PHP Primary Health Properties Plc

RNS Number:1115O
Primary Health Properties PLC
18 December 2006



18 December 2006



                         Primary Health Properties PLC



                            ("PHP" or the "Company")



                    Result of Extraordinary General Meeting



                         Approval of UK-REIT conversion

PHP, the provider of modern primary healthcare facilities, is pleased to
announce that its proposed conversion to UK-REIT status has been approved by
shareholders at the Company's Extraordinary General Meeting held today 18
December 2006.

*     Company will convert on the earliest possible date - 1 January 2007

*     Company believes it will achieve significant annual tax savings on income 
      and capital gains tax paid on disposal of assets

*     Conversion expected to incur one-off charge of #4.5m, based on value of 
      assets to form tax exempt business as at 30 June 2006. PHP is expected to 
      pay this in four equal installments.

*     From 1 January, Company to pay minimum of 90% of the profits of the tax 
      exempt business by way of dividends - in line with current dividend policy 
      and in accordance with REIT legislation.

The resolution as set out in full in the Notice of Meeting dated 20 November 2006 
and made available at the meeting was duly passed.



Proxies 12,436,770 in favour and 525 against, 34,250 discretionary and 29,800
withheld were received.


Harry Hyman, Executive Managing Director of PHP, said:



"We are delighted that we have gained shareholder approval for this important
change and are now able to convert to a UK registered REIT.  We see this as a
highly beneficial opportunity for PHP investors and are pleased that the
shareholders appreciate the potential that converting to a REIT offers.  PHP has
always implemented a policy of maximum possible distribution of after tax
profits and REIT status will allow us to enhance this policy.  All tax
transparency gains will be passed directly to our shareholders - maximising
their returns - a key PHP policy."



                                     -ends-



Enquiries:



Bell Pottinger Corporate & Financial

David Rydell/ Victoria Geoghegan             Tel: 020 7861 3232



Primary Health Properties PLC

Harry Hyman, Managing Director               Tel: 01483 306 912




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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