VHP Vital Healthcare

[Onion]

Two announcements today...

1. Rights offer has been successful. https://nzx.com/companies/VHP/announcements/285957. 87% of the rights taken up by holders.
2. Macquarie Group Limited has sold out nigh on 20% of VHP! https://nzx.com/companies/VHP/announcements/285952

I'm puzzled by the second of these. It doesn't seem to have affected the SP and the consideration was $0.00! Is this just an administrative transfer?

[Lewylewylewy]

Does anyone know when the shares from the rights offer get allocated for those who bought in?

[777]

Does anyone know when the shares from the rights offer get allocated for those who bought in?

From their announcement...

"The New Units taken up under the Rights Offer will be allotted and begin
trading on the NZX Main Board on 25 July 2016. Holding statements are
expected to be mailed to unitholders on 1 August 2016."


From ANZ Securties Diary Adjustments...

Monday 25/07/2016
VHP Vital Healthcare Property Trust Ordinary Units 2:9 Tradeable Rights 208cps - Alloted

[macduffy]

Two announcements today...

1. Rights offer has been successful. https://nzx.com/companies/VHP/announcements/285957. 87% of the rights taken up by holders.
2. Macquarie Group Limited has sold out nigh on 20% of VHP! https://nzx.com/companies/VHP/announcements/285952

I'm puzzled by the second of these. It doesn't seem to have affected the SP and the consideration was $0.00! Is this just an administrative transfer?

Yes, it seems that a Macquarie subsidiary was the nominee holder of the shares which have either been sold or transferred to another party.

[Sideshow Bob]

Been travelling along well since rights deadline - 227c so 19c above rights.

I wasn't originally going to take them up, but glad I did!

[RTM]

I wonder is this is what is going to happen to VHP ?

https://www.anzsecurities.co.nz/Dire...sc=GHC&qqe=ASX
NorthWest unconditional takeover offer for Generation

Would explain the price jump towards the end of last week.

[Jerry]

What is the general take on the announcement http://nzx-prod-s7fsd7f98s.s3-websit...537/273628.pdf ?
Was the drop in share price due to general growly sentiment or are there ramifications of this announcement regarding the integration of its Australian and New Zealand management platforms.

[peat]

What is the general take on the announcement http://nzx-prod-s7fsd7f98s.s3-websit...537/273628.pdf ?
Was the drop in share price due to general growly sentiment or are there ramifications of this announcement regarding the integration of its Australian and New Zealand management platforms.

Good question Jerry and as I hadnt understood the announcement at the time , a question that made me go and investigate given that I am a small holder.

Firstly, Northwest is a 24% stake holder in VHP (Vital Healthcare Property Trust) and given the naming I am going to assume they also fully own the property management vehicle that VHP outsources their property management to.

From the last Annual Report

The Manager of Vital is Vital Healthcare Management Limited, awholly owned subsidiary of NWI Healthcare Properties LP. TheManager has responsibility for the management of Vital inaccordance with the Trust Deed.The Manager’s responsibilities include the day-to-daymanagement of Vital’s portfolio of properties and assets,negotiating the acquisition and disposal of assets, developmentand construction planning and management, treasury andfunding management, ensuring Vital meets its financial, reportingand other statutory and regulatory obligations andcommunicating with unitholders and the market.Vital does not engage or employ any Directors or employees ofits own. The Manager provides a highly experienced and diverserange of professionals with expertise across a range of areas

So I will also understand from the announcement that Northwest look to rationalise their property management platform (software as well as people?) and this will improve the services they provide to VHP. It may not of course reduce the cost of providing these services to VHP, but should keep them more competitive in case VHP considered other options.

I personally wouldnt see recent price movements in VHP as anything other than market fluctuations possibly based on projections of increased funding costs etc

[Jerry]

Thanks, Peat. General growly sentiment getting worse!

[peat]

NTA given by NZX as 2.05 with 50cps earnings - sure earnings include revals but div of over 4%. Currently 2.09

remember this one has an average lease life of 18 years.