TORONTO, September 30, 2021 / CNW / – DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (âDRIâ or âthe Trustâ) today announced acceptance by the Toronto Stock Exchange (the âTSXâ) in the opinion of the Trust of its intention to make a normal course issuer bid (the âOPRAâ). Pursuant to the tender offer, the Trust proposes to purchase, from time to time, if deemed desirable, up to a total of 1,500,000 of its Trust Units (the âUnitsâ), being approximately 3.7% of its 40,107,407 trust units issued and outstanding as of September 29, 2021, through the facilities of the TSX and / or various eligible Canadian alternative trading systems at market price at time of purchase. Purchases can begin on October 5, 2021 and will end on the earliest of the dates on which the Trust has purchased the maximum number of Trust Units authorized under the public tender offer and October 4, 2022.
The average daily trading volume in the Units during the last six completed calendar months was 26,179 Units. Therefore, for TSX rule purposes, the Trust has the right to purchase up to 6,544 Units on any Trading Day and to make block purchases of its Units in excess of that daily limit for no more than one trading day. times per calendar week.
The Trust remains focused on its primary strategy of acquiring new streams of pharmaceutical royalties and using its capital for this purpose. The Manager of the Trust believes that there is a strong and growing pipeline of royalty acquisition opportunities and is active in reviewing a number of potential transactions. However, the Manager of the Trust is also of the opinion that, from time to time, the market price of the Trust Units may not adequately reflect the value of the underlying assets of the Trust, and the Trust wishes to profit from the market negotiation of the price of its Units in these cases. The Board of Trustees of the Trust believes that at such times the proposed purchases would be in the best interests of the Trust and would constitute an appropriate use of available funds. All units purchased by the Trust under the issuer bid will be canceled.
In connection with the issuer bid, the Trust has established an automatic purchase plan with its designated broker (the âPlanâ) to allow purchases of Units during self-imposed blackout periods, subject to certain parameters as to the price and the number of units. Outside of these predetermined blackout periods, Units will be redeemed at the discretion of management, subject to applicable laws. The Plan is an automatic plan for the purposes of applicable Canadian securities legislation and has been previously authorized by the TSX.
About DRI Healthcare Trust
DRI Healthcare Trust provides unitholders with differentiated exposure to expected growth in the global pharmaceutical and biotechnology markets. Our business model is focused on managing and growing a diverse portfolio of pharmaceutical royalties with the goal of generating attractive growth in cash royalty revenues over the long term. DRI Healthcare Trust is an unincorporated open-ended trust governed by the laws of the Province of Ontario, managed externally by its manager, DRI Capital Inc. Units of DRI Healthcare Trust are listed and traded on the Toronto Stock Exchange in Canadian dollars under the symbol “DHT.UN” and in US dollars under the symbol “DHT. U â.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of forward-looking words such as “expect”, “continue”, “anticipate”, “intend”, “aim”, “plan”, “believe”, “Budget”, “estimate”, “forecast”, “forecast”, “near”, “target” or negative versions of these and similar expressions. Some of the specific forward-looking information contained in this press release includes, among other things, statements regarding future purchases of Trust Units in connection with the Trust’s issuer bid program. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of the Trust and which could cause actual results to differ materially from. those disclosed or implied by such forward-looking information. information search. These risks and uncertainties include, but are not limited to, those disclosed in the most recent annual information form of the Trust. All forward-looking information contained in this press release is valid as of the date of this press release. The Trust does not undertake to update this forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Additional information on these assumptions and these risks and uncertainties is contained in the documents filed by the Trust with securities regulators, including its most recent Annual Information Form and its MD&A. These documents are also available on the Trust’s website at drihealthcaretrust.com.
SOURCE DRI Healthcare Trust
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