Capital Change Notice – 2021, 2022, 2023 LTI Scheme Vesting

Capital Change Notice

Updated as at June 2023


Section 1: Issuer information
Name of issuer Property for Industry Limited
NZX ticker code PFI
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZPFIE0001S5
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 70,038
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
Upon the vesting of
performance share rights
under the third tranche of
Property for Industry Limited’s
(PFI) Executive Long Term
Investment Plan 2021 Grant
(2021 Grant), second tranche
of PFI’s Executive Long Term
Investment Plan 2022 Grant
(2022 Grant) and first tranche
of PFI’s Executive Long Term
Investment Plan 2023 Grant
(2023 Grant), the holder is
entitled to one ordinary share
in PFI for each eligible
performance share right
exercised for nil cash payment,
together with an additional
allocation of shares equal to
the dividends paid on PFI
ordinary shares over the
vesting period. Further details
of those tranches are included
within PFI’s annual reports.
Amount paid up (if not in full) Fully paid ordinary shares
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

0.014%
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)
Not applicable.

Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Vesting of 108,436 PSRs in
the 2021, 2022 and 2023
Grant.
Directors’ resolution dated 26
February 2024.
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.
502,199,351 ordinary shares

0 performance share rights of
the same Class from the 2021
Grant remain on issue.

55,638 performance share
rights of the same Class from
the 2022 Grant remain on
issue.

164,557 performance share
rights of the same Class from
the 2023 Grant remain on
issue.
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 26
February 2024 pursuant to
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)
The shares issued are quoted
ordinary shares ranking
equally with the existing
ordinary shares on issue of PFI
Date of issue/acquisition/redemption
2
26 February 2024
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

26 February 2024