|Share Name||Share Symbol||Market||Type||Share ISIN||Share Description|
|Assura||LSE:AGR||London||Ordinary Share||GB00BVGBWW93||ORD 10P|
|Price Change||% Change||Share Price||Bid Price||Offer Price||High Price||Low Price||Open Price||Shares Traded||Last Trade|
|Industry Sector||Turnover (m)||Profit (m)||EPS - Basic||PE Ratio||Market Cap (m)|
|Food & Drug Retailers||61.0||28.8||2.2||26.6||962.14|
Issue of Equity
UK Regulatory (RNS & others)
RNS Number : 6110S
Assura Group Limited
23 November 2011
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES LAWS OR REGULATIONS OF SUCH JURISDICTION. PLEASE READ THE IMPORTANT INFORMATION AT THE END OF THIS SUMMARY.
23 November 2011
Assura Group Limited
2 for 7 Rights Issue of 117,677,538 New Assura Shares at 30 pence each to raise gross proceeds of approximately GBP35.3 million
Assura today announces the details of a fully underwritten Rights Issue to raise approximately GBP35.3 million (GBP33.5 million net of expenses). The Rights Issue is being made on the basis of 2 New Assura Shares for every 7 Existing Assura Shares at a price of 30 pence per New Assura Share, representing a discount of 24.5 per cent. to the Closing Price of 39.75 pence on 22 November 2011, being the latest practicable date prior to the publication of this announcement.
-- 2 for 7 Rights Issue to raise approximately GBP35.3 million (GBP33.5 million net of expenses), fully underwritten
-- Net proceeds of the Rights Issue along with the Group's existing cash resources to be used to cancel the interest rate swap between the Company and National Australia Bank ("NAB")
-- Agreement substantially reached on terms of a GBP110 million, 10 year secured bond to refinance the Group's NAB debt due March 2013, which will leave the Group with a secure, long-term financing package
-- The Company today also announced by way of a separate announcement its interim results for the six months ended 30 September 2011
-- Half year dividend suspended; Board expects to recommend a final dividend for the year ending 31 March 2012
Cenkos is acting as Sponsor to the Company with respect to the Rights Issue. Cenkos and Investec are acting as joint brokers. The Rights Issue is being made to Qualifying Shareholders on the register as at 24 November 2011, assuming the Prospectus is published, as currently expected, on or around 30 November 2011.
Simon Laffin, Non-executive Chairman of Assura said:
"Assura is now a pure play primary healthcare property company, focussing on delivering a secure and growing income stream and growth in property value. Over the last 18 months the Company has divested its non-core activities to concentrate on its core property business, which specialises in providing medical centres for GPs.
This is an attractive market with high-quality, secure investments backed by the NHS on long-term leases. The government is advocating an increasing role for GPs in healthcare provision, which emphasises the need for quality facilities. Assura has developed a deep understanding of this market and how to work with the primary healthcare sector. As a result, we continue to achieve market-leading rent reviews, which, together with our new developments and the AH Medical Properties acquisition, have driven a 58 per cent. increase in Group trading profit.
Unprecedentedly low interest rates have caused the NAB interest rate swap to open up a large mark-to-market loss. The Board has taken the decision to cancel this swap and, having received support from our major shareholders, intends to settle it when the proceeds from the Rights Issue, announced today, are received. This is expected to reduce the Group's future annual interest payments by more than GBP5 million compared to the cost had the swap remained in place, and will help to secure future dividend payments.
I became Chairman of Assura just over two months ago, and am pleased that we are now completing the transition to becoming a fully focussed property company, free of any past legacy issues. The Board has great confidence in our new strategy, and in targeting continued improvement in net asset value and providing shareholders with a growing dividend."
Expected timetable of principal events
The Prospectus is expected to be published on or around 30 November 2011. The Prospectus will set out the detailed timetable of the Rights Issue. Each of the times and dates in the table below and used throughout this announcement is indicative only, and therefore may be subject to change.
Announcement of the Rights Issue 23 November 2011 -------------------------------------------------- ------------------------------- Record Date for entitlement under the 24 November 2011 Rights Issue -------------------------------------------------- ------------------------------- Publication of the Prospectus and despatch On or around 30 November of Provisional Allotment Letters 2011 -------------------------------------------------- ------------------------------- Admission and commencement of dealings 8.00 a.m. on the dealing in Nil Paid Rights day following publication of the Prospectus -------------------------------------------------- ------------------------------- Existing Assura Shares marked "ex-rights" 8.00 a.m. on the dealing by the London Stock Exchange day following publication of the Prospectus -------------------------------------------------- ------------------------------- Latest time and date for acceptance, 14 clear days following payment in full and registration or renunciation publication of the Prospectus of Provisional Allotment Letters -------------------------------------------------- -------------------------------
The full timetable relating to the Rights Issue will be set out in the Prospectus and any changes to the above will be notified via a regulatory information service.
There will be a meeting for investors and analysts at 9.30 a.m. today at FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. For details, call Mo Noonan at FTI Consulting on 020 7831 3113.
Assura Group Limited Tel: 01925 420 690 Simon Laffin, Chairman Nigel Rawlings, Chief Executive Officer Cenkos Securities Tel: 020 7397 8900 Ian Soanes, Adrian Hargrave Investec Securities Tel: 020 7597 5970 Gary Clarence, Daniel Adams FTI Consulting Tel: 020 7831 3113 Ben Atwell, Richard Sunderland, Stephanie Cuthbert
This announcement has been issued by and is the sole responsibility of Assura Group Limited. This announcement is for information purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security in the capital of the Company in any jurisdiction in which such offer or invitation is unlawful.
This announcement does not constitute an offer for sale of securities of the Company in the United States, Australia, Canada, Japan or the Republic of South Africa. The Nil Paid Rights, the Fully Paid Rights and the New Assura Shares to be issued in connection with the Rights Issue have not been and will not be registered under the U.S. Securities Act or under the securities legislation of any state or territory or jurisdiction of the United States, and may not be offered, or sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in the United States except pursuant to an exemption from registration under the Securities Act and in compliance with state securities laws.
This announcement does not constitute a prospectus. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No relevance may or should be placed by any person whatsoever on the information contained in this announcement or its accuracy or completeness. The information in this announcement is subject to change. Nothing in this announcement should be interpreted as a term or condition of the Rights Issue. Any decision to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any Nil Paid Rights, Fully Paid Rights and/or New Assura Shares must be made only on the basis of the information contained in and incorporated by reference into the Prospectus, expected to be published on or around 30 November 2011.
This announcement and any materials distributed in connection with this announcement may include forward-looking statements. These statements include forward-looking statements both with respect to the Group and the markets in which the Group operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue" and similar statements of a future or forward-looking nature identify forward-looking statements. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially, including, but not limited to any limitations of the Company's internal financial reporting controls; an increase in competition; an unexpected decline in turnover, rental income or the value of all or part of the Group's property portfolio; legislative, fiscal and regulatory developments, including but not limited to, changes in environmental, safety and healthcare regulations and governmental policy in relation to the delivery of primary healthcare and pharmacies; currency and interest rate fluctuations and the adoption of International Financial Reporting Standards. Each
forward-looking statement speaks only as of the date of this announcement. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Group's actual results of operation, financial condition, prospects, growth, synergies, strategies and dividend policy and the development of the industries in which they operate may differ materially from the impression created by the forward-looking statements contained in this announcement. In addition, even if the results of operations, financial condition, prospects, growth, synergies, strategies and the dividend policy of the Group, and the development of the industries in which it operates, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statement contained in this announcement based on past or current trends and/or activities of the Group should not be taken as a representation that such trends or activities will continue in the future. No statement in this announcement is intended to be a profit forecast or to imply that the earnings of the Group for the current year or future years will necessarily match or exceed the historical or published earnings of the Group. The Company does not undertake any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Prospective investors should not treat the contents of this announcement as advice relating to legal, taxation, investment or any other matters. Prospective investors should inform themselves as to: (a) the legal requirements within their own countries for the purchase, holding, transfer or other disposal of New Assura Shares, Nil Paid Rights and/or Fully Paid Rights; (b) any foreign exchange restrictions applicable to the purchase, holding, transfer or other disposal of New Assura Shares, Nil Paid Rights and/or Fully Paid Rights which they might encounter; and (c) the income and other tax consequences which may apply in their own countries as a result of the purchase, holding, transfer or other disposal of New Assura Shares, Nil Paid Rights and/or Fully Paid Rights. Prospective investors must rely upon their own legal advisers, accountants and other financial advisers as to legal, tax, investment or any other related matters concerning the Company and any investment therein. No person has been authorised to give any information or make any representations other than the information contained in this announcement and, if given or made, such information or representations must not be relied upon as having been authorised by the Company, Cenkos or Investec.
Cenkos, which is authorised and regulated in the UK by the FSA, is acting exclusively for the Company as sponsor and joint broker in connection with the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Cenkos or for providing advice in relation to the matters described in this announcement.
Investec, which is authorised and regulated in the UK by the FSA, is acting exclusively for the Company as joint broker and underwriter in connection with the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Investec or for providing advice in relation to the matters described in this announcement.
Subject to the responsibilities and liabilities, if any, which may be imposed on Cenkos and Investec by the FSMA or the regulatory regime established thereunder, no representation or warranty, express or implied, is made by Cenkos or Investec as to any of the contents of this announcement and no liability whatsoever is accepted by Cenkos or Investec for the accuracy of any information or opinions contained in this announcement or for the omission of any material information, for which the Board and the Company are solely responsible.
Neither the content of Assura's website nor any website accessible by hyperlink on Assura's website is incorporated in, or forms part of, this announcement.
Assura Group Limited
2 for 7 Rights Issue of 117,677,538 New Assura Shares at 30 pence each to raise gross proceeds of approximately GBP35.3 million
Assura today announces the details of a fully underwritten Rights Issue to raise approximately GBP35.3 million (GBP33.5 million net of expenses). The Rights Issue is being made on the basis of 2 New Assura Shares for every 7 Existing Assura Shares at a price of 30 pence per New Assura Share, representing a discount of 24.5 per cent. to the Closing Price of 39.75 pence on 22 November 2011, being the latest practicable date prior to this announcement. The Rights Issue has been fully underwritten by Investec.
The net proceeds of the Rights Issue, along with the Group's existing cash resources, will be used to cancel the interest rate swap associated with the Group's existing debt facility with NAB.
2. Background to and reasons for the Rights Issue
The Group has an interest rate swap with NAB that dates back to 2005, currently for GBP190 million and a term of 27 years to 2038. This swap has mutual call options every 5 years, starting in September 2013, but with a compulsory termination in 2028. This was intended to hedge a floating rate loan with NAB which, at its peak, exceeded GBP200 million. The swap fixes this interest rate to 3.29 per cent. currently (excluding margin), which rises to 4.59 per cent. in January 2012 (excluding margin). Following repayment of part of the NAB loan in March 2010 and March 2011, the NAB loan currently stands at GBP120 million and matures on 31 March 2013. On the termination of the NAB loan, the Board would expect NAB to demand settlement of the swap.
The Company has previously disclosed that it was planning to cancel the swap on the assumption that NAB would not renew the loan on 31 March 2013. As a result of significant volatility in long term interest rates, in early October this year, the Group purchased a 12 month receiver's swaption to cap the mark-to-market loss on the swap at the then level of GBP55 million, plus the cost of the swaption, which was GBP13.6 million. The effect therefore was to ensure that for 12 months, the net loss on the swap would not exceed GBP68.6 million. The Board intends to fix the amount of the loss on the swap with NAB, and then cash settle it upon receipt of proceeds of the Rights Issue, expected to be in mid-December. At the same time as fixing the amount of the loss on the swap, the swaption will be sold. The current market value, as of 21 November 2011, of the swap was a liability of approximately GBP62 million and the swaption an asset of approximately GBP13 million.
The remaining swaps with RBS and Santander mirror the quantum and term of their respective loans and fix the interest rates of this existing debt.
As previously disclosed, the Board has been looking at options to refinance the NAB loan prior to its maturing in March 2013. The Rights Issue proceeds will be used to cancel the swap and the Rights Issue is not conditional on the refinancing of the NAB loan. However the Board has substantially reached agreement with institutional investors on the key terms of a GBP110 million 10 year bond that will replace the current GBP120 million NAB loan. The additional GBP10 million required to refinance the NAB loan will be met through an agreed GBP10 million extension to the Company's existing facility with Santander.
The Board is confident that the bond financing will complete, having reached agreement on its key terms, and expects to finish the documentation process and close the transaction in the next few days. However, there is no guarantee that this will happen nor in this timeframe. In the event the bond financing does not complete, the Company will seek to refinance the NAB loan through other means and while not as advanced as the bond, discussions are ongoing regarding alternative long term fixed rate financing.
3. Principal terms of the Rights Issue
Under the terms of the Rights Issue, 117,677,538 New Assura Shares are being offered, by way of rights, to Qualifying Shareholders (other than, subject to certain exemptions, Excluded Overseas Shareholders) at a price of 30 pence per New Assura Share. The Rights Issue will raise approximately GBP35.3 million (GBP33.5 million net of expenses).
The Rights Issue is being made on the following basis:
2 New Assura Shares for every 7 Existing Assura Shares
held by Qualifying Shareholders on the Record Date and so in proportion to any other number of Existing Assura Shares then held, and otherwise on the terms and conditions which will be set out in the Prospectus and, in the case of Qualifying non-CREST Shareholders (other than, subject to certain exemptions, Excluded Overseas Shareholders) only, the Provisional Allotment Letter.
The New Assura Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Assura Shares, including the right to all future dividends or other distributions made, paid or declared after the date of issue. Details of the rights attaching to New Assura Shares appear in the Company's Articles of Incorporation, a description of which will appear in the Prospectus.
New Assura Shares representing fractional entitlements will not be allotted to Qualifying Shareholders and, where necessary, entitlements to New Assura Shares will be rounded down to the nearest whole number. Such fractional entitlements will be aggregated and, if possible, sold in the market. The net proceeds of such sales (after deduction of expenses) will be aggregated and will ultimately accrue for the benefit of the Company, save that Qualifying Shareholders will receive any proceeds in respect of a fractional entitlement in the event that such proceeds have a value of GBP5 or more. Holdings of Ordinary Shares in certificated and uncertificated form will be treated as separate holdings for the purpose of calculating entitlements under the Rights Issue.
The Rights Issue is conditional, inter alia, upon:
a) the Prospectus being approved by the FSA;
b) the Underwriting Agreement having become unconditional in all respects and not having been terminated in accordance with its terms; and
c) Admission of the New Assura Shares becoming effective by not later than 8.00 a.m. on the first dealing day following publication of the Prospectus (or such later time and/or date as the Company, Cenkos and Investec may agree (being not later than 7 December 2011)).
Application has been made to the UK Listing Authority for the New Assura Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for the New Assura Shares to be admitted to trading on its main market for listed securities. It is expected that Admission will become effective and that dealings in the New Assura Shares will commence on the London Stock Exchange, nil paid, at 8.00 a.m. on the first dealing day following publication of the Prospectus.
The latest time and date for acceptance and payment in full of the New Assura Shares is expected to be 14 clear days following publication of the Prospectus.
Based on the Closing Price of 39.75 pence per share and the price of 30 pence for each New Assura Share, the theoretical ex-rights price of an Ordinary Share is 37.6 pence.
The terms and conditions of the Rights Issue, including the procedure for acceptance and payment and the procedure in respect of rights not taken up, will be set out in the Prospectus. The Prospectus is expected to be published on or around 30 November 2011.
4. Strategy of the Group
Assura is now focussed solely on primary healthcare property investment and development. The Group has 163 investment properties with 348 leases, and an average capital value of GBP3.1 million. The Group agreed 44 rent reviews in the six months to 30 September 2011, reflecting 10 per cent. of the Company's rent roll, with a weighted average annual rent increase of 4.8 per cent. 78 per cent. of rentals are based on open market reviews, as agreed by HMRC district valuers, and can go down as well as up. 11 per cent. of rental values are increased based on the RPI with a small amount of rentals subject to fixed uplifts. 84 per cent. of rental values are paid either by GPs or an NHS body. The former are then reimbursed to GPs by the NHS. The weighted average lease length grew slightly from 16.5 years at 31 March 2011 to 16.6 years at 30 September 2011.
Assura also has a small number of non-primary care properties, a small land bank and certain property assets which are not currently revenue generating, such as property held pending expansion of existing GP practices and other tenants as they take on more services.
The Group will continue to be internally managed. The Board believes the Group's ability to develop and manage properties internally enables it to operate at a considerably lower cost than its externally-managed peers.
5. Current trading and prospects of Assura
Today by way of a separate announcement, Assura has also released its interim results for the six months ended 30 September 2011 in which it said:
"Revenue grew by 31 per cent. to GBP18.3 million in the first half. The acquisition of AH Medical Properties, completed in February this year, contributed GBP4 million of revenues. Organic growth contributed 10.3 per cent. property revenue growth driven by both a 4.8 per cent. annual increase from rent reviews agreed in the first half of the year and development completions partially offset by a decline in LIFT consultancy revenue from GBP2.2 million to GBP1.5 million.
Gross profit rose by 34 per cent. and, following the divestment of the pharmacy operations and despite the acquisition of AH Medical Properties, administration costs were reduced by 17 per cent.. At 30 September 2011, the Group employed 49 people, down from 363 at the start of the year.
Net financing costs rose by GBP2.7 million over last years' first half to GBP9.8 million principally due to the additional interest payable on loans acquired with AH Medical Properties.
Property investment gains arising from the revaluation of our investment portfolio, remained strong at GBP4.9 million compared to GBP8.4 million in the first half of the last financial year. Profits from development of new medical centres also remained strong at GBP3.5 million compared to GBP5.5 million in the first half of the prior year. GBP1.4 million of development gains were realised in the period as a result of pharmacy premium receipts.
Losses from associates and joint ventures fell from GBP3.9 million in the first half of last year to GBP1 million as a result of an underlying profit of GBP0.6 million being offset by the Group's share of interest rate swap movements in associates amounting to GBP1.6 million.
Underlying profit before tax, before mark-to-market losses on the swap and discontinued activities, rose 21 per cent. from GBP11.4 million to GBP13.9 million in the first half.
The pharmacy business was divested for a consideration of GBP39.3 million, with the sale completing in July this year. The profit on disposal was GBP3.4 million, with proceeds received in H1 of GBP24.7 million net of sale costs. The remaining proceeds, some of which are conditional on projects being completed, will be received over the next three years, with an expected GBP3.2 million in the second half of this financial year.
The mark-to-market loss in the Group's derivative financial instruments in the first half was GBP37.1 million (H1 2010: GBP20.8 million). Of this total loss, GBP35.4 million related to the NAB swap.
Discontinued activities, being the pharmacy business, contributed GBP1 million profit and GBP10 million revenue in the period prior to its sale.
The reported loss before taxation was therefore GBP23.3 million, a increase of GBP13.8 million over last year. No corporation tax will be payable for the first half, nor is any expected for the full year. The Group also benefitted from a deferred tax credit amounting to GBP13 million (H1 2010: charge of GBP0.4 million) recognised due to the intended crystallisation of the mark-to-market swap liability which will be utilised against future profits and will benefit from the reduced interest charge as a result of this cancellation.
6. Debt arrangements
As at 30 September 2011, Assura had banking facilities of GBP369.7 million in aggregate which were fully drawn down. In addition, the Company had cash balances of GBP48.7 million as at that date of which GBP11.7 million was committed to medical property development projects. The banking facilities are provided by various parties as follows:
-- senior term loans with Aviva Commercial Finance of GBP204.5 million, which mature from time to time between 2012 and 2040
-- a senior term loan from Santander of GBP40 million, which matures on 31 March 2015 -- a senior term loan from RBS of GBP5.2 million, which matures on 31 March 2013 -- a senior term loan from NAB of GBP120 million, which matures on 31 March 2013
Assura has substantially reached agreement with institutional investors on the key terms of a GBP110 million 10 year bond which will be used to refinance the NAB loan. This 10 year financing will fit well with the maturity profile of the Group's facilities and will leave the Group with a secure, long-term financing package.
In addition, the Company has increased its facility with Santander UK plc from the previous GBP40 million to GBP50 million with an additional GBP10 million development facility taking the Santander loan to GBP60 million.
Cancellation of the swap, as described above, is expected to reduce the Group's future annual interest payments by more than GBP5 million per annum compared to the cost had the swap remained in place, assuming the current interest rate curve remained unchanged.
7. Dividend policy
The Company's dividend policy is to pay dividends from its realised earnings and to establish a record of consistent, growing dividend payments. In light of the Rights Issue, and as announced with its half year results to 30 September 2011 published today, the Board has decided that it is prudent not to declare an interim dividend but it expects to recommend the payment of a final dividend with its results for the 12 months ended 31 March 2012.
8. Procedure for acceptance
The procedure for acceptance and the latest time for acceptance and payment will be set out in the Prospectus. Further details will also appear in the Provisional Allotment Letter which will be sent to all Qualifying non-CREST Shareholders (other than, subject to certain exemptions, Excluded Overseas Shareholders).
If you are in any doubt as to what action you should take, you should immediately seek your own financial advice from your stockbroker, bank manager, solicitor or other independent professional adviser who, if you are taking advice in the UK, is duly authorised under FSMA or from any appropriately authorised independent financial adviser if you are in a territory outside the UK, in each case who specialises in advice on the acquisition of shares and other securities.
9. Board intentions
The Board considers the terms of the Rights Issue to be in the best interests of Assura and the Shareholders as a whole. Peter Pichler and Clare Hollingsworth intend to take up in full their rights to subscribe for New Assura Shares under the Rights Issue in respect of their own beneficial holdings of Existing Assura Shares, which amount, in aggregate, to 279,696 Existing Assura Shares, representing approximately 0.07 per cent. of the issued share capital of the Company. The Chairman, Simon Laffin, does not yet hold any shares in Assura and therefore has no rights to take up. However it is his intention to purchase shares in the Company in due course, now that the Rights Issue and interim results for the six months ended 30 September 2011 have been announced.
Admission admission of the New Assura Shares to (i) the premium segment of the Official List and (ii) trading on the main market of the London Stock Exchange, nil paid, becoming effective in accordance with the Listing Rules and the Admission and Disclosure Standards of the London Stock Exchange, respectively Assura or Company Assura Group Limited, a limited company incorporated in Guernsey and registered with number 41230 Board or Directors the board of directors of the Company Closing Price the closing, middle market quotation of an Ordinary Share , as published in the daily official list of the London Stock Exchange CREST the relevant system (as defined in the Regulations) for the paperless settlement of trades and the holding of securities in uncertificated form operated by Euroclear UK & Ireland Limited in accordance with the Regulations Excluded Overseas Shareholders (other than as agreed in writing by the Company, Cenkos and Investec and as permitted by applicable law) Shareholders who are located in or who have registered addresses in the US or any other Excluded Territory Excluded Territories Australia, Canada, Japan, the Republic of South Africa and the United States Existing Assura Shares the 411,871,386 Existing Assura Shares in issue as at the date of this document FSA or Financial Services Authority the Financial Services Authority of the United Kingdom FSMA the Financial Services and Markets Act 2000, as amended Fully Paid Rights rights to acquire New Assura Shares, fully paid Investec Investec Bank plc London Stock Exchange or LSE London Stock Exchange Plc NAB National Australia Bank Limited NAB loan the term loan facility made available to Assura Properties Limited by NAB, the terms of which will be summarised in the Prospectus New Assura Shares the New Assura Shares to be issued by the Company in accordance with the Rights Issue Nil Paid Rights rights to acquire New Assura Shares, nil paid Official List the official list maintained by the UK Listing Authority pursuant to Part VI of FSMA Ordinary Shares ordinary shares of ten pence each in the capital of the Company Prospectus the prospectus to be published by the Company in relation to the Rights Issue Provisional Allotment Letter the provisional allotment letter to be issued to Qualifying non-CREST Shareholders Qualifying non-CREST Shareholders Qualifying Shareholders holding Ordinary Shares in certificated form Qualifying Shareholders holders of Ordinary Shares on the Company's register of members at close of business on the Record Date Record Date close of business on 24 November 2011 on the basis the Prospectus is published on 30 November 2011 Regulations the Uncertificated Securities Regulations 2001 (as amended) Rights Issue the proposed offer by way of rights to Qualifying Shareholders to acquire New Assura Shares, on the terms and conditions to be set out in the Prospectus and, in the case of Qualifying non-CREST Shareholders only, the Provisional Allotment Letter Shareholders holders of Ordinary Shares Sponsor or Cenkos Cenkos Securities plc UK Listing Authority or UKLA the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part VI of the FSMA uncertificated or uncertificated form recorded on the relevant register or other record of the share or other security concerned as being held in uncertificated form in CREST, and title to which, by virtue of the Regulations, may be transferred by means of CREST Underwriting Agreement the underwriting agreement dated 23 November 2011 between Investec, Cenkos and the Company, further details of which will be set out in the Prospectus. Investec are fully underwriting the Rights Issue on a sole basis United Kingdom or UK the United Kingdom of Great Britain and Northern Ireland United States or USA the United States of America, its territories and possessions, any state of the United States of America and the district of Columbia and any other area subject to its jurisdiction US Securities Act the US Securities Act of 1933 and the rules and regulations thereunder
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