Rutherford Health - Drawdown of £15m from Infrastructure Investment
RNS Number : 5351X
Rutherford Health PLC
05 May 2021
 

Rutherford Health Plc

 

Balance of £15m to be drawn down from £40m Infrastructure Investment

 

05 May 2021: Rutherford Health plc (AQSE: RUTH, the "Group"), a healthcare group committed to providing innovative cancer care of the highest quality, is pleased to announce that the conditions necessary to enable drawdown of £15 million, the remaining balance of the £40 million infrastructure investment signed in March 2021 with Equitix Investment Management Ltd ("Equitix"), have now been met.

 

As reported in the original transaction announcement on 23 March 2021, the investment is backed by the freehold transfer of the Rutherford Cancer Centre South Wales and supported by other security to be put in place over the Group's other centres. The term of the agreement is over 25 years on normal commercial rates on the expiry of which the Group will have the option to repurchase the freehold of the South Wales centre for an agreed nominal sum.

 

Under the terms of the agreement with Equitix, £25 million of the £40 million  was payable immediately with the balance of £15 million payable following the granting of additional security over the other centres. This grant has now been agreed, enabling the additional funds to be drawn down. The timescale for drawdown was within six months of the agreement being signed. The funds will be received by the end of May 2021.

 

The proceeds from the investment are being used by the Group for further investment in its infrastructure as well as for capital for the Group's development for the medium term.

 

 

Mike Moran, CEO of Rutherford Health, commented:

"We are pleased to complete the second part to this agreement with Equitix, enabling us to draw down on the balance of £15 million. The full investment of £40m strengthens our balance sheet and provides us with the multiple options for our medium term development.

"While everyone has been and continues to worry about COVID-19, in the UK, there are around 450 people dying from cancer every day and survival rates are going backwards. Following this financing, we can focus our energies on driving the business forward - all our sites are fully operational and we are determined to help doctors and patients alike tackle the backlog in cancer diagnosis and treatment."

 

Information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

-Ends-
 

For more information, please contact:

 

Rutherford Health plc

+44 (0) 16 3381 0661

Michael Moran, Chief Executive Officer
Marcus King, Finance Director

Investors@therutherford.com

 

 

Grant Thornton (Corporate Adviser)

+44 (0) 20 7383 5100

Colin Aaronson / Seamus Fricker /
George Grainger

 

 

 

Instinctif Partners

+44 207 457 2020

Melanie Toyne-Sewell / Jeremy Durrant / Rozi Morris /
Phil Marriage

Rutherford@Instinctif.com

 

 

Media House International

07788 414 856 / 0207 710 0020

Ramsay Smith

ramsay@mediahouse.co.uk

 

 

 

About Rutherford Health plc

Rutherford Health plc is a leading UK provider of innovative cancer care. Operating a network of four state-of-the-art centres in Wales, Reading, Northumberland and Liverpool, Rutherford Health offers a comprehensive range of the latest technology in cancer treatments, and is the only independent provider of proton beam therapy ("PBT") in the UK. The Company also provides conventional radiotherapy, chemotherapy, immunotherapy, imaging and wellbeing services.

The Group is listed on the Apex segment of the AQSE Growth Market under the symbol: RUTH. For more information, visit the Group's website: www.rutherfordhealth.com.

 

About Equitix

 

Founded in 2007 and headquartered in London, Equitix is a leading infrastructure investment firm that manages over £7 billion on behalf of long-term investors, including a large proportion of UK pension funds. It manages six core infrastructure flagship funds, numerous co-investment funds dedicated to larger infrastructure projects, and a number of segregated managed accounts providing customized solutions. Its investment strategy focuses on core infrastructure projects, predominantly located in the UK and Europe, covering a wide range of sectors with a particular focus on social infrastructure, renewable energy, transportation and regulated utilities. Across all of its core funds, Equitix seeks to hold assets for the life of the fund which is typically 25 years. It has acquired over 300 core infrastructure projects since its inception, thereby establishing a strong reputation as a trusted partner, operator and fiduciary fund manager. For further information, visit www.equitix.co.uk

 

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