Capital Change Notice – Unquoted Share Rights

Capital Change Notice

Updated as at June 2023

Section 1: Issuer information
Name of issuer Precinct Properties Group
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: Capital change details
Number issued/acquired/redeemed Rights, being:
- 159,027 Restricted Share
Rights; and
- 2,921,676 Performance Share
Rights.
Nominal value (if any) N/A
Issue/acquisition/redemption 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/acquired/redeemed/ (calculated on the number
of Financial Products of the Class, excluding any
Treasury Stock, in existence)
1

82.16% of all existing Restricted Share
Rights
65.02% 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 2026; 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
2023 and 30 June 2026, 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

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

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/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (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
22 August 2023.
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.
7,767,826 Rights, being:
- 352,589 Restricted Share Rights;
and
- 7,415,237 Performance Share
Rights.
N/A
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 22 August 2023

NZX Listing Rule 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/acquisition/redemption
2
11 September 2023
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

2
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).

Capital Change Notice

Updated as at June 2023
Date of release through MAP

11/09/2023