until its offer becomes unconditional. This system allows insurance shareholders to vary the proportion of cash and new PHP actions received.
The Insurance Board of Directors recommended the new PHP offer on June 23.
In a separate communication on Monday, KKR indicated that the public bidco purchasing offer on insurance had received 0.05% acceptance last Friday at 6:00 p.m. BST. The consortium holds a 5.05% participation in Assurance.
By Artwell Dlamini, main journalist Alliance News South Africa
Comments and questions at [email protected]
Copyright 2025 Alliance News Ltd. All rights reserved.
