Preferential issue pricing revised: temporary two week or twelve week VWAP option with three year lock in for listed InvITs. The circular permits listed InvITs to use, for preferential issues until December 31, 2020, a pricing method where the issue price is not less than the higher of a twelve-week or two-week VWAP-based weekly average, mandates a three-year lock-in for units issued under that method, and requires uniform pricing method across allotments from the same unitholder approval. It also provides that no subsequent institutional placement may occur until two weeks after a prior institutional placement, and that previously sponsor-locked units count toward lock-in computation without being re-locked if free of lock-in at the time of the preferential issue.
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Provisions expressly mentioned in the judgment/order text.
Preferential issue pricing revised: temporary two week or twelve week VWAP option with three year lock in for listed InvITs.
The circular permits listed InvITs to use, for preferential issues until December 31, 2020, a pricing method where the issue price is not less than the higher of a twelve-week or two-week VWAP-based weekly average, mandates a three-year lock-in for units issued under that method, and requires uniform pricing method across allotments from the same unitholder approval. It also provides that no subsequent institutional placement may occur until two weeks after a prior institutional placement, and that previously sponsor-locked units count toward lock-in computation without being re-locked if free of lock-in at the time of the preferential issue.
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