Interim Management Statement

RNS Number : 9381Q

The MedicX Fund Limited

12 August 2010

 



For immediate release                                                                                    

12 August 2010

MedicX Fund Limited

("MedicX Fund", "the Fund" or "the Company")

Interim Management Statement

MedicX Fund Limited (LSE: MXF), the specialist primary care infrastructure investor in modern purpose-built primary healthcare properties in the United Kingdom, today announces its Interim Management Statement.

Financial position

Since 31 March 2010, the Company has continued to invest successfully in new acquisitions and properties currently under construction, with five acquisitions having been completed.  Headroom continues to exist for further acquisitions from existing facilities.

Following the decision of the Company to adopt quarterly valuations, the desktop valuation of the portfolio undertaken by King Sturge LLP as at the 30 June 2010 stood at £203.5 million reflecting a net initial yield of 5.87%.  This is broadly unchanged from the net initial yield of 5.83% in March 2010.

Incorporating the June valuation, the unaudited adjusted net asset value at 30 June 2010 is estimated to be £94.2 million equivalent to 67.3p per share. Long-term interest rates have decreased since 31 March 2010 and, including the benefit of the £100 million fixed rate debt, the unaudited adjusted net asset value plus the mark to market benefit of fixed rate debt is estimated now to be £105.2 million equivalent to 75.2p per share.

There have been no other significant changes to the financial position of the Company since the interim results were announced on 26 May 2010.

Investment activity

The portfolio, which now consists of 57 properties, continues to perform in line with long-term objectives.  The Company has most recently acquired the completed primary care medical centre in Boston, Lincolnshire and agreed terms on a project in Clapham, London.  Construction was completed on time at Ruabon in July 2010; construction has also started on Halifax, Hounslow and Bilborough, all of which are due to complete later this year. In addition, terms have  been agreed on four projects scheduled to start on site later in the year.

Share issues

On each of 4 June 2010 and 9 August 2010, the Company issued 500,000 new ordinary shares of no par value for cash at issue prices of 72.5p. As stated, the proceeds will be used to further pursue the investment objectives of the Company.

Dividends

The Directors have approved a quarterly dividend of 1.35p per ordinary share in respect of the period 1 April 2010 to 30 June 2010.  The dividend will be paid on 30 September 2010 to ordinary shareholders on the register as at close of business on 20 August 2010 (the "Record Date").  The corresponding ex-dividend date will be 18 August 2010.  The Directors expect, subject to unforeseen circumstances and the Company's financial position, to pay dividends totalling 5.4p per Ordinary Share in respect of the financial year ending 30 September 2010. 

The Company is offering such qualifying shareholders the opportunity to take new ordinary shares in the Company, credited as fully paid, in lieu of the cash dividend to be paid on 30 September 2010, by participating in the Scrip Dividend Scheme (the "Scheme") previously put in place by the Company on 5 May 2010.   

The option to participate will be available to shareholders until 3 September 2010 (the "election date").  For further information on the Scheme, together with a copy of the Scheme Document (containing the terms and conditions of the Scheme) and relevant mandate forms, please refer to the Scrip Dividend portal on the Company's website.

David Staples

Chairman

End

For further information please contact:

MedicX Group:                                                               [phone]

Keith Maddin, Chairman

Mike Adams, Chief Executive Officer

Mark Osmond, Chief Financial Officer

MedicX Fund:                                                                [phone]

David Staples, Chairman

Buchanan Communications:                                             [phone]

Charles Ryland/Lisa Baderoon/George Prassas

Information on MedicX Fund Limited

MedicX Fund Limited ("MXF", the "Fund" or the "Company", or together with its subsidiaries, the "Group") is the specialist primary care infrastructure investor in modern, purpose-built primary healthcare properties in the United Kingdom, listed on the London Stock Exchange, with a portfolio comprising 57 properties.

The Investment Adviser to the Company is MedicX Adviser Ltd, which is authorised and regulated by the Financial Services Authority and is a subsidiary of the MedicX Group. The MedicX Group is a specialist investor, developer and manager of healthcare properties with 33 people operating across the UK.  

The Company's website address is www.medicxfund.com 

 

END

 

 

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