Key facts

Specialist primary healthcare infrastructure fund
MedicX Fund is a leading investor in modern purpose-built primary healthcare properties leased to doctors and the NHS.

Investment in primary health and social care facilities is a key UK Government priority – new buildings provide people with modern integrated primary care services.

The Fund’s investment objective is to achieve rising rental income and capital growth from the property portfolio.

The key objective of the Fund is to increase net income over time to support a rising dividend and provide capital growth.


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MedicX Fundamentals (MXF)

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From last Friday June 5th - Acquisition of new primary healthcare centre

Acquisition of new primary healthcare centre in Ireland

MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Mullingar, Westmeath. The property is due to be completed in August 2016.

The completed development will be let to a number of GPs and the Health Service Executive (the Irish NHS equivalent). The GP and Health Service Executive leases will be for a term of 15 and 25 years respectively from practical completion. The rent is subject to five-yearly CPI reviews. The total acquisition cost of the property is €10.1 million.

This is the Company's first acquisition in Ireland, and has followed a significant due diligence exercise into the opportunities available in the Irish healthcare property market. It is the belief of Octopus Healthcare Adviser and the Board that Ireland offers good yields for quality properties, let on long leases, generating principally government backed income, making Irish healthcare property opportunities an attractive fit with MedicX Fund's investment objective. The yields available in Ireland are currently higher than are available for similar properties in the UK. It is anticipated that any investment in Ireland will be part funded through additional borrowings drawn in Euros, thereby providing a natural partial hedge against Euro currency movements.

The Company expects to acquire further healthcare properties in Ireland in the future. In the event that such investment opportunities become material in the context of the Company's property portfolio, shareholder approval will be sought to continue making such acquisitions through an amendment to the Company's investment policy setting out a limit as to how much may be invested outside the UK.

The MedicX Fund's total property portfolio comprises 143 properties throughout the United Kingdom and Ireland of which 134 are operational and fully let, with nine under construction. The annualised rent roll for all properties is £34.4 million.


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Notice of Dividend

The Directors have approved a quarterly dividend of 1.475p per Ordinary Share in respect of the period 1 April 2015 to 30 June 2015. The Directors expect, subject to unforeseen circumstances, to pay dividends totalling 5.9p per Ordinary Share in respect of the financial year ending 30 September 2015. The dividend will be paid on 30 September 2015 to ordinary shareholders on the register as at 14 August 2015 (the "Record Date"). The corresponding ex-dividend date will be 13 August 2015.

The Company is offering 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 2015, 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 9 September 2015 (the "election date"). Further information on the Scheme, together with a copy of the Scheme Document (which contains the terms and conditions of the Scheme) and relevant mandate form document, is available for inspection at the National Storage Mechanism (http://www.morningstar.co.uk/uk/nsm), or through the Scrip Dividend portal on the Company's website (http://www.medicxfund.com/scrip).

End

£50 million loan note extension

Strong selling pressure on the chart. Am hoping to have some cash very soon to buy some more. Not that the range from 80 - 85p is very great, but it's always nice to hit the bottom of the range when buying.

Harry - don't forget they were XD yesterday @1.47p.

Ah... cheers. Thanks for the reminder.

Publication of Circular - Scrip Dividend Scheme

7pc yield – and it’s backed by the state

Acquisition of four primary healthcare centres

Acquisition of four modern primary healthcare centres

MedicX Fund Limited, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has completed the acquisition of four operational and fully let primary healthcare properties. The transaction is consistent with the Fund's investment strategy of acquiring modern, purpose-built primary healthcare properties and with its objective of achieving rising rental income and capital growth.

The initial purchase price was £11.4 million with a further £0.6 million payable on completion of leases related to space being fitted out at one of the properties. A property at Fakenham was purchased by way of a corporate acquisition whereas the other three properties located in Wymondham, Abergele and Salisbury were property purchases.

The MedicX Fund's total property portfolio now comprises 147 properties throughout the United Kingdom and Ireland of which 141 are operational and fully let, with six under construction. The annualised rent roll for all properties is now £35.5 million.

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On 26 October 2015, the Board of MedicX Fund Limited announced -
(a) that a quarterly dividend of 1.475p per ordinary share ("Ordinary Share") had been approved in respect of the period 1 July 2015 to 30 September 2015, payable on 31 December 2015 to Shareholders on the register as at close of business on 20 November 2015 (the "December 2015 Dividend"); and (b) that Shareholders would be offered the opportunity to take up new Ordinary Shares ("Scrip Shares") instead of cash in respect of that dividend, subject to certain terms and conditions, by participating in the Scrip Dividend Scheme (the "Scheme").

Accordingly, the Board is now pleased to offer qualifying Shareholders the opportunity to receive the December 2015 Dividend in Scrip Shares (the "Scrip Dividend Alternative") instead of in cash.

Results for the year ended 30 September 2015

Key achievements of 2015
Financial results
· 5.4 pence per share increase in EPRA NAV for the year to 70.8 pence per share (30 September 2014: 65.4 pence per share)
· Quarterly dividend of 1.475p per share announced in October 20154; total dividends of 5.9p per share for the year or 7.0% dividend yield (2014: total dividends of 5.8p per share; 6.9% dividend yield)4,5
· EPRA earnings of £13.4 million, an increase of £4.7 million or 54% from prior year, equivalent to 3.7p per share (30 September 2014: £8.7 million; 2.5p per share)6
· Dividend and underlying dividend cover 63.3% and 68.0% respectively (30 September 2014: 53.6% and 67.1%)7
· Discounted cash flow net asset value of £346.3 million equivalent to 94.9p per share (30 September 2014: £331.1 million; 93.4p per share)
· EPRA NNNAV of £228.9 million equivalent to 62.7p per share (30 September 2014: £229.2 million; 64.7p per share)6
Investments
· New committed and approved investments since 1 October 2014 of £41.2 million acquired at a cash yield of 5.78%1
· First investment made in the Republic of Ireland of €10.1 million
· £559.5 million committed investment in 148 primary healthcare properties as at 4 December 2015, an increase of 8.0% (8 December 2014): £518.2 million, 137 properties)1,8
· Annualised rent roll at 4 December 2015 of £35.8 million with 88.3% of rents reimbursed by the NHS, an increase of £3.0 million, or 9.1%, since 8 December 20141
· Strong pipeline of approximately £126.0 million of acquisition opportunities1
Funding
· Market capitalisation £308.5 million1 following share price appreciation and £6.9 million net proceeds raised from 8.3 million shares issued since 1 October 2014 at an average issue price of 83.1p per share1
· New £50 million loan note with an agreed term of thirteen years and five months with an all-in fixed rate of 3.838%
· The maturity on an existing £50 million loan note was extended nine years and three months to mature in December 2028
· Total drawn debt facilities of £338.3 million with an average all-in fixed rate cost of debt of 4.45% and an average unexpired term of 15.0 years, close to average unexpired lease term of the investment properties of 15.8 years and compared with 4.35% and 13.3 years for the prior year
· Net debt of £281.4 million equating to 50.2% adjusted gearing at 30 September 2015 (30 September 2014: £255.2 million; 49.9%)

more....

Sale of ordinary shares out of treasury

Acquisition of new primary healthcare centre

MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Crumlin, a suburb of Dublin. The property is due to be completed in January 2017.

The completed development will be let to the Health Service Executive, a number of GPs and associated medical service providers. The GP and Health Service Executive leases will be for a term of 25 years from practical completion with the majority of rent being subject to five-yearly CPI reviews. The total acquisition cost of the property is €8.0 million.

Following this transaction, MedicX Fund's total property portfolio now comprises 149 properties throughout the United Kingdom and Republic of Ireland of which 143 are operational and fully let, with six under construction. The annualised rent roll for all properties is now £36.2 million.


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Are you holding this skinny or trying to trade it? Seems there is an opportunity to do both (i.e. get divi) but timing a bit tricky.

Purely holding them Harry.

Notice of dividend

The Directors have approved a quarterly dividend of 1.4875p per Ordinary Share in respect of the period 1 October 2015 to 31 December 2015. The Directors expect, subject to unforeseen circumstances, to pay dividends totalling 5.95p per Ordinary Share in respect of the financial year ending 30 September 2016. The dividend will be paid on 31 March 2016 to ordinary shareholders on the register as at 19 February 2016 (the "Record Date"). The corresponding ex-dividend date will be 18 February 2016.

The Company is offering 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 31 March 2016, by participating in the Scrip Dividend Scheme (the "Scheme") previously put in place by the Company on 5 May 2010.

StockMarketWire.com
MedicX Fund Ltd has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Brynhyfryd, Swansea. The property is due to be completed in January 2017. Total acquisition cost is GBP3m.

Annual General Meeting results

Publication of Circular to Shareholders - Scrip Dividend Scheme

Acquisition of a new primary healthcare centre
MedicX Fund Limited, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has contracted to acquire a modern primary healthcare medical centre in Carlisle, Cumbria.

The property is let to a GP practice, a local charity and a pharmacy. The total acquisition cost of the property is £4.1 million.

The MedicX Fund's total property portfolio now comprises 151 properties throughout the United Kingdom and Ireland of which 144 are operational and let, with seven under construction. The annualised rent roll for all properties is now £36.6 million.

Scrip Dividend Declaration

3+year high @89p

Toying with the high of 89.50p

A new high @90p.

Results for the six month period ended 31 March 2016

Financial results
· 0.4 pence per share increase in EPRA NAV for the period to 31 March 2016 to 71.2 pence per share (30 September 2015: 70.8 pence per share)
· Quarterly dividend of 1.4875p per share announced in April 20164; total dividends of 5.95p per share expected for the year or 6.8% dividend yield, an increase of 0.8% (2015: total dividends of 5.9p per share; 7.0% dividend yield)4,7
· EPRA earnings of £6.8 million, equivalent to 1.8p per share (31 March 2015: £7.0 million; 2.0p per share)8
· Dividend and underlying dividend cover of 63% and 71% for the six month period (31 March 2015: 67% and 67%)9
· EPRA NNNAV of £226.3 million equivalent to 60.3p per share (30 September 2015: 228.9 million; 62.7p per share)8

Investments
· New committed investments between 1 October 2015 and 31 March 2016 of £27.4 million
· £573.0 million committed investment in 151 primary healthcare properties, an increase of 2.4% over the period (4 December 2015: £559.5 million, 148 properties)1,10
· Annualised rent roll now £36.7 million with 87% of rents reimbursed by the NHS, an increase of £0.9 million, or 2.5%, since 4 December 20151
· Strong pipeline of approximately £144.0 million of further acquisition opportunities1

Funding
· Market capitalisation £328.5 million1 including £8.5 million net proceeds raised from 10.0 million shares issued since 1 October 2015 at an average issue price of 85.0p per share
· Total drawn debt facilities at 31 March 2016 of £337.4 million with an average all-in fixed rate of debt of 4.45% and an average unexpired term of 14.5 years, close to the average unexpired lease term of the investment properties of 15.7 years and compared with 4.45% and 15.0 years at 30 September 2015
· Net debt of £311.6 million equating to 52.3% adjusted gearing at 31 March 2016 (30 September 2015: £281.4 million; 50.2%)

It all looks good, I think skinny? The sp is never going to impress too much, but hopefully the yield will be maintained.

Agreed Harry and thanks for the pointer! :-)

Since I bough last year, I've seen a gain of @4% plus 4 dividend payments with 1 to come - currently yielding @6.8%.

I've put some in my brother-in-law's SIPP also.

24 May Peel Hunt Hold 86.63 85.00 85.00 Reiterates

A new high @91p.

Quarterly Net Asset Value ("NAV") announcement and business update

A new high @92p.

£20 million revolving loan facility

MedicX Fund Limited (LSE: MXF), the specialist primary care infrastructure investor in modern purpose-built primary healthcare properties in the United Kingdom and Republic of Ireland, is pleased to announce that it has completed the amendment and restatement of its previous £25 million revolving credit facility.

On 15 September 2016, the facility term was extended for a new three year term ending in September 2019. In addition, the amendment also provides for an option, with lender consent, that the immediately committed £20 million revolving credit facility may be extended by a further £10 million to £30 million or additional lenders be added with a view to increasing the facility on existing terms.

Interest is payable on amounts drawn under the amended facility at a rate equal to LIBOR plus a lending margin of 2.00 per cent. per annum. A non-utilisation fee of between 1.10% and 0.75% will be payable on the reduced, £20 million immediately available commitment depending on the level of utilisation.

The Fund has £337 million of other debt facilities with a weighted average fixed cost of 4.45% including undrawn amounts, with an average remaining term of just over 14 years.



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£20 million revolving loan facility

MedicX Fund Limited (LSE: MXF), the specialist primary care infrastructure investor in modern purpose-built primary healthcare properties in the United Kingdom and Republic of Ireland, is pleased to announce that it has completed the amendment and restatement of its previous £25 million revolving credit facility.

On 15 September 2016, the facility term was extended for a new three year term ending in September 2019. In addition, the amendment also provides for an option, with lender consent, that the immediately committed £20 million revolving credit facility may be extended by a further £10 million to £30 million or additional lenders be added with a view to increasing the facility on existing terms.

Interest is payable on amounts drawn under the amended facility at a rate equal to LIBOR plus a lending margin of 2.00 per cent. per annum. A non-utilisation fee of between 1.10% and 0.75% will be payable on the reduced, £20 million immediately available commitment depending on the level of utilisation.

The Fund has £337 million of other debt facilities with a weighted average fixed cost of 4.45% including undrawn amounts, with an average remaining term of just over 14 years.



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Issue of ordinary shares


MedicX Fund Limited announces that earlier today, Friday 23 September 2016, it issued for cash 1,000,000 ordinary shares of no par value in the Company. The ordinary shares were issued under the Company's block listing facility, at a price of 88.25 pence per share.

The net proceeds will be used in further pursuing the investment objectives of the Company.

Total voting rights

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of ordinary shares in the capital of the Company in issue following this transaction will be 386,897,760 (excluding treasury shares) each with one voting right.

The above 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 Company, under the Disclosure and Transparency Rules.

The Company also holds 8,354,422 ordinary shares in treasury and has 22,981,109 ordinary shares of no par value remaining under its block listing facility to be used to satisfy demand that cannot be met through the secondary market.


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Acquisition of new primary healthcare centre

MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Brynmawr, South Wales. The property is due to be completed in November 2017.
The acquisition is being made under the framework agreement with General Practice Investment Corporation ("GPI") which was agreed in May 2013.

The completed development will be let to the Local Health Board and Bestway Pharmacy. All leases will be for a term of 20 years from practical completion. The completed property will consist of 1,587 m2 with an initial passing rent of approximately £300,000 per annum, subject to three-yearly effectively upwards only market rent reviews.

The MedicX Fund's total property portfolio now comprises 153 properties throughout the United Kingdom and Republic of Ireland of which 146 are operational and fully let, with 7 under construction. The annualised rent roll for all properties is now £37.4 million.


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Issue of ordinary shares and property disposal
MedicX Fund Limited announces that earlier today, Monday 19 December 2016, it issued for cash 1,000,000 ordinary shares of no par value in the Company. The ordinary shares were issued under the Company's block listing facility, at a price of 87.25 pence per share.

In addition, MedicX Fund Limited announces that on Wednesday 14 December 2016, the sale of one primary healthcare property at Harleston was completed. The sale price was based on the current valuation which was £0.8m.

The net proceeds raised will be used in further pursuing the investment objectives of the Company.

Joint Venture Agreement and Extension of GPIC Framework Agreement


MedicX Fund Limited announces that it has entered into a joint venture agreement with General Practice Investment Corporation Limited ("GPIC"), a leading developer of primary healthcare centres which has delivered over 200 schemes across the UK since it was established in 1995.

Pursuant to the joint venture agreement, a 50:50 jointly controlled company will be created which will be called GP Property Limited. GP Property Limited will be an investor in UK primary healthcare properties, let to GPs or directly to the NHS, which do not immediately meet the Fund's Investment Policy (for example, primary care properties with short leases of less than 15 years' unexpired term), but which may do in the future. GP Property Limited will look to make strategic investments in situations which are expected to lead to either asset management opportunities, or contracts to deliver new modern purpose built premises which, through active asset management (such as extensions, refurbishments, re-configurations, lease re-gears, etc.), could then meet MedicX Fund's investment criteria.

MedicX Fund is currently party to a framework agreement with GPIC, under which c.£77 million of modern purpose built primary healthcare properties have been delivered into the Fund since 2012 under the Company's current published Investment Policy. At the same time as entering into the joint venture agreement with GPIC, the existing framework agreement, which gives MedicX Fund the exclusive right to acquire, by way of forward funding, new primary healthcare schemes from GPIC, will be extended for a further five years and will no longer be terminable on 6 months' notice.

MedicX Fund will finance the joint venture by way of subscribing in cash for non-voting preference shares in GP Property Limited, in return for a preferred 5% per annum return, topped up to 8% compounded on disposal of investment properties or sale into MedicX Fund where the assets then meet the Fund's Investment Policy. Any realised profits over the 8% compounded return will be shared on a 50:50 basis between MedicX Fund and GPIC.

MedicX Fund has initially agreed to commit to the joint venture up to £15 million of funding on a project by project basis, and GPIC will provide asset management and development expertise and services. In the event that GP Property Limited is presented with further strategic investment opportunities requiring funding materially in excess of the initial £15 million commitment, approval from shareholders of the Fund will be sought for additional funds and an amendment of the Fund's Investment Policy. MedicX Fund will have an option every 5 years to directly acquire new or upgraded properties delivered by GP Property Limited that meet the Fund's Investment Policy.

GP Property Limited will be permitted to borrow up to 50% of its gross asset value although no facilities are contemplated in the near term. Octopus Healthcare Adviser will provide property management, rent collection and back office accounting services, as well as sourcing investment opportunities, with the aggregate fee payable to Octopus Healthcare Adviser by the Fund and GP Property Limited being no greater than would have been paid by the Fund if GP Property Limited's properties were owned directly by the Fund under the existing Investment Adviser Agreement.

David Staples, Chairman of the Fund, commented: "We are pleased to have agreed this important strategic alliance with GPIC which allows the Fund to cement our relationship and work closely with a best in class developer to accelerate the Fund's growth by enabling it to partner with healthcare provider groups to deliver their estate transformation strategies".

MedicX Fund and GPIC have each nominated three directors who will form the board of GP Property Limited, who have been selected from the non-executive directors of MedicX Fund and the senior management of GPIC and Octopus Healthcare Adviser Ltd.


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Acquisition of a new primary healthcare centre

MedicX Fund Limited, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce that it has contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Cromer, Norfolk. The property is due to be completed in March 2018.

The acquisition is being made under a new three year framework agreement which provides MedicX Fund the exclusive right to acquire, by way of forward funding, new primary healthcare schemes from Medcentres plc ("Medcentres"), a leading developer of primary healthcare centres.

The completed development will consist 1,147 m2 let to the Cromer Group GP Practice and a local pharmacy under leases running for a term of 20 years from practical completion. The completed property is expected to cost £3.75 million.

The MedicX Fund's total property portfolio now comprises 154 properties throughout the United Kingdom and Republic of Ireland of which 147 are operational and fully let, with seven under construction. The annualised rent roll for all properties is now £37.8 million.


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REIT Conversion
MedicX Fund Limited, (LSE: MXF), is pleased to announce that following a period of consultation, the directors have determined that it is in the best interests of shareholders as a whole to convert to a Real Estate Investment Trust ("REIT"). It is intended that an EGM will be held later this financial year, allowing shareholders the opportunity to vote on a resolution to become UK tax resident and convert into a REIT, with effect from 1 October 2017.

As the Fund 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 would exempt the group from UK corporation tax on its profits (income and gains) 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 based on potential tax liabilities. In broad terms, the REIT regime seeks to achieve as far as possible the tax treatment that would apply if the Company's shareholders held UK property directly.

To become tax resident in the UK, the Company would move its central management and control from Guernsey to the UK. There will be consequential changes to the composition and membership of the Company's board of directors. The appointment to the Board with effect from 1 April 2017 of Helen Mahy, who is UK resident, which was announced on 22 February, will facilitate this relocation.

Acquisition of new primary healthcare centre in Ireland
MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce the Company's fourth acquisition in Ireland having contracted to acquire, by way of forward funding, a new primary healthcare medical centre in Tallaght, Dublin 24. This is the second scheme being developed under the Framework Agreement with Feasible Developments and the property is due to be completed in December 2017.

Upon completion, the building will be let to a number of GPs, the Health Service Executive (the Irish NHS equivalent) and a pharmacy operator. The GP and Health Service Executive leases will be for a term of 25 years from practical completion and the pharmacy term will be 15 years. The rent for all tenants is subject to five-yearly CPI reviews. The total acquisition cost of the property is approximately €15.5 million.

It remains the belief of Octopus Healthcare Adviser and the Board that Ireland offers good yields for quality properties let on long leases, generating principally government backed income and making Irish healthcare property opportunities an attractive fit with MedicX Fund's investment objective.

The acquisition will be part funded through borrowings drawn in Euros from a recently agreed facility with the Bank of Ireland, thereby providing a partial natural hedge against the Group's Euro denominated assets. The new facility initially provides development finance at a margin of 4% over EURIBOR which then reduces to 3% once the asset reaches practical completion and the facility becomes a five year term loan.

The MedicX Fund's total property portfolio comprises 157 properties throughout the United Kingdom and Ireland of which 152 are operational and fully let, with five under construction. The annualised rent roll for all properties is now £40.0 million.

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.

StockMarketWire.com
MedicX Fund has agreed to acquire, by way of forward funding, a primary healthcare medical centre near Glynneath in the Vale of Neath, South Wales.

The property is due to be completed in September 2018.

The acquisition is being made under a framework agreement that provides MedicX the right to forward fund new primary healthcare schemes from Healthcare Property Company, a developer of primary healthcare centres.

All leases run for a term of 20 years from practical completion and the property is expected to cost £4.6m, MedicX said.

A bit of life today Link copied.

Full Year Results

BUILDING A BRIGHTER FUTURE FOR PRIMARY HEALTHCARE INVESTMENT
MedicX Fund is a leading investor in modern purpose-built primary healthcare properties. Our investment supports the transformation of the primary healthcare estate in the United Kingdom and Republic of Ireland.
FINANCIAL HIGHLIGHTS AND KEY ACHIEVEMENTS
A strong year, reflecting progress and achieving notable milestones.
FINANCIAL RESULTS
· Continued increase in rent receivable, up 5.7% to £37.1million (2016: £35.1 million);

· Profit before tax was £33.3 million for the year; 18.1% higher than the profit after before for 2016 of £28.2 million;

· 7.5% increase in annualised rent roll1 from £37.2 million to £40.0 million;

· 89.7% (2016: 89.2%) of rent roll was directly from or reimbursed by the NHS, Irish GPs or HSE;

· 2.9% increase in EPRA11 earnings per Ordinary Share, from 3.4p per share to 3.5p per share;

· Increase in underlying dividend cover to 69.5% (2016: 68.5%);

· 12.7% total return on EPRA NAV2 for the financial year (2016: 11.8%); and
· Total Shareholder Return3 of 9.6% (2016: 22.5%).
GOOD PROGRESS ON INVESTMENTS

· 11.1% increase in the value of the property portfolio to £680.4 million1,4. This is as a result of £51.1 million of capital investment to acquire standing let properties and fund developments through forward funding schemes and a £18.6 million net valuation gain;
· New committed investments in UK and Republic of Ireland, since 1 October 2016, of £49.4 million with an average cash yield of 5.22%1;
· £8 million average value of new committed investments and selective disposals improved portfolio quality; and
· Substantially increased strong pipeline of approximately £175 million of acquisition opportunities1 (2016: £108 million).
CAPITAL MANAGEMENT
· Quarterly dividend of 1.5p per share announced on 1 November 20175; total dividends of 6.0p per Ordinary Share for the year or 6.6% dividend yield on a share price of 91 pence per share at 30 September 20176 (2016: total dividends of 5.95p per Ordinary Share; 6.7% dividend yield);

· Total drawn debt facilities of £372.8 million with an average all-in fixed rate cost of debt of 4.29% and an average unexpired term of 12.7 years, close to the average unexpired lease term of the investment properties of 14.1 years and compared with 4.45% and 14.0 years for the prior year1;
· Net debt of £340.7 million equating to 49.5% adjusted gearing at 30 September 2017 (30 September 2016: £315.3 million; 50.8%)1,7; and
· Market capitalisation £390.0 million1 following share price appreciation and £34.6 million net proceeds raised from 39.8 million shares issued since 1 October 2016 at an average issue price of 87.9 pence per share.


more.....

Purchase of Shares by PDMR

BlackRock > 5%


Acquisition of a new primary healthcare centre



MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom and Ireland, is pleased to announce the Company's fifth acquisition in Ireland. Ayrfield Medical Park in Kilkenny is a standing investment and has been purchased by way of a sale and leaseback to the doctors who developed the centre in 2011.

In addition to the large GP practice, the 2,700 sq m building is let to the Health Service Executive (the Irish NHS equivalent), a pharmacy operator, a dental practitioner, a cafe and several other complementary healthcare providers. The GPs and Health Service Executive leases have over 18 years remaining and the pharmacy and dental operators have long leasehold interests. The rents are subject to five-yearly CPI reviews. The total acquisition cost of the property is approximately €7.8 million.

MedicX Fund's total property portfolio now comprises 153 properties throughout the United Kingdom and Ireland of which 147 are operational and let, with six under construction.

Notice of dividend

A bit of juggling by Blackrock.

Can't see why such a drop in sp. Anyone got a clue?

No. Seems odd, though coincidentally the recent decline in the sp seems to have happened shortly after MXF changed to REIT status. I wonder if institutional investors had to rethink their exposure?

BlackRock > 5%

MedicX Fund Positioning for continuing growth

Liberum Capital today initiates coverage of MedicX Fund Ltd (LON:MXF) with a buy investment rating and price target of 90p.

Broker link updated in the header.

Results for the year ended 30 September 2018

BUILDING A BRIGHTER FUTURE FOR PRIMARY HEALTHCARE INVESTMENT



MedicX Fund is a leading investor in modern purpose-built primary healthcare properties. Our investment supports the transformation of the primary healthcare estate in the United Kingdom and Republic of Ireland.

FINANCIAL HIGHLIGHTS AND KEY ACHIEVEMENTS

Another year of strong performance, reflecting progress and achieving notable milestones.

FINANCIAL RESULTS

· 11.4% increase in EPRA13 earnings per Ordinary Share, from 3.5p per share to 3.9p per share;

· 14.8% total return on EPRA NAV2 for the financial year (2017: 12.7%);

· 6.9% increase in EPRA NAV per share, from 76.5p per share to 81.8 pence per share;

· Continued increase in rent receivable, up 8.6% to £40.3 million (2017: £37.1 million);

· Profit before tax was £49.1 million for the year; 47.4% higher than 2017 (£33.3 million);

· 10.0% increase in annualised rent roll1,14 from £40.0 million to £44.0 million;

· 89.4% (2017: 89.7%) of rent roll was directly from or reimbursed by the NHS11, Irish GPs or HSE12;

· EPRA cost ratios reduced year on year to 18.4% from 19.8% with the investment adviser fee reduction due to reduce this further; and

· Independent expert determination of March 2015 rent review at Clapham increase of 35% (equating to a compounded 10.54% per annum increase over the applicable 3 year rent review period).

INVESTMENTS

· 18.6% increase in the value of the property portfolio to £806.7 million1,4. This is as a result of £99.2 million of capital investment to acquire standing let properties and fund developments through forward funding schemes, less £5.3 million of disposals and a £32.3 million net valuation gain;

· Net Initial Yield of UK assets 4.85% at 30 September 2018 (2017: 5.08%);

· £80.3 million of new committed investments in UK and Republic of Ireland, since 1 October 2017, with a weighted average cash yield of 4.63% together with the acquisition of three sites for £5.3 million in anticipation of new schemes;

· Competed £63.8 million corporate portfolio acquisition of 12 fully let primary care centres with 10 of the properties having an average age of 5.5 years, WAULT of 14.2 years and an average lot size of £5.3m; and

· Strong pipeline of approximately £144 million (2017: £175 million) of further acquisition opportunities including projects with a value of £69 million in solicitors' hands1 (2017: £100 million).

INVESTMENT ADVISER FEE REDUCTION

· The Investment Adviser has agreed a reduction in its fees to reflect the change in the Company's dividend policy and to reduce its costs. Effective from 1 October 2018, the performance fee was abolished, and the investment adviser fee will be £0.5 million per annum lower until the portfolio reaches £1 billion with tapering savings between £1 billion and £1.25 billion. This immediately increases next year's earnings by 0.113 pence per share.

CAPITAL MANAGEMENT

· Quarterly dividend of 1.51p per share announced on 1 November 20185; total dividends of 6.04p per Ordinary Share for the year or 7.4% dividend yield on a share price of 82.0 pence per share at 30 September 20186 (2017: total dividends of 6.0p per Ordinary Share; 6.6% dividend yield);

· Total drawn debt facilities of £446.1 million1 with a weighted average fixed rate cost of debt of 4.26% and an average unexpired term of 12.3 years, compared with 4.29% and 12.7 years for the prior year; and

· Net debt of £430.0 million equating to 52.6% adjusted gearing at 30 September 2018 (30 September 2017: £340.7 million; 49.5%)1,7.

UPDATE ON DIVIDEND POLICY

As announced in May 2018, the Company intends to declare a fully covered dividend for the 2019 financial year onwards.

This new policy of paying a fully covered dividend is intended to free up additional funds for the Group to invest in attractive opportunities, and enable it to deliver superior capital growth over time from a sector which continues to demonstrate attractive growth prospects.

Going forward, the Company intends to continue to pay shareholders the dividend on a quarterly basis, in March, June, September and December of each financial year and on a growing covered basis.

Subject to unforeseen circumstances and based on the current performance, the Directors are targeting dividends of 3.80p per share for the financial year ended 30 September 2019.

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