Capital Change Notice – LTI Scheme

Template
Capital Change Notice

Updated as at 8 May 2019



Section 1: Issuer information
Name of issuer Property for Industry Limited
NZX ticker code PFI
Class of financial product Unquoted performance share
rights (PSRs), convertible to
Property for Industry Limited
ordinary shares pursuant to
PFI’s Executive Long Term
Incentive Plan.
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 196,023
Nominal value (if any) Nil
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
No consideration is payable for
the PSRs.
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
The PSRs comprise 100% of
the financial products of that
class.
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
Provided performance hurdles
have been achieved for a
tranche of PSRs on the
relevant vesting date for that
tranche, the relevant
proportion of PSRs will be
exercised by the board
(subject to limited exceptions)
on the vesting date for each
applicable tranche (being
31/12/2019, 31/12/2020 and
31/12/2021 for Tranche 1, 2
and 3 respectively).
On becoming exercisable,
each PSR entitles the holder to
one fully paid ordinary PFI
share subject to adjustment in
accordance with the plan rules,
ranking equally with all other
PFI ordinary shares.
The PSRs have a set exercise
price of $0.

Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Issue of 196,023 PSRs under
PFI’s Executive Long Term
Incentive Plan.
Directors’ resolution dated 2
December 2019.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
196,023 PSRs.
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Directors’ resolution dated 2
December 2019 pursuant to
NZX Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
Provided performance hurdles
have been achieved for a
tranche of PSRs on the
relevant vesting date for that
tranche, the relevant
proportion of PSRs will be
exercised by the board
(subject to limited exceptions)
on the vesting date for each
applicable tranche (being
31/12/2019, 31/12/2020 and
31/12/2021 for Tranche 1, 2
and 3 respectively).
On becoming exercisable,
each PSR entitles the holder to
one fully paid ordinary PFI
share subject to adjustment in
accordance with the plan rules,
ranking equally with all other
PFI ordinary shares.
The PSRs have a set exercise
price of $0.
PSRs do not entitle the holder
to receive dividends or other
distributions, or vote in respect
of PFI’s ordinary shares,
although under the terms of
the plan an additional number
of shares will be issued on
conversion of fully vested
PSRs to reflect dividends paid
to PFI shareholders prior to
exercise.
Date of issue/acquisition/redemption 2 December 2019
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Craig Peirce

Template
Capital Change Notice

Updated as at 8 May 2019

Contact person for this announcement Craig Peirce
Contact phone number 09 303 9651
Contact email address peirce@pfi.co.nz
Date of release through MAP

3 December 2019