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)

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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