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DRI Healthcare Trust
Symbol DHT
Shares Issued 56,385,882
Close 2024-07-10 C$ 12.27
Market Cap C$ 691,854,772
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Globe says DRI executive changes have Evershed worried

2024-07-10 09:05 ET - In the News

The Globe and Mail reports in its Wednesday, July 10, edition that National Bank Financial analyst Zachary Evershed has trimmed his unit target for DRI Healthcare Trust to $17.50 from $23.50. The Globe's Darcy Keith writes in the Eye On Equities column that analysts on average target the units at $19.27. Mr. Evershed is concerned with the executive changes at DRI Healthcare on the back of a misconduct investigation. DRI's board appointed Gary Collins as interim chief executive officer of the trust, while the managing entity named Ali Hedayat as its interim CEO. The changes came after Behzad Khosrowshahi's resignation as CEO as a result of a continuing investigation of irregularities tied to alleged consulting expenses. "Counterparties' propensity to transact with the trust after the misconduct could potentially act as a limiter on future capital deployment opportunities," cautions Mr. Evershed. He says in a note: "There is no denying Mr. Khosrowshahi provided a depth of expertise at the intersection of the medical industry and royalty deals, though we believe much of the day-to-day has been shouldered by CIO Navin Jacob and his team in recent quarters. ... We believe caution is warranted."

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