DRI Healthcare Trust Announces Acceptance by TSX of Normal Course Issuer Bid

DRI Healthcare Trust (CNW Group/DRI Healthcare Trust)TORONTO, Sept. 30, 2021 /CNW/ – DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (“DRI” or “the Trust”) announced today the acceptance by the Toronto Stock Exchange (the “TSX”) of the Trust’s Notice of Intention to make a normal course issuer bid (the “NCIB”). Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if considered advisable, up to an aggregate of 1,500,000 of its trust units (the “Units”), being approximately 3.7% of its 40,107,407 issued and outstanding trust units as of September 29, 2021, through the facilities of the TSX and/or through various eligible alternative Canadian trading systems at the market price at the time of purchase. Purchases may commence on October 5, 2021 and will conclude on the earlier of the date on which the Trust has purchased the maximum number of trust units permitted under the NCIB and October 4, 2022.

The average daily trading volume of the Units over the most recently completed six calendar months was 26,179 Units. Accordingly, for purposes of the TSX rules, the Trust is entitled to purchase, on any trading day, up to 6,544 Units and to make block purchases of its Units which exceed such daily limit no more frequently than once per calendar week.

The Trust remains focussed on its primary strategy of acquiring new pharmaceutical royalty streams, and using its capital for that purpose. The Trust’s manager believes that there is a robust and growing pipeline of royalty stream acquisitions opportunities and is active in reviewing a number of potential transactions. However, it is also the opinion of the Trust’s manager that, from time to time, the market price of the Trust’s Units may not adequately reflect the value of the underlying assets of the Trust, and the Trust wishes to take advantage of the market trading prices of its Units in those instances. The Board of Trustees of the Trust believes that at such times the proposed purchases would be in the best interests of the Trust and would constitute an appropriate use of available funds. All Units purchased by the Trust pursuant to the NCIB will be cancelled.

In connection with the NCIB, the Trust has established an automatic purchase plan with its designated broker (the “Plan”) to allow for purchases of Units during self-imposed blackout periods, subject to certain parameters as to price and number of Units. Outside of these pre-determined black-out periods, Units will be repurchased in accordance with management’s discretion, subject to applicable law. The Plan constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

About DRI Healthcare Trust

DRI Healthcare Trust provides unitholders with differentiated exposure to the anticipated growth in the global pharmaceuticals and biotechnology markets. Our business model is focused on managing and growing a diversified portfolio of pharmaceutical royalties with the aim to deliver attractive growth in cash royalty receipts over the long term. DRI Healthcare Trust is an unincorporated open-ended trust governed by the laws of the Province of Ontario, externally managed by its manager, DRI Capital Inc. DRI Healthcare Trust’s units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol “DHT.UN” and in U.S. dollars under the symbol “DHT.U”.

Caution concerning forward-looking statements

This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking words such as “expect”, “continue”, “anticipate”, “intend”, “aim”, “plan”, “believe”, “budget”, “estimate”, “forecast”, “foresee”, “close to”, “target” or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release includes, among other things, statements regarding future purchases of trust units under the Trust’s NCIB program. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those that are disclosed in the Trust’s most recent annual information form. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and Management’s Discussion and Analysis. These filings are also available at the Trust’s website at drihealthcaretrust.com.

SOURCE DRI Healthcare Trust

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