|Name of notice||Financial Markets Conduct (Vital Healthcare Property Trust Restructure – Disclosure) Exemption Notice 2020|
|Gazette Notification Date||2020-02-28|
|Date In Force||2020-02-27|
|Act||Financial Markets Conduct Act 2013|
Summary: On 25 February 2020, the FMA granted the Financial Markets Conduct (Vital Healthcare Property Trust Restructure – Disclosure) Exemption Notice 2020 (Download the Notice PDF, 370KB).
The Notice exempts Northwest Healthcare Properties Management Limited (Northwest) from the obligation to prepare a limited disclosure document in respect of its offer to vary units in Vital Healthcare Property Trust (VHPT) on the condition that alternative disclosure is instead provided to unitholders instead.
One of the key reasons for granting the exemption is that, the prescribed information that the Financial Markets Conduct Act 2013 (Act) and Financial Markets Conduct Regulations 2014 (Regulations) require to be included in the limited disclosure document is different to the nature of information VHPT unitholders require in order to make an informed decision in respect of the offer to vary their units. A condition of the exemption requires VHPT unit holders to instead receive alternative information via a notice of meeting which will provide them with more meaningful relevant information in connection with the offer to vary their units.
In these circumstances the FMA considers that the granting of the exemption is necessary and desirable in order to promote the purposes of the Act, namely to provide timely, accurate, and understandable information to VHPT unit holders in order to assist them to make decisions regarding the offer to vary their units and to avoid unnecessary compliance costs in order to have to produce a limited disclosure document in addition to the notice of meeting.