Special Meeting of Shareholders – Online Only

NZX RELEASE
24 September 2020
Special Meeting of Shareholders - 29 September 2020 – online only
Asset Plus advises that in light of current COVID-19 related social distancing restrictions, the Board of Directors of Asset
Plus have been advised that they will have to hold next week’s special meeting to approve the Munroe Lane Development
solely online rather than in person.

Accordingly, shareholders will only be able to participate in the special meeting online through a virtual meeting platform
at www.virtualmeeting.co.nz/APL20.
Shareholders attending the special meeting virtually via the online platform will be able to vote and ask questions during
the special meeting. More information regarding virtual attendance (including how to vote and ask questions) is available
in the Virtual Meeting Online Portal Guide available at www.virtualmeeting.co.nz/help.

Shareholders still retain the option of either voting at the meeting on 29 September 2020 (through the virtual meeting
platform) or appointing a proxy to vote on their behalf by returning a Proxy Voting Form, no later than 2.00pm (NZST) on
27 September 2020. Shareholders can complete their proxy electronically by going to
https://investorcentre.linkmarketservices.co.nz/voting/APL.
The attached communication is being sent to all Asset Plus shareholders today confirming the arrangements for the special
meeting, as well as reminding shareholders of the closing date for the entitlement offer.
-ENDS-
For further information, contact:
Bruce Cotterill
Chairman, Asset Plus Limited
021 668 881
Mark Francis
Managing Director, Augusta Funds Management Limited, Manager of Asset Plus
09 300 6161

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CSN Holder Number: xxxxxxxx
Entitlement Number: xxxxx


Dear Shareholder,

ASSET PLUS LIMITED ENTITLEMENT OFFER AND SPECIAL MEETING OF SHAREHOLDERS (ONLINE ONLY)

On behalf of the Board of Asset Plus Limited, I would like to remind you of the opportunity to participate in the
offer to acquire new ordinary shares in Asset Plus through a 1 for 1.01 Entitlement Offer.

Asset Plus also advises that in light of current COVID-19 related social distancing restrictions, the Board of
Directors of Asset Plus have been advised that they will have to hold next week’s special meeting to approve
the Munroe Lane Development solely online rather than in person.

The Entitlement Offer

Under the Entitlement Offer, Eligible Shareholders are entitled (but not obliged) to subscribe for 1 New Share
for every 1.01 Existing Shares held as at 5.00pm on Monday, 14 September 2020, at a price of NZ$0.30 per
New Share (with entitlements to fractions of a New Share rounded down to the nearest New Share). The
application price reflects a 16% discount to NZ$0.357, being the volume weighted average price of Asset Plus'
shares traded on the NZX for the last 5 trading days prior to and including 9 September 2020, and a 8.8%
discount to the theoretical ex-rights price of NZ$0.33.

You may take one or more of the following actions:

• take up all of your Entitlement;
• take up all of your Entitlement and apply for additional New Shares;
• take up part of your Entitlement; or
• do nothing.

Eligible Retail Shareholders who take up their Entitlements in full may also apply for additional New Shares not
taken up by other retail shareholders through an oversubscription facility by completing the appropriate
section on the Entitlement and Acceptance Form, or as directed via the online application.

If you only take up part of your Entitlement or do nothing, you will receive no value for your Entitlements not
taken up.

Eligible Shareholders who do not take up their Entitlement in full will have their percentage shareholding in
Asset Plus diluted as a result of the Entitlement Offer. However, even Eligible Shareholders who take up their
entitlement under the Entitlement Offer in full (but do not acquire any New Shares under the Placement or
any additional New Shares under the oversubscription facility) will be diluted as a consequence of the
Placement which forms part of the Offer. In order to maintain the same percentage shareholding upon
completion of the equity raise, Eligible Retail Shareholders will need to take up their entitlement in full as well
as apply for, and be allocated, an additional ~25.2% of their Entitlement via the oversubscription facility.

The Offer Document sets out important information about the Entitlement Offer, and its terms and conditions,
and can be downloaded here. Before making your investment decision, we encourage you to read the Offer
Document in full. If you are in doubt as to what you should do, you should consult your broker, financial,
investment or other professional adviser or an NZX Primary Market Participant.

Apply Online

You may complete your application online at https://www.assetplusoffer.co.nz. You will receive a
confirmation once you have completed your online application.

Your online application details are:
CSN/Holder Number:

Entitlement Number:


The Entitlement Offer is due to close at 5:00pm on Tuesday, 29 September 2020.
Virtual Meeting
Asset Plus advises that shareholders will be able to attend its Special Meeting to be held at 2.00pm on Tuesday
29 September 2020 through a virtual meeting platform only.

To participate in the meeting online use the following link to Asset Plus’ share registrar’s virtual meeting
platform at www.virtualmeeting.co.nz/APL20.

Shareholders attending the special meeting virtually via the online platform will be able to vote and ask
questions during the special meeting. More information regarding virtual attendance (including how to vote
and ask questions) is available in the Virtual Meeting Online Portal Guide available at
www.virtualmeeting.co.nz/help.

Shareholders still retain the option of either voting at the meeting on 29 September 2020 (through the virtual
meeting platform) or appointing a proxy to vote on their behalf by returning a Proxy Voting Form, no later than
2.00pm (NZST) on 27 September 2020. Shareholders can complete their proxy electronically by going to
https://investorcentre.linkmarketservices.co.nz/voting/APL.

The Board thanks you for your continued support of Asset Plus.

Yours sincerely,

Bruce Cotterill
Chairman