Vital Healthcare Management Limited (‘VHML’), the Manager of Vital Healthcare Property Trust (‘Vital’), is wholly owned by NorthWest Healthcare Properties Real Estate Investment Trust (‘NWH’), a Canadian based healthcare focussed real estate investment trust listed on the Toronto Stock Exchange. NWH has an approximate 24.4% holding of units in Vital.
On 30 April 2016, NWH disclosed that it had entered into a put and call option arrangement relating to the purchase of approximately 15.5 million units (7.1%) in Generation Healthcare Real Estate Investment Trust (‘GHC’). GHC is an ASX listed trust, the investment focus and real estate assets of which are similar in nature to those of Vital.
NWH has today agreed to purchase further GHC units and taking into account other units controlled by NWH, NWH would own approximately 19.9% of GHC. It has further agreed to acquire the management entity under which GHC is managed.
On 21 June 2016, Vital announced that it would be raising approximately $160m through a 2 for 9 pro rata renounceable rights offer.
VHML advises that the transactions that are the subject of NWH’s recent substantial security holder filings with the ASX are not in any way connected with Vital’s rights offer. There is no agreement, arrangement or understanding between Vital and NWH relating to GHC units or GHC.
Rights trading for Vital’s rights offer is expected to commence on Tuesday 28 June, with the Offer Document being sent to unitholders shortly thereafter. A person should consider the Offer Document carefully before making any decision in respect of the rights offer.
– ENDS –