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)

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.


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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.