The MedicX Fund Limited Publication of Circular (3850O)
August 18 2017 - 3:48AM
UK Regulatory
TIDMMXF
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 GBP1 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
GBP6 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.com. Neither 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
The company news service from the London Stock Exchange
END
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