Travers Smith advises on £310.7 million share issue by Assura plcSunday, 21 January 2018
Wednesday, 6 December 2017
Travers Smith LLP has acted for FTSE250 property company, Assura plc (Assura), on its oversubscribed £300 million firm placing, conditional placing and open offer and £10.7 million offer for subscription of new ordinary shares at an issue price of 57 pence per share, which completed on 6 December 2017.
The proceeds from the share issue will be used by Assura to make further investments in primary care real estate assets and reposition its balance sheet. On completion of the fund raise, Assura cemented its position as the largest listed healthcare property company on the Official List with a market capitalisation of over £1.4 billion.
The Travers Smith team was led by Corporate Partner Aaron Stocks and US Securities Partner Dan McNamee, assisted by US Securities Associate Brent Sanders and Corporate Associates Stuart MacKenzie and Bertie Radcliffe.
Commenting on the transaction, Aaron Stocks said "This was a transformational fund raise for Assura. It was their first full scale equity offering into the United States and plants their flag in the global leagues of healthcare property companies. We have been working with the team over a number of years and were delighted to showcase our combined US/UK ECM practice so successfully".
J.P. Morgan Cazenove and Stifel Nicolaus Europe Limited, who acted as joint bookrunners in connection with the transaction, were advised by Simmons & Simmons LLP.