Canadian investor Paul Dalla Lana moved to 24.14% ownership of the Vital Healthcare Property Trust this week as he continued his march towards 24.99% ownership.
The group he controls, Toronto-based NorthWest Value Partners Inc, bought Vital’s management company from ANZ National Bank Ltd subsidiary OnePath (NZ) Ltd in December 2011 and held 19.66% of Vital’s units in April this year, when Mr Dalla Lana declared his intention to acquire up to 15.35 million units in a price range of $1.15-1.38/unit over the 12 months from 24 April.
The proposal came 3 weeks after Vital obtained an Inland Revenue binding ruling which increased the limit a large unitholder could go to before the trust’s PIE (portfolio investment entity) status would be affected. Before that ruling, Vital management understood no unitholder could hold more than 20% of the units in the trust if it were to maintain its PIE status. The ruling lifted the limit to 25%.
NorthWest Value Partners bought another 1.56 million units onmarket in the week to 8 October at an average $1.36/unit.
Attribution: Company release.