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Update on Regulatory Condition
THIS ANNOUNCEMENT AND THE INFORMATION HEREIN IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS
EQUIVALENT DOCUMENT AND NO INVESTMENT DECISION IN RELATION TO THE OFFER OR
THE NEW PHP SHARES SHOULD BE MADE EXCEPT ON THE BASIS OF INFORMATION IN THE
OFFER DOCUMENT, THE REVISED OFFER DOCUMENT, THE COMBINED CIRCULAR AND
PROSPECTUS AND THE SUPPLEMENTARY PROSPECTUS.
FOR IMMEDIATE RELEASE
14 July 2025
Recommended Combination of
Assura Plc ("Assura")
and
Primary Health Properties PLC ("PHP")
to be implemented by means of a takeover offer
under Part 28 of the Companies Act 2006
Update on Regulatory Condition
Further to the announcement made by PHP on 27 June 2025 regarding the publication and posting of
the Revised Offer Document, PHP is pleased to announce that the Combination has now received
foreign direct investment clearance in Ireland. Accordingly, the Irish regulatory condition set out in
paragraph 2.3 of Section A of Part 2 of the Original Offer Document has now been satisfied. PHP does
not require any further regulatory approvals.
Action to be taken by Assura Shareholders
Assura Shareholders who have not yet accepted the Revised Offer are urged to do so as soon
as possible and, in any event, no later than 1.00 p.m. (London time) on 12 August 2025
Details of actions for Assura Shareholders to take are set out in the Original Offer Document (as
amended by the Revised Offer Document) and, for holders of Assura Shares in certificated form, in the
Second Form of Acceptance and Election which accompanies the Revised Offer Document. If you have
any questions about the Original Offer Document or the Revised Offer Document or are in any doubt
as to how to complete the Second Form of Acceptance and Election (if you hold Assura Shares in
certificated form), or how to make an Electronic Acceptance (if you hold Assura Shares in uncertificated
form), or if you want to request a hard copy of the Original Combined Circular and Prospectus or the
Supplementary Prospectus or a further copy of the Original Offer Document or the Revised Offer
Document (and/or any information incorporated into them by reference to another source) please
contact the Receiving Agent, Equiniti, on +44 (0) 371 384 2414. Lines are open 8.30 a.m. to 5.30 p.m.
(London time) Monday to Friday (excluding English and Welsh public holidays). Calls to the helpline
from outside the UK will be charged at the applicable international rate. Different charges may apply to
calls from mobile telephones and calls may be recorded and randomly monitored for security and
training purposes. The helpline cannot provide advice on the merits of the Revised Offer nor give any
financial, legal or tax advice
An electronic copy of the Original Offer Document and the Revised Offer Document can also be found
at www.phpgroup.co.uk and www.assuraplc.com/investor-relations/shareholder-information/offer-from-
php
General
Defined terms used but not defined in this Announcement have the meanings given to them in the offer
document dated 13June 2025 (the "Original Offer Document") (as amended by the revised offer
document dated 27 June 2025 (the "Revised Offer Document")).
The person responsible for this Announcement is Toby Newman, Company Secretary.
Enquiries:
Primary Health Properties PLC +44 (0) 7970 246 725
Harry Hyman, Non-Executive Chair via Sodali & Co
Mark Davies, Chief Executive Officer
Richard Howell, Chief Financial Officer
+44 (0) 207 280 5000
Rothschild & Co (Joint Lead Financial Adviser to PHP)
Alex Midgen
Sam Green
Nikhil Walia
Jake Shackleford
+44 (0) 207 260 1000
Deutsche Numis (Joint Lead Financial Adviser and Joint Broker
to PHP)
Kevin Cruickshank
Heraclis Economides
Stuart Ord
Ben Stoop
Jack McLaren
+44 (0) 20 7986 4000
Citi (Joint Financial Adviser to PHP)
Bogdan Melaniuc
James Ibbotson
Robert Redshaw
James Carton
Michael Mullen
+44 (0) 20 7418 8900
Peel Hunt (Joint Financial Adviser and Joint Broker to PHP)
Capel Irwin
Michael Nicholson
Henry Nicholls
+44 (0) 7970 246 725
Sodali & Co (Communications for PHP)
Rory Godson
Elly Williamson
CMS Cameron McKenna Nabarro Olswang LLP is acting as legal adviser to PHP.
The LEI of PHP is 213800Y5CJHXOATK7X11 and the LEI of Assura is 21380026T19N2Y52XF72.
Further information
N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the FCA in
the United Kingdom, is acting exclusively as joint lead financial adviser to PHP and for no one else in
connection with the subject matter of this Announcement and will not be responsible to anyone other
than PHP for providing the protections afforded to its clients or for providing advice in connection with
the subject matter of this Announcement. Neither Rothschild & Co nor any of its affiliates (nor any of
their respective directors, officers, employees or agents), owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Rothschild & Co in connection with this Announcement,
any statement contained herein or otherwise.
Numis Securities Limited ("Deutsche Numis"), which is authorised and regulated in the United Kingdom
by the FCA in the United Kingdom, is acting exclusively as joint lead financial adviser to PHP and for
no one else in connection with the subject matter of this Announcement and will not be responsible to
anyone other than PHP for providing the protections afforded to its clients or for providing advice in
connection with the subject matter of this Announcement. Neither Deutsche Numis nor any of its
affiliates (nor any of their respective directors, officers, employees or agents), owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute
or otherwise) to any person who is not a client of Deutsche Numis in connection with this
Announcement, any statement contained herein or otherwise.
Citigroup Global Markets Limited ("Citi"), which is authorised by the PRA and regulated by the FCA and
the PRA in the United Kingdom, is acting exclusively as joint financial adviser to PHP and for no one
else in connection with the subject matter of this Announcement and will not be responsible to anyone
other than PHP for providing the protections afforded to its clients or for providing advice in connection
with the subject matter of this Announcement. Neither Citi nor any of its affiliates (nor any of their
respective directors officers, employees or agents) owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Citi in connection with this Announcement, any statement contained herein
or otherwise.
Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the FCA, is
acting exclusively as joint financial adviser to PHP and for no one else in connection with the subject
matter of this Announcement and will not be responsible to anyone other than PHP for providing the
protections afforded to its clients or for providing advice in connection with the subject matter of this
Announcement. Neither Peel Hunt nor any of its affiliates (nor any of their respective directors, officers,
employees or agents) owes or accepts any duty, liability or responsibility whatsoever (whether direct or
indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Peel
Hunt in connection with the matters referred to in this Announcement, any statement contained herein,
or otherwise.
This Announcement is for information purposes only and is not intended to, and does not, constitute, or
form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe
for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any
jurisdiction pursuant to the Combination or otherwise, nor shall there be any sale, issuance or transfer
of securities of Assura in any jurisdiction in contravention of applicable law. In particular, this
Announcement does not constitute an offer of securities to the public as contemplated in the South
African Companies Act, 71 of 2008.
The Combination will be implemented solely pursuant to the terms of the Original Offer Document and
Revised Offer Document which will contain the full terms and conditions of the Combination, including
details of how to accept the Revised Offer. Any decision or response in relation to the Combination
should be made only on the basis of the information contained in the Original Offer Document, the
Revised Offer Document, the Original Combined Circular and Prospectus and the Supplementary
Prospectus.
The statements contained in this Announcement are made as at the date of this Announcement, unless
some other time is specified in relation to them, and publication of this Announcement shall not give
rise to any implication that there has been no change in the facts set forth in this Announcement since
such date.
This Announcement does not constitute or form part of, and should not be construed as, any public offer
under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or
financial instruments or any advice or recommendation with respect to such securities or other financial
instruments.
This Announcement does not constitute a prospectus, prospectus equivalent document or exempted
document. PHP has published the Original Combined Circular and Prospectus and Supplementary
Prospectus containing information on the New PHP Shares and the Combined Group as well as the
Original Offer Document and Revised Offer Document. PHP urges Assura Shareholders to read the
Original Offer Document, the Revised Offer Document, the Forms of Acceptance and Election, the
Original Combined Circular and Prospectus and Supplementary Prospectus carefully because they
contain important information in relation to the Combination, the New PHP Shares and the Combined
Group. Any decision by Assura Shareholders in respect of the Combination should be made only on the
basis of the information contained in the Original Offer Document, the Revised Offer Document the
Original Combined Circular and Prospectus and Supplementary Prospectus. PHP urges Assura
Shareholders to read the Original Offer Document, the Revised Offer Document, the Forms of
Acceptance and Election, the Original Combined Circular and Prospectus and Supplementary
Prospectus.
If you are in any doubt about the contents of this Announcement or the action you should take, you are
recommended to seek your own independent financial advice immediately from your stockbroker, bank
manager, solicitor, accountant or independent financial adviser duly authorised under the Financial
Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from
another appropriately authorised independent financial adviser.
Overseas Shareholders
The information contained herein is not for release, distribution or publication, directly or indirectly, in or
into South Africa, the United States, Australia, Canada, Japan, New Zealand or any other Restricted
Jurisdiction where applicable laws prohibit its release, distribution or publication.
The release, publication or distribution of this Announcement in, into or from jurisdictions other than the
UK may be restricted by law and therefore any persons who are subject to the law of any jurisdiction
other than the UK should inform themselves of, and observe, any applicable legal or regulatory
requirements. Any failure to comply with such requirements may constitute a violation of the securities
laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and
persons involved in the Combination disclaim any responsibility or liability for the violation of such
restrictions by any person. This Announcement has been prepared in accordance with and for the
purpose of complying with English law, the Takeover Code, the Market Abuse Regulation, the UK Listing
Rules and the Disclosure Guidance and Transparency Rules and the information disclosed may not be
the same as that which would have been disclosed if this Announcement had been prepared in
accordance with the laws of jurisdictions outside England.
The availability of the Offer to Assura Shareholders who are not resident in and citizens of the UK may
be affected by the laws of the relevant jurisdictions in which they are located or of which they are
citizens. Persons who are not resident in the UK should inform themselves of, and observe, any
applicable legal or regulatory requirements of their jurisdictions.
In particular, the ability of persons who are not resident in the United Kingdom to execute Second Forms
of Acceptance and Election in connection with the Revised Offer; and persons who are not resident in
the United Kingdom to receive New PHP Shares in part consideration pursuant to terms of the
Combination, may be affected by the laws of the relevant jurisdictions in which they are located. Any
failure to comply with the applicable restrictions may constitute a violation of the securities laws of any
such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved
in the Combination disclaim any responsibility or liability for the violation of such restrictions by any
person. Further details in relation to Overseas Shareholders are contained in the Original Offer
Document and the Revised Offer Document.
Unless otherwise determined by PHP or required by the Takeover Code, and permitted by applicable
law and regulation, the Revised Offer will not be made available, in whole or in part, directly or indirectly,
in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no
person may accept the Revised Offer by any such use, means, instrumentality or from within a
Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that
jurisdiction.
Copies of this Announcement and any formal documentation relating to the Combination are not being,
and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or
from any Restricted Jurisdiction and persons receiving such documents (including, without limitation,
agents, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it in
or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported
acceptance of the Revised Offer. Unless otherwise determined by PHP and permitted by applicable law
and regulation, the Revised Offer may not be made, directly or indirectly, in or into, or by the use of
mails or any means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic
transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national,
state or other securities exchange of any Restricted Jurisdiction, and the Revised Offer may not be
capable of acceptance by any such use, means, instrumentality or facilities.
The New PHP Shares to be issued pursuant to the Revised Offer have not been and will not be
registered under the relevant securities laws of or with any securities regulatory authority of any
Restricted Jurisdiction. Accordingly, the New PHP Shares may not be offered, sold or delivered, directly
or indirectly, in or into any Restricted Jurisdiction nor to any U.S. Person or Restricted Overseas Person,
except pursuant to exemptions from the registration requirements of any such jurisdiction.
Further details in relation to Overseas Shareholders are included in the Original Offer Document and
Revised Offer Document and Assura Shareholders are advised to read carefully the Original Offer
Document and Revised Offer Document.
The Combination is subject to English law, the applicable requirements of the Companies Act, the
Takeover Code, the Panel, the UK Listing Rules, the Market Abuse Regulation, the FCA, the London
Stock Exchange, the Registrar of Companies, the Johannesburg Stock Exchange, the JSE Listing
Requirements and applicable securities law.
The information contained in this Announcement constitutes factual advice as contemplated in section
1(3)(a) of the South African Financial Advisory and Intermediary Services Act, 37 of 2002, as amended
("FAIS Act") and should not be construed as express or implied advice (as that term is used in the FAIS
Act and/or the South African Financial Markets Act, 19 of 2012, as amended) that any particular
transaction in respect of the Combination, is appropriate to the particular investment objectives, financial
situations or needs of a shareholder, and nothing in this Announcement should be construed as
constituting the canvassing for, or marketing or advertising of, financial services in South Africa. PHP is
not a financial services provider licensed as such under the FAIS Act.
Nothing in this Announcement should be viewed, or construed, as "advice", as that term is used in the
South African Financial Markets Act, 19 of 2012, as amended.
Notice relating to the United States
This Announcement is not intended to, and does not, constitute or form part of any offer or invitation to
purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation
of any vote or approval in any jurisdiction pursuant to the Revised Offer or otherwise. The Combination
will be made solely through the Original Offer Document and the Revised Offer Document which will
contain the full terms and conditions of the Combination, including details of how the Combination may
be accepted. Any acceptance or other response to the Combination should be made only on the basis
of the information in the Original Offer Document and the Revised Offer Document.
The Combination relates to the shares of an English company and is subject to UK procedural and
disclosure requirements that are different from certain of those of the United States. The financial
statements and other financial information included in this Announcement have been prepared in
accordance with non-U.S. accounting standards that may not be comparable to the financial statements
of U.S. companies or companies whose financial statements are prepared in accordance with generally
accepted accounting principles in the United States. It may be difficult for U.S. holders of shares to
enforce their rights and any claims they may have arising under the U.S. federal securities laws in
connection with the Combination, since PHP and Assura are located in countries other than the United
States, and all or some of their officers and directors may be residents of countries other than the United
States. U.S. holders of shares in PHP or Assura may not be able to sue PHP, Assura or their respective
officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult
to compel PHP, Assura and their respective affiliates to subject themselves to the jurisdiction or
judgment of a U.S. court.
The New PHP Shares have not been and will not be registered under the U.S. Securities Act or under
the securities laws of any state or other jurisdiction of the United States and may not be offered, taken
up, sold, resold, delivered, pledged, renounced, distributed or otherwise transferred, directly or
indirectly, in or into the United States or to, or for the account or benefit of, any U.S. Person except in
transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and
in compliance with any applicable securities laws of any state or other jurisdiction of the United States.
None of the New PHP Shares, the Original Combined Circular and Prospectus, the Supplementary
Prospectus, the Original Offer Document, the Revised Offer Document, the Second Form of Acceptance
or any other offering document has been approved or disapproved by the SEC, any state securities
commission in the United States or any other U.S. regulatory authority, nor have such authorities passed
upon or determined the adequacy or accuracy of the information contained in any of those documents
or passed upon or endorsed the merits of the Combination. Any representation to the contrary is a
criminal offence in the United States.
It is intended that the Combination will be implemented by way of a takeover offer within the meaning
of the Companies Act. The Revised Offer will not be subject to the disclosure and other procedural
requirements of Regulation 14D under the U.S. Exchange Act. If made into the United States, the
Revised Offer will be made in accordance with applicable requirements of Regulation 14E under the
U.S. Exchange Act. However, the Revised Offer will qualify for "Tier II" exemptions from the tender offer
rules included in Regulation 14E under the U.S. Exchange Act. Accordingly, the Revised Offer will be
subject to disclosure and other procedural requirements, including with respect to withdrawal rights,
offer timetable, settlement procedures and timing of payments that may be different from those
applicable under U.S. domestic tender offer procedures and law.
No document relating to the Revised Offer or the Combination will be posted into the United States, but
a "qualified institutional buyer" (as such term is defined in Rule 144A promulgated under the U.S.
Securities Act) may be permitted, at PHP's sole discretion, to participate in the Revised Offer upon
establishing its eligibility as an Eligible U.S. Holder (as defined in the Original Offer Document (as
amended by the Revised Offer Document)). PHP will require the provision of a letter by Eligible U.S.
Holders (and may require the provision of a letter by subsequent transferees in the United States) with
such acknowledgements, warranties, and representations to and agreements with PHP, as PHP may
require, to, among other things, confirm compliance with applicable laws as well as other supporting
documentation. PHP will refuse to issue or transfer New PHP Shares to investors that do not meet the
foregoing requirements.
The receipt of consideration pursuant to the Revised Offer by an Eligible U.S. Holder may be a taxable
transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as
foreign and other, tax laws. Each Assura Shareholder is urged to consult its independent professional
adviser immediately regarding the tax consequences of accepting the Revised Offer.
In accordance with normal United Kingdom market practice and to the extent permissible under
applicable law or regulatory requirements, including Rule 14e-5 under the U.S. Exchange Act (to the
extent applicable), PHP and its affiliates or its brokers and its broker's affiliates (acting as agents for
PHP or its affiliates, as applicable) may from time to time whilst the Revised Offer remains open for
acceptance make certain purchases of, or arrangements to purchase, Assura Shares outside the United
States otherwise than under the Revised Offer, such as in the open market or through privately
negotiated purchases. Such purchases, or arrangements to purchase, shall comply with applicable
rules in the United Kingdom and the rules of the London Stock Exchange. Details about any such
purchases will be available from a Regulatory Information Service and will be available on the London
Stock Exchange website (www.londonstockexchange.com).
Dealing and Opening Position Disclosure Requirements
Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of
relevant securities of an offeree company or of any securities exchange offeror (being any offeror other
than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in
cash) must make an Opening Position Disclosure following the commencement of the offer period and,
if later, following the announcement in which any securities exchange offeror is first identified. An
Opening Position Disclosure must contain details of the person's interests and short positions in, and
rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities
exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) of the Takeover
Code applies must be made by no later than 3.30 pm (London time) on the 10th business day following
the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on
the 10th business day following the announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities
exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of
any class of relevant securities of the offeree company or of any securities exchange offeror must make
a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any
securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of
the person's interests and short positions in, and rights to subscribe for, any relevant securities of each
of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these
details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule
8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the
date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or
informal, to acquire or control an interest in relevant securities of an offeree company or a securities
exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and
Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position
Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's
website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first identified. You should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are
required to make an Opening Position Disclosure or a Dealing Disclosure.
Publication on a website
A copy of this Announcement and the documents required to be published pursuant to Rule 26 of the
Takeover Code will be available at PHP's website at www.phpgroup.co.uk and Assura's website at
www.assuraplc.com/investor-relations/shareholder-information/offer-from-php promptly and in any
event by no later than 12 noon on the Business Day following this Announcement. The content of this
website is not incorporated into and does not form part of this Announcement.
General
Investors should be aware that PHP may purchase Assura Shares otherwise than under the Revised
Offer, including pursuant to privately negotiated purchases.
Requesting hard copy documents
In accordance with Rule 30.3 of the Takeover Code, Assura Shareholders, persons with information
rights and participants in Assura Share Plans may request a hard copy of this Announcement by
contacting PHP's company secretary at cosec@phpgroup.co.uk. For persons who receive a copy of
this Announcement in electronic form or via a website notification, a hard copy of this Announcement
will not be sent unless so requested. Such persons may also request that all future documents,
announcements and information to be sent to them in relation to the Combination should be in hard
copy form.
For persons who receive a copy of this Announcement in electronic form or via a website notification, a
hard copy of this Announcement will not be sent unless so requested. Such persons may also request
that all future documents, announcements and information to be sent to them in relation to the
Combination should be in hard copy form.
Electronic communications
Please be aware that addresses, electronic addresses and certain other information provided by Assura
Shareholders, persons with information rights and other relevant persons for the receipt of
communications from Assura may be provided to PHP during the offer period as required under Section
4 of Appendix 4 of the Takeover Code to comply with Rule 2.11(c) of the Takeover Code.
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE
Limited.
United Kingdom
Sponsor: PSG Capital
Date: 14-07-2025 08:00:00
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