Primary Health Properties Share Discussion Threads

[3800] 28/5/2013 18:00

Did the medicx bid for Assura value the company below NAV? Just musing if PHP may be raising the money to make a bid, that is IF it raises the money, as old crow posted there isnt much point in taking up the offer. Im getting a little sceptical about PHP after holding for almost a decade how does everyone else feel about the company and the uncovered dividends?
3800

[old crow] 28/5/2013 17:47

Total waste of offer buy at 315p when you can pick them up at todays price
of 322p and the Crows entitlement is over 3800 shares

[doe808] 28/5/2013 17:33

Assura rejects MedicX takeover bid &
MedicX buys 14 medical centres for 45 Million - both being reported by Estates Gazette.

[eburne1960] 23/5/2013 16:20

You were right Typo56, I've just been notified of my entitlement. Can't trust market makers eh?

[losos] 23/5/2013 15:46

goliard - "and MedicX has just bid for Assura,"

Thanks. I wasn't aware that MedicX had actually made a bid for Assura, I agree that PHP would likely consider it, maybe that's why they are raising funds!!!

[typo56] 23/5/2013 07:36

The market maker. That figures!

The record date is an administrative event. As I understand it, anyone who bought between the record date and last night is entitled to take up the open offer but they may have to make a claim with the seller. This is normally handled by your broker and is transparent to the PI.

What do you suppose "ex-entitlement date" means? Why state it?

In this case it's pretty academic as the value of the open offer is buried in the noise.

[eburne1960] 22/5/2013 21:39

Typo56 it was the market maker! The announcement does clearly say the record date is a week before the ex date. I agree it doesn't make sense, but then it's unusual to be given the chance to get in on a discounted offer after it's announced. I hope I can participate, but I won't hold my breath.

[typo56] 22/5/2013 17:59

eburne1960, today's announcement clearly states that they go ex-entitlement for the open offer 23 May. The record date is irrelevant to you. Whoever told you shares bought today don't qualify is wrong. Hopefully it wasn't a broker, but I fear it might have been!

[kayha2] 22/5/2013 17:03

Interesting find, interview with Hyman here:

[goliard] 22/5/2013 15:38

Losos, I was thinking healthcare in particular and MedicX has just bid for Assura, so it looks like some movement. I would be surprised if PHP are not looking at Assura too as the MedicX price isn't exactly top dollar.

[losos] 22/5/2013 15:32

Robcoo - Thanks for the update and well done for writing to the CFO about the last fund raising, it never hurts to let these people know that there are PI's out there and they are (or should be) treated the same as any others.

[eburne1960] 22/5/2013 15:05

Even more oddly, the record date was last Thursday!! I've been told if you buy today you don't qualify, which is a shame as I bought today thinking I could get a few more at a discount.

[typo56] 22/5/2013 11:37

Private investors are being largely overlooked today too. They're issuing up to 1 new share for every existing 4 shares (with the power to increase that by up to 25%) but the open offer is only 1 for 10 (plus excess application).

Oddly they don't go ex-entitlement until tomorrow, so shares bought today will still qualify for the open offer.

[robcoo] 22/5/2013 10:08

Shareholders are included. I wrote to the CFO at the last fund raising to complain, so perhaps I have been listened to

[losos] 22/5/2013 09:20

goliard - "some consolidation is well overdue in the sector"

Do you mean the whole REIT sector or just the Health Care property sub sector, if the latter then I would have thought there could hardly be much 'consolodation' since there must be only about four or five companies like PHP.

The drop in PHP share price may have been 'insider' info on todays announcement of a fund raising with new shares being offered on a 1 for 10 basis. I haven't read the whole RN announcement yet so don't know if existing shareholders will get a discount.

Will be interesting to see what the market makes of this move bearing in mind they raised money not so long ago via a deal with the institutions and the poor little PI's were ignored.

[goliard] 18/3/2013 08:15

Recent fall here and rise at MedicX makes me wonder if these two are talking? Very similar models except that MedicX also develops property and some consolidation is well overdue in the sector. They also both have fund managers (unlike Assura) so probably easier toput these two together than to work with Assura.

[cestnous] 14/3/2013 09:23

Out yesterday. Better things elsewhere(imo)

[dgwinterbottom] 14/3/2013 09:19

Topvest - many thanks for that!!

[topvest] 13/3/2013 17:50

Annual Report arrived today. This has been a strong performer over the years, but the revenue account has taken a bit of a battering with EPS now at about 10p versus the 18.5p dividend. Dividend growth will need to be less racy over the next five years or so to re-build dividend cover. Not sure that I fully follow how the revenue account has deteriorated over the last few years, but it's attributed to higher interest costs. Nevertheless, still happy to hold as they are pretty solid. Also hold Assura and Medic-X - Assura were, and probably still are, the best value in my view.

[dgwinterbottom] 13/3/2013 08:50

Anyone know the reason for the share price plunge lately?

[goliard] 07/3/2013 15:37

MedicX is definitely not fully covered. Far from it. Neither is PHP. Assura group is though and is at a discount to NAV due to its lousy management history. Now a pure property play in the same sector.

[bscuit] 06/3/2013 21:10

Puzzled. In the Scottish edition Questor does not feature PHP--Only Wood Group and Serco.

In the last few days I have--too late now--been looking at MedicX, which operates in the same field and according to one source of information has a fully covered dividend and is paying 7.2%. On the face of it a more secure business model. A case for migration?

[losos] 06/3/2013 11:49

Nil Desperandum - "Shares are XD today..."

Yes, so not March 7 as stated, I'm sure Questor knows that shares go Ex-Div on a Wednesday not Thursday so maybe the dreaded 'typo' lol

[nil desperandum] 06/3/2013 11:05

Shares are XD today...