SoundDT
20 Nov 2018
Dividend per share will accelerate Primary Health Properties Three factors pulling upwards on the dividend
MadCats
10 Aug 2018
Analyst view on Primary Health Properties Have held for some time & enjoyed the dividends. However, as now taxed on the PID’s, so reconsidering how long to hold for.
sharegardener
18 Apr 2018
Re: Open offer ''PHP is now pleased to announce that it has received valid applications and commitments for the Capital Raising such that the Company will issue 106,481,482 New Shares at 108 pence per share, raising £115.0 million and exceeding its initial fundraising target of up to £100 million.''From this morning's RNSSG
Kamon Yaboyah
18 Apr 2018
Open offer Applications under the open offer (including excess applications ) and the offer for subscription will all be met in full.from Vox markets.
seadoc
13 Apr 2018
Re: Rights Issue!!! Dd,When I qualified the GP had a lean-to with hard benches and a single element gas fire, no appointments and you were seen in a back room (study) with 20yrs BMJ stacked on the examination couch. Well unless a pp and then you rang front doorbell, Mrs GP made you a pot of tea and you were seen next. Do not get me wrong, they (the GPs) were good. But now you need a reception area, TV, Musak and appointments. The (most) GP is paid a 6 figure sum and the cost of premise is a tax deductible. Why take on the risk of owning? PHP (from the dr's side) is the way to go. Yes. We are at the top of s property cycle but no longer see patients in the back room.I have taken up basic (1.74) and asked for a total of 5. Regards,Seadoc (well retired)
J Westlock
04 Apr 2018
Re: Rights Issue!!! Dingledangle,What you have to decide (if you are a PHP shareholder) is whether the prospects and the valuation of the to-be-enlarged company will increase in proportion to the number of extra shares being issued.That's difficult to weigh up so to a large extent you have to take it on trust on past behaviour/performance of PHP... but you have to make a decision whether to do nothing and have your shareholding diluted or to take one or both of the Basic and Excess entitlements.The 2p+ discount at least offers a small lessening in risk for those (like me) who intend to at least take up the Basic entitlement.
Dingledangle
04 Apr 2018
Re: Rights Issue!!! I have my doubts that buying properties at this time is a good one. Pay off higher debt by all means, but wait for the inevitable property downturn to buy. Property cycles are inevitable and I think we are at the top of one right now.
sharegardener
03 Apr 2018
Re: Rights Issue!!! thanks J Westlock!I was looking at the figures in the 2017 report and interest cover is 2.25 vs 2.05x last year. Debt cost has come down to 4.09% from 4.65% and debt maturity has gone up to over 6 years. There appears to be a lot of shuffling of debt and there's a convertible bond still outstanding which will further dilute the shares in issue. They have also got a recent £75M 3.1% 11 year loan with Aviva. This current equity raise will reduce reliance on short term loans.Altogether their borrowing costs are falling and I suppose they may have more bond issues in the future.SG
iolat
01 Apr 2018
Rights issue Taken up my option, only because I am very pleased at the dividend they have been paying.
J Westlock
31 Mar 2018
Re: Rights Issue!!! sharegardener,Yes, you are right that it's a placing/offer rather than a rights issue but it only really differs in that we have no option to sell our entitlement in the market.Effectively, they are the same other than that and there will be the dilution in shareholding I mentioned if we don't take at least the Basic entitlement.It's tricky to estimate the demand but I'd expect it to be high.
sharegardener
30 Mar 2018
Re: Rights Issue!!! Its a placing and offer rather than rights issue but they are raising about £100M from additional shares. Current shareholders can get 1 for 17 at 108p and we can subscribe for more on top at the same price. If there is high demand then up to 25% more shares will be created.The capital will be used to buy more properties in UK and RoI and pay off some of the more expensive debt.PHP's rationale hinges on expansion and modernisation of GP practices in Health Centres resulting in long term rising rental income that exceeds the cost of debt. The strategy and risks are outlined in the prospectus.Their assumptions about local community care being prioritised are probably correct (in that some hospitals will be progressively closed). However, a lot of current GP work will happen remotely and be done over the internet or by AI and other disruptors.Also, the shortage of doctors and unpopularity of General Practice as a career might mean fewer centres can be staffed.For me REITs give a steady and fairly reliable income stream but the long term capital value is obviously linked to the property market.SG
J Westlock
30 Mar 2018
Re: Rights Issue!!! Christo6,Do you know what the sell off was about on about the 20th? Couldn't find a reason on a quick look. Would be interesting to know given what happened 3 days later.If you don't elect to take even the Basic entitlement then your holding will be diluted between 12.9% and 15.6%.... not that it means your valuation will reduce similarly.The £1.08 is a 5.3% discount to the closing SP on 22nd March (day before the announcement).My gut feeling is that £1.08 will be a good price but a lot can happen in the 3 weeks left before trading begins. Find it difficult to value their new acquisitions but that's the nature of a REIT like this. Personally, am in it for the long term.
Christo6
29 Mar 2018
Rights Issue!!! Any comments at buying at £1.08? A high number of sales today has given me food for thought. Recent results were very good and the yield is attractive!I am temptedcomment appreciated
II Editor
10 Jan 2018
NEW ARTICLE: A 9% yield and other top income stocks for 2018 "The past few years have been particularly rewarding for income investors, with strong dividend growth across many sectors. For 2017, Capita Asset Services reckons that dividends grew by more than 11%, which compares favourably with inflation at ..."[link]
Regency Green
20 Nov 2017
Re: The drop I also like this company, drawn to it by it's relatively safe yield. As you say a sound business model but the threat of that being hijacked by a change in government is probably the reason for the recent fall. I also own JLIF and that has suffered recently too for what I believe is the same reason. Going to tough it out for now.
