The Board of the Company is pleased to announce that it has successfully raised gross proceeds of £125 million through a significantly oversubscribed issue of new ordinary shares (“New Shares”) at 115 pence per New Share (the “Issue”).

After careful consideration of the exceptionally strong level of support and quality of demand from investors in the Issue, alongside the pipeline of attractive investment properties available, the Board determined to increase the size of the Issue from £100 million to £125 million. Notwithstanding this increase, investor demand substantially exceeded the maximum size of the Issue and, accordingly, a scaling back exercise was undertaken.

Applications will be made in respect of the 108,695,652 New Shares to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities pursuant to the Issue (“Admission”). It is expected that Admission will become effective and dealings in the New Shares will commence on 14 September 2021. When issued, the New Shares will rank pari passu with the existing ordinary shares, including the right to receive all future dividends and distributions declared, made or paid after Admission.

The New Shares will be issued in registered form and may be held in uncertificated form. The New Shares allocated will be issued through the CREST system unless otherwise stated. The New Shares will be eligible for settlement through CREST with effect from Admission.

Following Admission, the Company will have 620,237,346 ordinary shares in issue. The total number of voting rights of the Company will be 620,237,346 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.

This Issue has been conducted in accordance with the terms and conditions in Part 11 of the Prospectus published on 12 February 2021, as supplemented by the supplementary prospectus published by the Company on 27 May 2021 (the “Prospectus”) (the “Terms and Conditions”). For the avoidance of doubt, 95,945,946 New Shares (being the maximum remaining number of ordinary shares which can be issued by the Company pursuant to the placing programme under the Prospectus) have been issued pursuant to the Prospectus and 12,749,706 New Shares have been issued pursuant to the general share issuance authorities that were granted to the Board at the Company’s annual general meeting held on 2 December 2020 (the “Excess Shares”).  The Terms and Conditions shall apply to the issue of such Excess Shares as if they were being issued pursuant to the Prospectus.

Malcolm Naish, Chairman of the Company, said:

“We are extremely grateful to both our existing and new shareholders for their support with this considerably oversubscribed equity raise. Our conviction in both the quality of our existing portfolio, which is characterised by its inflation linked, long-income characteristics, as well as the compelling investment opportunity in the part of the care home market that we are focused on, is steadfast. We look forward to deploying the proceeds into high quality, fit for purpose homes with strong sustainability credentials, further diversifying the portfolio whilst simultaneously playing a role in meeting a key societal challenge.”