Listed property company in the primary care sector, a property sub-sector that has unique attributes, but which is not that well covered by sell-side analysts.
To provide independent real estate research and industry expertise and help educate investors on the primary care property sector.
We undertook a shareholder perception audit of the three listed companies in the primary care property sector. The audit covered a broad mix of investors including property experts, REIT investors, and UK general fund managers. We reached the top holders as well as fund managers who know the sector but are not currently invested. One of the most interesting things to come out of the audit was that our client’s shareholders were much more cautious about gearing than the management had realised.
The board decided to reduce their target gearing range and successfully raised £300m of equity to fund acquisitions whilst bringing down debt in line with the new gearing range.