TORONTO, May 31, 2024 /CNW/ – Fellow Northwest Healthcare REIT unitholders,
Northwest Value Partners Inc. (“NWVP”), led by myself, Paul Dalla Lana, is the founder and long-term strategic Unitholder of Northwest Healthcare Properties REIT (“NWH” or the “REIT”) and has been an ardent supporter of the REIT since it went public in 2010. As one of the REIT’s largest and longest-standing unitholders, I have had the privilege of supporting the REIT in its global growth strategy and being the driving force behind its transformation from a ~$500m Canadian medical office building portfolio to a $10bn + global healthcare real estate asset management platform.
Proposed Declaration of Trust Amendment Impinges on Unitholder’s Rights
At the REIT’s Annual and Special Meeting scheduled for June 18, 2024, item #3 on the agenda is a proposal to amend the REIT’s Declaration of Trust.
The proposed amendment impacts certain investor rights and contravenes section 13.7 of the Declaration of Trust which requires that NWVP’s consent is given prior to making any changes to NWVP’s rights under the Declaration of Trust. Such consent has not been given and NWVP is disappointed with the oversight. NWVP has written to the board of trustees of the REIT to make them aware of this obligation and has requested that this proposal be removed from the meeting agenda. In all events, NWVP will vote against this proposed amendment as the change impinges on NWVP’s existing rights.
Independent Proxy Advisor Expert Recommends a vote AGAINST
To further illustrate the unwarranted nature of the amendment, Institutional Shareholder Services Inc. (“ISS”), a leading institutional proxy advisory service, after completing a thorough analysis, also recommends in its report that unitholders VOTE AGAINST the proposed amendments to the Declaration of Trust ISS specifically states:
“Vote AGAINST the proposed article amendment … At this stage, NWH has not provided sufficient rationale for the amendment and the current language also raises some potential governance concerns…unitholder support for the resolution is not warranted.”
The Proxy Voting Deadline is June 14, 2024 at 10:00 a.m. (Toronto Time)
NWVP Will Vote AGAINST the Amendment to the Declaration of Trust
Background of NWVP
Mr. Dalla Lana founded the REIT in 2004 and grew it privately within NWVP until taking the business public in 2010. From 2010 until 2015, Mr. Dalla Lana founded and incubated Northwest International (“NWI”), within NWVP before agreeing to merge NWI with NWH in 2015. Mr. Dalla Lana served as CEO and Chair of the Board of Trustees of NWH roles he held until August 2023. NWVP believes that it is currently the second largest unitholder of NWH.
SOURCE Northwest Value Partners Inc.
