PCTHA Subordinated Convertible Notes Conversion

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
NZX announcement – 9 September 2021
PCTHA Subordinated Convertible Notes Conversion
Precinct Properties New Zealand Limited (Precinct) (NZX: PCT) announces that the
subordinated convertible notes (Notes) under the NZX ticker code PCTHA issued by Precinct
on 27 September 2017 are coming to the end of their 4-year term, with the Conversion Date
being 27 September 2021.
All outstanding Notes will Convert into ordinary shares in Precinct (Shares) on the Conversion
Date. As previously indicated by Precinct on 12 August 2021, Precinct has determined not to
make a Cash Election in relation to the Notes. Shares issued on Conversion will rank equally
with all other existing Precinct Shares on issue.
Further details of the terms of the Notes are set out in the Final Terms Sheet dated 4 September
2017 and the Product Disclosure Statement dated 25 August 2017 (PDS), both available on
Precinct’s website under:
https://www.precinct.co.nz/investors/bondholder-and-noteholder-
information. Capitalised terms used in this announcement have the same meaning as in the
PDS.
The Conversion Price will be the lesser of:
1. the Conversion Price Cap of $1.40; and
2. a 2% discount to the Market Price.
The Market Price will be determined based on the arithmetic average of the daily volume
weighted average price of Precinct ordinary shares traded through the NZX Main Board in the
20 Business Days prior to (but not including) the Conversion Announcement Date of 20
September 2021. The final Conversion Price will be announced on the Conversion
Announcement Date.
The number of Shares into which each holding of Notes Converts will be determined by
dividing the Noteholders Principal Amount ($1.00 per Note) by the Conversion Price. If the
total number of Shares to be issued to Noteholders includes a fraction of a Share, that fraction
will be rounded down to the nearest whole number. Please refer to the PDS for example
scenarios of Conversion at different Market Prices.
A copy of the letter sent to Noteholders today also accompanies this announcement.

Precinct Properties New Zealand Limited Head Office Wellington Office
E hello@precinct.co.nz Level 12, 188 Quay Street, Auckland 1010 T 0800 400 599 Level 19, 157 Lambton Quay, Wellington T 0800 400 599
W www.precinct.co.nz PO Box 5140, Auckland 1141, New Zealand F +64 9 927 1655 PO Box 2, Wellington 6140, New Zealand F +64 4 494 2267
ends-
For further information, please contact:
Scott Pritchard
Chief Executive Officer
Mobile: +64 21 431 581
Email: scott.pritchard@precinct.co.nz

George Crawford
Deputy Chief Executive Officer
Mobile: +64 21 384 014
Email: george.crawford@precinct.co.nz

Richard Hilder
Chief Financial Officer
Mobile: +64 29 969 4770
Email: richard.hilder@precinct.co.nz



About Precinct (PCT)
Precinct is New Zealand’s only listed city centre specialist investing predominantly in premium
and A-grade commercial office property. Listed on the NZX Main Board, PCT currently owns
Auckland’s HSBC Tower, AMP Centre, Jarden House, One Queen Street, 204 Quay Street,
Mason Bros. Building, 12 Madden Street, 10 Madden Street, PwC Tower and Commercial Bay
Retail; and Wellington’s AON Centre, NTT Tower, Central on Midland Park, No. 1 and No. 3 The
Terrace, Mayfair House, Charles Fergusson Building, Defence House, Bowen House and
Freyberg Building.
Precinct owns Generator NZ, New Zealand’s premier flexible office space provider. Generator
currently offers 13,600 square metres of space across four locations in Auckland.

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Corporate Action Notice

(Other than for a Distribution)



Page 1 of 2
Section 1: issuer information
Name of issuer Precinct Properties New Zealand Limited
Class of Financial Product Convertible Notes
NZX ticker code PCTHA
ISIN (If unknown, check on NZX
website)
NZPCTDG001C6
Name of Registry Computershare
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share purchase
plan
Renounceable
Rights issue

Capital
reconstruction
X
Non
Renounceable
Rights issue

Call Bonus issue
Record date 17/09/2021
Ex-Date (one business day before the
Record Date)
16/09/2021
Currency NZD

Section 5: Capital reconstruction
Nature of capital reconstruction
(Please mark with an X in
applicable box)
Financial Product
Split
Financial
Product
Consolidation

Other X Amalgamation
Ratio (for example 1 for 2) New Existing
Treatment of fractions The number of ordinary shares to be issued to a
noteholder on conversion of their Notes shall be rounded
down to the nearest whole number of ordinary shares and
no cash payment or other adjustment will be made for
such rounding
Number of Financial Products to be
issued/ redeemed
The number of ordinary shares into which each holding of
Notes converts will be determined by dividing each
noteholder’s Principal Amount ($1.00 per Note) by the
Conversion Price to be announced on 20 September 2021
Per Financial Product amount (if
cash reconstruction)
N/A
Payment date (if cash
reconstruction)
N/A
Allotment date 27/09/2021

2 of 2
Section 7: Authority for this announcement
Name of person authorised to make this
announcement
Richard Hilder
Contact person for this announcement Richard Hilder
Contact phone number +64 29 969 4770
Contact email address Richard.Hilder@precinct.co.nz
Date of release through MAP 09/09/2021

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9 September 2021

Dear Noteholder,

As a registered holder of subordinated convertible notes (Notes) under the NZX ticker code PCTHA in Precinct
Properties New Zealand Limited (Precinct) issued on 27 September 2017, we are writing to inform you that your
Notes are coming to the end of their 4-year term with the Conversion Date being 27 September 2021.

All outstanding Notes will Convert into ordinary shares in Precinct (Shares) on the Conversion Date. Precinct has
determined not to make a Cash Election in relation to the Notes. Shares issued on Conversion will rank equally with
all other existing Precinct Shares on issue.

Further details of the terms of the Notes are set out in the Final Terms Sheet dated 4 September 2017 and the
Product Disclosure Statement dated 25 August 2017 (PDS), both available on Precinct’s website under:
https://www.precinct.co.nz/investors/bondholder-and-noteholder-information. Capitalised terms used in this letter
have the same meaning as in the PDS.

The Conversion Price will be the lesser of:
1. the Conversion Price Cap of $1.40; and
2. a 2% discount to the Market Price.

The Market Price will be determined based on the arithmetic average of the daily volume weighted average price
of Precinct ordinary shares traded through the NZX Main Board in the 20 Business Days prior to (but not including)
the Conversion Announcement Date of 20 September 2021. The final Conversion Price will be announced on the
Conversion Announcement Date.

The number of Shares into which each holding of Notes Converts will be determined by dividing your Principal
Amount ($1.00 per Note) by the Conversion Price. If the total number of Shares to be issued to you includes a
fraction of a Share, that fraction will be rounded down to the nearest whole number. Please refer to the PDS for
example scenarios of Conversion at different Market Prices.

Following the conversion of your Notes into Shares, you will receive a Securities Transaction Statement showing the
conversion of your Notes.

If you have any queries regarding your Notes, please contact Computershare by email:
enquiry@computershare.co.nz
or by Telephone: +64-9-488-8700




Kind regards,


Precinct Properties New Zealand Limited