NorthWest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital), advises that it has completed the retail entitlement offer component (Retail Entitlement Offer) of its underwritten 1 for 8.54 pro rata accelerated entitlement offer (the Offer) announced on Thursday, 28 April 2022.
The Retail Entitlement Offer closed at 5.00pm (NZ time) on Thursday, 12 May 2022 and raised gross proceeds of approximately $30.7m. Eligible retail unitholders took up 34.0% of their entitlements, representing approximately 10.4 million new units. Eligible retail unitholders who took up their entitlements in full also applied for ~$1.8m of additional new units under the Offer.
New units taken up by eligible retail unitholders under the Retail Entitlement Offer are expected to be allotted and commence trading on the NZX on Thursday, 19 May 2022.
The bookbuild for approximately 20.2 million new units representing entitlements not taken up by eligible unitholders under the Retail Entitlement Offer or entitlements attributable to ineligible retail unitholders will be conducted by Craigs Investment Partners Limited and Forsyth Barr Limited today (Monday, 16 May 2022) (the Retail Bookbuild).
As the volume-weighted average price for the existing units on the last trading day prior to the retail bookbuild was less than the offer price, in accordance with the Offer Document the price for the Retail Bookbuild will be the same as the Offer price, being $2.95 per new unit. This means that no premium in respect of the Retail Bookbuild will be paid to retail unitholders who did not take up their entitlements in full or who were ineligible to participate.
Following consultation with the Underwriters, the Manager has decided that it is not necessary to halt trading to allow the Retail Bookbuild to be conducted. Accordingly trading in Vital Units will not be halted on Monday, 16 May 2022. This is an amendment to the timetable set out in the Offer Document.
Refer to the full announcement for timetable.
These dates are subject to change and are indicative only. The Manager reserves the right to alter the key dates, subject to applicable laws and the NZX Listing Rules. The Manager reserves the right to withdraw the Offer at any time prior to the issue of the units under the Offer at its absolute discretion.
For further information in respect of the Offer, please refer to the capital raising presentation and Offer Document released to the NZX on Thursday, 28 April 2022 and available at www.vitalunitoffer.co.nz. If you have any questions about the Offer, please visit the Offer website at www.vitalunitoffer.co.nz or call the Vital Investor Information Line on 0800 650 034 (toll free within New Zealand) from 8.30am to 5.00pm Monday to Friday (excluding public holidays), or contact your financial adviser or other professional adviser.
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Fund Manager, Vital Healthcare Property Trust
Tel 09 973 7301, Email firstname.lastname@example.org
Chief Financial Officer, NorthWest Healthcare Properties Management Limited
Tel +61 409 936 104, Email email@example.com
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