TORONTO, Dec. 20, 2018 /CNW/ - NorthWest Healthcare Properties REIT (TSX:NWH) (the "REIT") announced today that it has been advised by Paul Dalla Lana, the Chairman and CEO of the REIT, that he has indirectly acquired beneficial ownership of 70,100 additional trust units of the REIT and $10.5 million aggregate principal amount of 5.50% convertible unsecured subordinated debentures of the REIT.
After giving effect to the acquisition of trust units described above, Paul Dalla Lana has indirect beneficial ownership and control over 7,363,830 trust units and 17,708,065 special voting units, which represents approximately 20.67% of the REIT's issued and outstanding voting units.
Paul Dalla Lana also advised the REIT today of his intention to enter into an automatic securities purchase plan ("ASPP") to facilitate the purchase of up to 5% of the REIT's outstanding trust units (including those described above) based upon predetermined criteria on an automatic basis regardless of whether he may, subsequent to adopting the plan, receive material non-public information.
Applicable securities laws allow insiders to adopt ASPPs with an independent brokerage firm which provide for the purchase of securities in a systematic matter based upon predetermined criteria on an automatic basis regardless of whether the insider may, subsequent to adopting the plan, receive material non-public information, provided that the insider was not in possession of material, non-public information at the time the plan was adopted. Once a plan is established, the insider is not permitted to exercise any further discretion or influence over how purchases or dispositions will occur under the plan. Insiders of the REIT that adopt such a plan will disclose the establishment of the plan in insider reports filed in accordance with applicable Canadian securities laws and the REIT may from time to time disclose the adoption of such plans in the future.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
For further information: Further information can be obtained under the REIT's SEDAR and SEDI profiles or by contacting Paul Dalla Lana, CEO of the REIT, at (416) 366-8300 x 1001