Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • Primary Health Properties receives 3.68% acceptances under revised Assura offer
  • Assura shareholders reminded to respond by 12 August 2025 deadline
  • PHP directors disclose related shareholdings as required under Takeover Code

Primary Health Properties plc (LSE:PHP) has issued an update on the status of its revised cash and share offer for Assura plc, ahead of the upcoming acceptance deadline. As of 3:00 p.m. (London time) on 7 August 2025, PHP had received valid acceptances in respect of approximately 120.13 million Assura shares, representing around 3.68% of Assura’s issued ordinary share capital.

The revised offer, initially announced on 23 June 2025 and detailed in a revised offer document published on 27 June, outlines PHP’s intention to acquire the entire issued and to be issued share capital of Assura. This proposal amends the terms from the original offer document issued on 13 June 2025. PHP has confirmed that all capitalised terms used in the latest communication maintain the definitions as outlined in the previously issued documentation. Shareholders in Assura who have not yet responded are advised to act promptly. According to the offer terms, PHP must receive sufficient valid acceptances representing over 50% of Assura's voting rights for the offer to become unconditional.

In addition to acceptance data, PHP disclosed that, to the best of its knowledge, none of the acceptances received thus far are from parties acting in concert with PHP. As per the latest disclosures, Ian Krieger, a non-executive director of PHP, holds 397,300 Assura shares, while his spouse, Caron Krieger, holds 220,500 shares. Both holdings are held via ISAs, and PHP has been advised that instructions have been issued to the relevant providers to accept the offer, although it cannot confirm whether those instructions have been executed.

PHP also reminded shareholders that the Mix and Match Facility associated with the offer will remain open until the offer is declared unconditional. After that point, PHP may close the facility without further notice, to allow allocation calculations. Assura shareholders wishing to utilise this facility are therefore encouraged to submit their acceptances and elections without delay.

The company reiterated that neither PHP nor any party acting in concert with it held short positions, had borrowed shares, or was part of any arrangements (such as options or indemnities) related to Assura securities as of 7 August 2025.

PHP is trading 0.32% higher at GBX 94.80 per share as of 8 August 2025.