On Wednesday 14 July 2021, at a hearing before the Supreme Court of New South Wales (Court), NorthWest/GIC withdrew its proposal to acquire 100% of the units in AUHPT, and the unitholder resolution it proposed to put to a unitholder meeting on 19 July 2021.
The withdrawal of the proposal followed efforts by NorthWest/GIC to adjourn the scheduled unitholder meeting until 7 September 2021. It was while in Court on 14 July 2021 pursuing this adjournment, that NorthWest/GIC was informed of the position of unitholders, who had already voted overwhelmingly against the NorthWest/GIC Proposal. NorthWest/GIC decided to withdraw its proposal.
- As at 14 July 2021, a total of 3,102 AUHPT unitholders had lodged a proxy vote with Australian Unity Funds Management Limited (AUFM), with approximately 99% of those unitholders voting “against” and only 12 unitholders voting “for” the NorthWest/GIC Proposal.
- As at 14 July 2021, based on the proxy votes received by AUFM, more than 28%1 of the total units in AUHPT had already been voted “against” the NorthWest/GIC Proposal by these unitholders, indicating that the proposed resolution would not be passed at the unitholder meeting scheduled for 19 July 2021.
Following engagement with investors, the Board of AUFM had rejected each of the four inadequate proposals from NorthWest/GIC. The outcome of voting by AUHPT unitholders on the most recent NorthWest/GIC Proposal is a humbling reflection of the ongoing support and alignment of AUHPT unitholders with the Manager and Responsible Entity of AUHPT.
This outcome is a welcome result for investors who value their exposure to the long-term and stable returns that AUHPT has delivered and their position in a trust that supports the development of critical Australian healthcare property and social infrastructure.
We are aware of potentially misleading and deceptive statements being made by NorthWest/GIC to AUHPT unitholders in relation to NorthWest/GIC’s decision to withdraw its proposal. While we are disappointed that NorthWest/GIC continues to disseminate this information to unitholders, unfortunately this appears to be part of a consistent pattern of behaviour by NorthWest/GIC since making its first unsolicited, conditional and uncertain proposal. The Board of AUFM will continue to take active steps to protect the interests of AUHPT unitholders.
What should I do if NorthWest contacts me?
Unitholders are encouraged to ignore communications and materials from NorthWest. If you receive communications material from NorthWest and have feedback or questions relating to the proposals, please contact 1300 997 774.
Letter to AUHPT unitholders - 16 July 2021
AUHPT announcement - Withdrawal of NorthWest proposal - 14 July 2021
If you have any further questions, please call 1300 997 774.
In accordance with existing regulations, AUFM meets its continuous disclosure requirements by way of website disclosure. All disclosures required under the continuous disclosure obligations are available on at australianunity.com.au/wealth/hpt.