Assura to switch to mainland plc status

Assura Group has announced plans to move its registered office from Guernsey to England to improve prospects for commercial relationships with the NHS and GPs, its main target markets.

The plan is to create Assura plc as a new parent company for the group which will be incorporated in the UK and, like the existing Assura Group Limited, be tax resident in the UK.

It is intended that this new corporate structure will be implemented by way of a scheme of arrangement under Part VIII of the Companies (Guernsey) Law 2008. The scheme will be conditional on shareholder approval.

If approved and implemented, Assura plc will own the entire issued share capital of Assura Group Limited and shareholders in Assura Group Limited will become shareholders in Assura plc.

The company said in a statement to the London Stock Exchange, where it is listed on the Alternative Investment market, that the measure would not result in any material changes in the day-to-day conduct of the business of the group, its strategy or its dividend policy.

Assura has its management office in Warrington, from where it controls a portfolio of GP surgeries and primary healthcare centres valued at £809m in September 2014.

Simon Laffin, chairman of Assura, said: "Assura is the UK's leading developer and owner of GP surgeries. We have been listed on the London Stock Exchange since 2003 and registered in the UK for tax purposes since 2008. Our proposed conversion to a full English domiciled plc will remove any confusion as to our status and reinforce our commitment to serving Britain's primary care sector and the National Health Service."

Shares in Assura were up 0.5p at 51.25p, valuing the business at £516m.

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