TORONTO, Sept. 30, 2021 /CNW/ - DRI Healthcare Trust
(TSX: DHT.UN) (TSX: DHT.U) ("DRI" or "the Trust") announced
today the acceptance by the Toronto Stock Exchange (the "TSX") of
the Trust's Notice of Intention to make a normal course issuer bid
(the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase,
from time to time, if considered advisable, up to an aggregate of
1,500,000 of its trust units (the "Units"), being approximately
3.7% of its 40,107,407 issued and outstanding trust units as of
September 29, 2021, through the facilities of the TSX and/or
through various eligible alternative Canadian trading systems at
the market price at the time of purchase. Purchases may commence on
October 5, 2021 and will conclude on
the earlier of the date on which the Trust has purchased the
maximum number of trust units permitted under the NCIB and
October 4, 2022.
The average daily trading volume of the Units over the most
recently completed six calendar months was 26,179 Units.
Accordingly, for purposes of the TSX rules, the Trust is entitled
to purchase, on any trading day, up to 6,544 Units and to make
block purchases of its Units which exceed such daily limit no more
frequently than once per calendar week.
The Trust remains focussed on its primary strategy of acquiring
new pharmaceutical royalty streams, and using its capital for that
purpose. The Trust's manager believes that there is a robust and
growing pipeline of royalty stream acquisitions opportunities and
is active in reviewing a number of potential transactions. However,
it is also the opinion of the Trust's manager that, from time to
time, the market price of the Trust's Units may not adequately
reflect the value of the underlying assets of the Trust, and the
Trust wishes to take advantage of the market trading prices of its
Units in those instances. 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 pursuant to
the NCIB will be cancelled.
In connection with the NCIB, the Trust has established an
automatic purchase plan with its designated broker
(the "Plan") to allow for purchases of Units during
self-imposed blackout periods, subject to certain parameters as to
price and number of Units. Outside of these pre-determined
black-out periods, Units will be repurchased in accordance with
management's discretion, subject to applicable law. The Plan
constitutes an automatic plan for purposes of applicable Canadian
securities legislation and has been pre-cleared by the TSX.
About DRI Healthcare Trust
DRI Healthcare Trust provides unitholders with differentiated
exposure to the anticipated growth in the global pharmaceuticals
and biotechnology markets. Our business model is focused on
managing and growing a diversified portfolio of pharmaceutical
royalties with the aim to deliver attractive growth in cash royalty
receipts over the long term. DRI Healthcare Trust is an
unincorporated open-ended trust governed by the laws of the
Province of Ontario, externally
managed by its manager, DRI Capital Inc. DRI Healthcare Trust's
units are listed and trade on the Toronto Stock Exchange in
Canadian dollars under the symbol "DHT.UN" and in U.S. dollars
under the symbol "DHT.U".
Caution concerning forward-looking statements
This news release contains forward-looking information within
the meaning of applicable securities legislation. Forward-looking
information generally can be identified by the use of
forward-looking words such as "expect", "continue", "anticipate",
"intend", "aim", "plan", "believe", "budget", "estimate",
"forecast", "foresee", "close to", "target" or negative versions
thereof and similar expressions. Some of the specific
forward-looking information in this news release includes, among
other things, statements regarding future purchases of trust units
under the Trust's NCIB 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 Trust's
control that could cause actual results to differ materially from
those that are disclosed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to, those that are disclosed in the Trust's most recent
annual information form. All forward-looking information in this
news release speaks as of the date of this news release. The Trust
does not undertake to update any such forward-looking information
whether as a result of new information, future events or otherwise
except as required by law. Additional information about these
assumptions and risks and uncertainties is contained in the Trust's
filings with securities regulators, including its latest annual
information form and Management's Discussion and Analysis. These
filings are also available at the Trust's website at
drihealthcaretrust.com.
SOURCE DRI Healthcare Trust