GHP May 2017

GHP / May 2017 7 NEWS , All outstanding lend- ing facilities have been repaid in full and the Seed Portfo- lio has been acquired debt-free by the company. The terms of the acquisition are in accordance with the prospectus published by the company on 24 January 2017. The net initial yield on the Seed Portfolio is 7.6%. with rental in- come accruing from admission on 7 March 2017, supporting the company’s dividend policy. The company is targeting the pay- ment of dividends for the first 12 months from admission which equate to a yield of 6%. per an- num on the Issue Price, on an ungeared basis and payable in quarterly instalments. The Seed Portfolio comprises 56 residential care homes offering 2,479 beds which are leased to the Initial Tenants, in each case, for an initial term of 20 years with an option to extend for two further 10 year periods. The leases are subject to annual uplifts based on increases in the UK retail prices index (subject to a cap and floor). Further to the announcement on 2 March 2017 and following completion, applications have been made for the admission of 14,000,000 Ordinary Shares to trading on the Specialist Fund Segment of main market of the London Stock Exchange in con- nection with the Vendor Issue. Admission is expected to occur at 8.00 a.m. on 5 May 2017. Pursuant to the Vendor Issue, Mahesh Patel has subscribed for 10,000,000 Ordinary Shares through a wholly-owned SPV, Maal Limited. Maal Limited has entered into a lock-in deed dated 3 May 2017 on equivalent terms to the lock-in deed granted by Mr. Patel on the company’s IPO. The agreement with SEHA, the corporate marketing name of the Abu Dhabi Health Services Company, will give Crawford access to 12 public hospitals and more than five million patients annually as it looks to expand its offering into the wider United Arab Emirates (UAE). 2015 figures published by The World Bank highlight the Middle East as an area of high diabetes prevalence, with almost one in five (19.3%) people aged 29-79 living with the disease in the UAE. That figure is 8.5% higher than in the United States, where the risk of am- putations related to infected diabet- ic foot ulcers is also extremely high. Alongside the SEHA contract listing, Crawford has also an- nounced plans to build its sales presence in Saudi Arabia having agreed a partnership with a new localised distributor. Chris Lane, Crawford Health- care’s Director of Strategy com- mented: “Increasing levels of di- abetes and an ageing population are both global concerns, and key issues that are informing our inter- national growth story. Our tech- nology-led dressings, developed by our in-house team, are making a real impact on group sales in our existing markets, and we’ve every confidence we can replicate those results in the Middle East.” Cheshire-based Crawford, which was recognised in 2016 with the Queen’s Award for Enterprise in International Trade for its success exporting to the Americas and Europe, recently signed a similar agreement in the US with leading group purchasing organisation, Premier Inc. SEHA’s Senior Charge Nurse (Medical & Surgical), Gulnaz Tariq Mir, added: “Chronic wounds are clearly a major issue in the Middle East, and a treatment category we expect will continue to grow in the coming years. The ad- vanced R&D behind Crawford’s dressings, as well as their prov- en success across a number of international markets with similar demographics, made them an ideal choice as we continue to pursue improvements in patient outcomes.” The total number of Ordinary Shares in issue immediate- ly following Admission will be 160,172,360, each with equal vot- ing rights. This total voting rights figure can be used by sharehold- ers as the denominator for the calculations by which they will de- termine whether they are required to notify their interest in the com- pany under the Disclosure Guid- ance and Transparency Rules of the Financial Conduct Authority. Rupert Barclay, non-executive Chairman of Impact Healthcare REIT plc, commented: “We are pleased to have completed the acquisition of the Seed Portfolio following the IPO in March 2017. This diversified operating portfolio of residential care homes is let to experienced operators for an in- itial term of 20 years, providing the company with stable, secure cash flows from admission. This enables the company to provide shareholders with regular, attrac- tive, inflation-protected income with the potential for dividend and capital growth through active asset management as well as po- tential acquisitions. Impact Healthcare is a well-re- sourced and extensively net- worked care home investor well placed to capitalise on the high- ly-fragmented market with a sup- ply/demand imbalance that is continuing to grow.” Crawford Healthcare Secure Government Tender to Fuel Middle East Expansion Impact Healthcare REIT plc is pleased to announce that the company has completed the acquisition of the Core Seed Portfolio and theMulberry Portfolio for a total consideration of £148,754,000. Crawford Healthcare, the UK’s fastest growing advanced wound care company, has won a key government tender that will see its innovative wound dressings recommended as products of choice by Abu Dhabi’s public health body.