By BFN News | 09:36 AM | Thursday 10 December, 2020 The board of Primary Health Properties (PHP) has entered into a conditional share purchase agreement to internalise the company s management function by acquiring Nexus Tradeco Holdings, subject to shareholder approval.
Nexus Tradeco Holdings is the holding company of its longstanding external property adviser Nexus Tradeco and certain subsidiaries, including Nexus s primary care development business.
PHP has agreed to acquire the entire issued ordinary share capital of Nexus Tradeco Holdings for £33.1 million (subject to a completion net assets adjustment), comprised of £16.55 million payable in cash and £16.55 million. This will be met by issuing 11,485,080 new ordinary shares priced at 12.5 pence each in the share capital of PHP at a price of 144.1 pence per share.