Update – Acquisition of Aged Care Facilities

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NZX Release 30 September 2020

Update – Acquisition of Aged Care Facilities
Promisia Integrative Limited (NZX: PIL) (PIL) wishes to update the market regarding the acquisition of
aged care facilities from the Brankin Family Trust and related transactions (the Proposed
Transaction).

Debt Funding

PIL is making pleasing progress with securing the debt funding it requires for the Proposed
Transaction. PIL has entered a conditional term sheet with a New Zealand bank for $13 million of
lending and a conditional term sheet with a non-bank lender with specialist aged care sector
experience for a further $5 million.

Conditions in the term sheets are still being worked through including final due diligence, priority
arrangements and financial covenants.

At present the weighted average interest rate on these facilities would be a maximum of 5.89% per
annum with PIL having the ability to reduce this rate if it elects to fix the interest rate under certain
facilities. The lending term of all facilities ranges from 3 to 5 years.

Further particulars of the debt facilities will be advised to market once further conditions for the lending
are satisfied and final terms are agreed.

Transaction Timetable and Completion

PIL and the Brankin Family Trust have entered an extension agreement to allow until 31 October 2020
for completion of the Proposed Transaction to occur.

PIL’s next key steps are re-documenting the equity commitments for the Proposed Transaction and
satisfying the conditions for the debt facilities described above. Subject to completing these steps, PIL
is targeting a 15 October completion date.

PIL will update the market with further developments in due course.

ENDS

For further information please contact Mr Stephen Underwood, Chairman on 027 499 3387.