Share placing eyed by Target

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TARGET Healthcare, the Dunblane-based real estate investment trust, yesterday unveiled plans for a share placing “at a price that would not be dilutive to existing shareholders”.

The firm joined the stock market in March and bought seven care homes in England and Scotland, including sites in Arbroath, Dundee and Huntly from Balhousie Care Group.

Target said: “The board anticipates that it will shortly convene a general meeting to authorise the directors to allot on a non pre-emptive basis, in addition to any existing authority, up to 150 per cent of the existing issued share capital of the company.

“The board believes raising additional equity capital will allow the investment adviser to take advantage of the acquisition opportunities it has identified.”

A maiden interim dividend of 2p will be paid on 30 August.