June 23, 2023 – HealthCo said in a statement that it has received unitholder approval on three resolutions, paving the way for the REIT and a newly established Healthcare and Life Sciences Unlisted Fund to acquire 11 private hospitals leased to Healthscope, Australia’s second-largest private hospital operator, for A$1.2 billion.
The first resolution is a special resolution to facilitate the issue and funding of bonus units by HMC Capital, the investment manager of HealthCo, via a selective buy-back of existing units owned by HMC Capital for a nominal total consideration. Eligible unitholders who participated were eligible to receive up to 1 bonus unit for every 28 new units issued to them provided they satisfy certain minimum holding requirements. The bonus units are being funded by HMC Capital, the investment manager of HealthCo. The final number of units bought back will be the same as the number of bonus units to be issued to unitholders who participated in the capital raising provided they meet the eligibility criteria.
The second resolution relates to amending the Investment Management Agreement to permit the payment of acquisition or disposal fees by way of issues of units to the investment manager in lieu of cash in order to reduce HealthCo’s upfront cash funding from the transaction.
The third resolution seeks to allow HMC Capital and its affiliates to acquire additional units equivalent in number to those they would have been issued under HMC Capital’s sub-underwriting commitment under the retail entitlement offer.