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UPP closes oversubscribed

Wednesday, 04 November 2020

NorthWest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital), is pleased to announce that its $25m unit purchase plan (UPP) closed oversubscribed.

The UPP received strong unitholder support, with the Manager receiving applications totalling $67.4m. The Manager elected to accept additional applications of $7.5m, bringing the total amount accepted under the UPP to $32.5m. This resulted in over 99% of eligible unitholders who participated in the UPP having the opportunity of receiving pro-rata and all applicants receiving either their full bid or an allocation meaning they maintained or increased their relative holding. Applications were scaled having regard to the holdings of existing units at 5.00pm NZ time on 6 October 2020 (being the Record Date for the UPP). Surplus application amounts will be refunded in accordance with the terms of the UPP offer document dated 13 October 2020.

Together with the $125m placement of new units undertaken on 7 October 2020, Vital has raised $157.5m in new equity to pursue its strategic objectives.

Settlement and allotment of the new 11,607,176 units issued under the UPP occurred earlier today taking total units on issue to 514,017,095. The new units rank equally with existing Vital units on issue and are eligible for the FY21 first quarter distribution payable in December.

Aaron Hockly, Fund Manager - Vital Tel 09 973 7301, Email

Michael Groth, Chief Financial Officer, NorthWest Healthcare Properties Management Limited, Tel +61 409 936 104, Email