Capital Change Notice – 2022 LTI Scheme Grant

Capital Change Notice

Updated as at 17 October 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 2022 Grant
(2022 Grant).
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 166,914
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 for the 2022 Grant
comprise 100% of the financial
products of that class.
PFI has other PSRs of different
Classes on issue from
previous grants under its
Executive Long Term Incentive
Plan.
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 of the 2022 Grant, the
relevant proportion of PSRs
will be exercised by the board
(subject to limited exceptions)
on the vesting date for each
applicable tranche (being
31/12/2022, 31/12/2023 and
31/12/2024 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 166,914 PSRs under
PFI’s Executive Long Term
Incentive Plan 2022 Grant.
Directors’ resolution dated 21
February 2022.
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.
166,914 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 21
February 2022 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 of the 2022 Grant, the
relevant proportion of PSRs
will be exercised by the board
(subject to limited exceptions)
on the vesting date for each
applicable tranche (being
31/12/2022, 31/12/2023 and
31/12/2024 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.

Capital Change Notice

Updated as at 17 October 2019

Date of issue/acquisition/redemption
1
21 February 2022
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Craig Peirce
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 21 February 2022




1
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).