Capital Change Notice – Unquoted Share Rights

Capital Change Notice



Section 1: Issuer information
Name of issuer Precinct Properties New Zealand Limited
NZX ticker code PCT
Class of financial product
Unquoted Performance Share Rights
and Restricted Share Rights (together,
the Rights)
ISIN (If unknown, check on NZX website) NZAPTE0001S3
Currency New Zealand Dollars
Section 2: NZX Listing Rule 3.13.1 - Capital change details
Number issued 2,658,670 Rights, being:

- 120,302 Restricted Share Rights;
and

- 2,538,368 Performance Share
Rights.
Nominal value (if any) N/A
Issue price per security Rights are issued for nil consideration
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued (calculated on the number of Financial
Products of the Class, excluding any Treasury Stock,
in existence)
25.21% of all existing Restricted Share
Rights
129.83% of all existing Performance
Share Rights
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)
Rights convert on a 1:1 basis for nil
consideration into fully paid ordinary
shares provided that:
- with respect to Restricted Share Rights,
participants remain employed during a
vesting period ending on 30 June 2025;
and
- with respect to the Performance Share
Rights, they vest subject to Precinct’s
TSR and FFO performance over a
vesting period between 1 July 2022 and
30 June 2025, and the participant’s
continued employment during the
vesting period.

Rights rank behind Precinct’s ordinary
shares, are non-transferable, cannot be
encumbered, and have no voting or
other share rights. Rights are otherwise
subject to the terms of individual award
agreements and the rules of the Precinct

Employee Share Scheme including that
Rights lapse at the Board’s discretion in
the event of a material breach of the
participant’s employment obligations,
fraud or dishonesty.

Shares will be issued on the first trading
day after vesting of the relevant Right.
Reason for issue and specific authority for issue (the
reason for change must be identified here)
Issue of Rights under Precinct’s
Employee Share Scheme to align
employees’ and shareholders’ interests,
promote retention and facilitate and
encourage employee share ownership.

Authorised by a board resolution dated
17 August 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.


5,090,969 Rights, being:

- 597,408 Restricted Share Rights;
and

- 4,493,561 Performance Share
Rights.
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
Board resolution dated 17 August 2022
NZX Listing Rules 4.6.1 and 4.9.1(b)
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
No cash consideration is payable by the
participants on the grant of Rights or on
the issue of fully paid ordinary shares
following vesting of Rights. As noted
above, vesting of Rights is subject to
continued employment and satisfaction
of certain performance hurdles (as
applicable).
Date of issue 17 August 2022
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Louise Rooney
General Counsel & Company Secretary
Contact person for this announcement Louise Rooney
Contact phone number (09) 222 0070
Contact email address louise.rooney@precinct.co.nz
Date of release through MAP

18 August 2022