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Chartwell Announces Temporary Suspension of its Distribution Reinvestment Plan
Chartwell Announces Temporary Suspension of its Distribution Reinvestment Plan Can...
About this update from Chartwell Retirement Residences
[{"type":"text","content":"\n\n\n\nChartwell Announces Temporary Suspension of its Distribution Reinvestment Plan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, March 16, 2020\n\n\n\nMISSISSAUGA, ON, March 16, 2020 /CNW/ - Chartwell Retirement Residences (\"Chartwell\") (TSX:CSH.UN) announced, as of today, that it has temporarily suspended its Distribution Reinvestment Plan (\"DRIP\") until further notice.  Commencing after the distribution payable to unitholders of record at March 31, 2020, unitholders enrolled in the DRIP will receive distribution payments in cash.  When Chartwell elects to reinstate the DRIP in the future, unitholders that were enrolled in the DRIP at the time of its suspension and remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP.  Chartwell's DRIP, including the 3% bonus distribution, may be reinstated at the discretion of the Board of Trustees.\n\n \n \n \n \n \n \n\n \n\"At this time our priority is the safety and well-being of our residents, their families and our staff. Chartwell's people across the country are fully committed to this priority and are doing extraordinary work to support our residents and their loved ones in the evolving COVID-19 pandemic environment.  I thank them sincerely for their dedication to Making Peoples' Lives Better.  Chartwell has long-standing, robust outbreak prevention and management protocols in place, which are being executed and enhanced for the current situation,\" commented Vlad Volodarski, Chartwell's Chief Executive Officer.  \"Chartwell is well capitalized and has a strong balance sheet, significant financial flexibility and liquidity. This morning, our Board approved a temporary suspension of our DRIP program so that we do not issue our Trust Units at the current depressed prices.\"\nAbout Chartwell\nChartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent supportive living through assisted living to long ter...