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Voting: Annual Meeting of Vital Unitholders – Updated

Press Release – Vital Healthcare Property Trust

On 21 December 2018, NorthWest Healthcare Properties Management Limited (NWM) released the results of voting from the Annual Meeting of Vital unitholders in Auckland on 20 December 2018.

13 March 2019

Voting results – Annual Meeting of Vital Unitholders – Updated

On 21 December 2018, NorthWest Healthcare Properties Management Limited (NWM) released the results of voting from the Annual Meeting of Vital unitholders in Auckland on 20 December 2018.

Following discussions, the Supervisor has asked NWM to restate the results of the voting on the five unitholder proposals on the basis that the votes of NWM (and its associated persons) are not counted as NWM had an interest in the resolutions for the purposes of section 163(1) of the Financial Markets Conduct Act 2013. Although we do not accept that this is the correct position, we have decided to re-release the results to also show the position without the votes cast in respect of the units held by NWM and its associate parties.

Each of these proposals were non-binding under the terms of Vital’s Trust Deed and their purpose is to allow unitholders to convey a message to the board. That message is being acted on, with fee and governance reviews already underway. We expect to be in a position to update unitholders on the outcome of those reviews by 31 March 2019.
Proposal 1: relating to the election or removal of Independent Directors
Position excluding units held by NWM and associated parties
Passed
For: 137,113,960 (95.8%)
Against: 6,043,882 (4.2%)
Proposal 2: relating to management fees
Position excluding units held by NWM and associated parties
Passed
For: 137,904,997 (96.3%)
Against: 5,278,521 (3.7%)

Proposal 3: also relating to management fees
Position excluding units held by NWM and associated parties
Passed
For: 128,475,755 (89.7%)
Against: 14,698,889 (10.3%)

Proposal 4: relating to Board composition
Position excluding units held by NWM and associated parties
Passed
For: 117,271,395 (82.0%)
Against: 25,717,900 (18.0%)

Proposal 5: relating to policies and procedures
Position excluding units held by NWM and associated parties
Passed
For: 117,437,126 (83.4%)
Against: 23,353,044 (16.6%)

– ENDS –

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