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CareCapital

  • BY: Andrew Hore |
  • POSTED: 06/04/2009 |

Shares in CareCapital jumped 46% to 6.75p each after its management said that they are considering an MBO. 

Healthcare properties developer and investor CareCapital is valued at £5.18m at the current share price. Management emphasises that the talks are at a very early stage.

At the interim stage the 2008 forecast NAV was 20p a share – three times the present share price. Even if this proves to have been optimistic the shares will still be trading at a large discount to NAV.

Chief executive Paul Stacey has pledged a 5.5% stake in CareCapital as part of the security on a bank loan from Bank Leumi to Sinclair Montrose Trust Ltd. That is nearly all his stake. Those shares are part of the 27.6% stake declared by Sinclair Montrose Trust.

The CareCapital chairman Dr Michael Sinclair has provided a £4m loan to the company.

Net debt was £32m at the end of June 2008, before the latest £4m loan.

Even if the management wants to buy the company it may not be easy getting the finance required, although the directors already own nearly 28% of the company.

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