Publication of Circular

RNS Number : 3850O
The MedicX Fund Limited
18 August 2017
 

 

Press Release

For immediate release                                                                                    

18 August 2017

 

MedicX Fund Limited

("MedicX Fund" or the "Company")

 

Publication of Circular

Further to its announcements of 15 March and 28 July, the Board of Directors of MedicX Fund (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, announces that it has finalised proposals for the Company to convert into a Real Estate Investment Trust ("REIT") with effect from 1 October 2017. Conversion to a REIT will entail, inter alia, the Company moving its central management and control from Guernsey to the UK in order to become resident in the UK for tax purposes.

As the Company matures and generates increasing amounts of taxable profit, conversion to REIT status will have the benefit of protecting shareholder returns by virtue of the fact that the regime will exempt the group from UK corporation tax on its profits (income and gains) arising from its qualifying UK property rental business, as well as widening the appeal of the Company's shares to potential new investors.

As a REIT, MedicX Fund will continue to be able to make property investment decisions based on the property fundamentals rather than also being influenced by potential tax liabilities. In broad terms, the REIT regime seeks to achieve as far as possible the tax treatment that would apply were the Company's shareholders to hold UK property directly.

Conversion of the Company into a REIT, which will involve amendments to the Company's Articles, will require the prior approval of Shareholders. To that end, the Company has today published a circular (the "Circular") setting out full details of the REIT proposals and convening an Extraordinary General Meeting, to be held at 4.30 p.m. on 12 September 2017 at Regency Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 1WW, at which approval will be sought from Shareholders for the proposals to be implemented.

A copy of the Circular will shortly be submitted to the National Storage Mechanism and be available for inspection at www.Hemscott.com/nsm.do.

End

 

For further information please contact:

 

MedicX Fund                                                                      +44 (0) 1481 723 450

David Staples, Chairman

 

Octopus Healthcare Group                                                   +44 (0) 20 3142 4820

Mike Adams, Chief Executive Officer

 

Canaccord Genuity                                                              +44 (0) 20 7523 8000

Andrew Zychowski/Helen Goldsmith/Denis Flanagan         

 

Buchanan                                                                           +44 (0) 20 7466 5000

Charles Ryland/Victoria Hayns

 

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 156 properties.

 

The Investment Adviser to the Company is Octopus Healthcare Adviser Ltd, which is part of the Octopus Healthcare group. Octopus Healthcare invests in and develops properties as well as creating partnerships to deliver innovative healthcare buildings to improve the health, wealth and wellbeing of the UK. It currently manages over £1 billion of healthcare investments across a number of platforms, with a focus on five core areas: GP surgeries, care homes, special education schools, retirement housing and private hospitals. Octopus Healthcare is part of the Octopus group, a fast-growing UK fund management business with leading positions in several specialist sectors including healthcare property, energy, property finance and smaller company investing. Octopus manages £6 billion of funds for more than 50,000 retail and institutional investors.

 

Octopus Healthcare Adviser Ltd is authorised and regulated by the Financial Conduct Authority.

 

The Company's website address is www.medicxfund.comNeither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website), nor the contents of any website accessible from hyperlinks within this announcement, are incorporated into, or forms part of, this announcement.

 

The Company's Legal Entity Identifier is 2138008POF35FTNFCB25.

 


This information is provided by RNS
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