Notice of annual meeting

NZX RELEASE
7 July 2025

Notice of annual meeting

Asset Plus Limited gives notice that the Annual Meeting will be held on Tuesday 5 August 2025
commencing at 2.00pm:

(a) online at www.virtualmeeting.co.nz/apl25; and

(b) at the offices of MUFG Pensions & Market Services, Level 30, PwC Tower (Commercial Bay), 15
Customs Street West, Auckland.

The venue for the meeting is located in the PwC Tower which is part of the Commercial Bay precinct in
the Auckland CBD. On arrival in the SkyLobby via the entry on Customs Street West, please select the
lift to Level 30 to access the meeting venue at MUFG’s offices. The building is easily accessed from
Britomart and the ferry terminal if you are arriving on public transport. There are also public carparking
options available, including the Downtown carpark (closest) and Britomart carpark (short walk).

More information regarding virtual attendance at the Annual Meeting (including how to vote and ask
questions virtually during the Annual Meeting) is available in the Virtual Meeting Online Portal Guide
attached.

A copy of the notice of meeting that is being sent to shareholders is attached.

-ENDS-

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Notice is hereby given that the Annual Meeting of
Shareholders of Asset Plus Limited will be held as follows:
Date of Meeting: 5 August 2025
Time: commencing at 2.00pm
Online: www.virtualmeeting.co.nz/apl25
Physical meeting (subject to Government restrictions
and to the extent otherwise practicable): at MUFG
Pension & Market Services, Level 30, PwC Tower
(Commercial Bay), 15 Customs Street West, Auckland
(with entry to the meeting room available from 1.30pm)
Annual
Meeting of
Shareholders
5 August 2025

Munroe Lane, Auckland
02

Notice of
Annual Meeting
Agenda:
A. Chair’s Address
B. Manager’s Presentation
C. Shareholder questions
D. Resolutions:
Asset Plus Limited (the Company) hereby gives you notice that the 2025 Annual Meeting of Shareholders will be held on
Tuesday, 5 August 2025, commencing at 2.00pm (New Zealand time):
(a) online at www.virtualmeeting.co.nz/apl25
(b) subject to Government restrictions and to the extent otherwise practicable, at the offices of MUFG Pension & Market
Services, Level 30, PwC Tower (Commercial Bay), 15 Customs Street West, Auckland.
1.
Re-election of Director
Paul Duffy
Paul Duffy retires under NZX
Listing Rule 2.7.1 and, being eligible,
offers himself for re-election as a
Director of the Company.
To consider and, if thought fit,
to pass the following resolution
as an ordinary resolution:
“ That Paul John Duffy be re-elected
as a Director of the Company.”
A brief biography for Paul Duffy
is set out in the Explanatory
Notes on page 4.
2.
Re-election of Director
Bruce Cotterill
Bruce Cotterill retires under NZX
Listing Rule 2.7.1 and, being eligible,
offers himself for re-election as
a Director of the Company.
To consider and, if thought fit,
to pass the following resolution
as an ordinary resolution:
“ That Donald Bruce Cotterill be re-
elected as a Director of the Company.”
A brief biography for Bruce
Cotterill is set out in the
Explanatory Notes on page 4.
3.
Auditor’s fees and expenses
To record the re-appointment of
Grant Thornton as auditors of the
Company and to consider and, if
thought fit, to pass the following
resolution as an ordinary resolution:
“ That the Board be authorised
to fix the auditors’ fees and
expenses from time to time.”
An explanation of this
Resolution is set out in the
Explanatory Notes on page 4.
E. General Business
Such other business as may be properly raised for discussion at the meeting.
By order of the Board
Bruce Cotterill
Chairman
7 July 2025
The Board unanimously recommends that you vote in favour of all Resolutions.
Notice of Meeting
03

Explanatory Notes
These notes form part of this Notice of Annual Meeting.
Resolution 1
Re-election of Director – Paul Duffy
The NZX Listing Rules provide that Directors must not hold
office (without re-election) past the third annual meeting
following the Director’s appointment or 3 years, whichever
is the longer.
Paul Duffy was last re-elected as a Director of the
Company at the Company’s 2022 annual meeting.
Accordingly, Paul is required to retire at this Annual Meeting
and, being eligible, offers himself for re-election. The Board
unanimously supports his re-election.
A brief biography of Paul Duffy follows:
Paul Duffy joined the Board of Asset Plus in April 2017. He
has over 36 years’ experience in the property investment/
development industry, including CEO/executive director
of DNZ Property Fund (now named Stride Property) for 13
years. During his career, Paul held the position of General
Manager of Fletcher Property Limited and was Joint
Managing Director of US Real Estate Subsidiaries for the
Abu Dhabi Investment Authority. In this role he oversaw
the formation of a large real estate portfolio in the United
States and Europe. Paul is currently a Director of Leighs
Construction and a number of private companies. Paul was
the former chairman of Asset Plus’ external manager until
August 2020.
The Board considers that, if re-elected, Paul Duffy will
continue to be an Independent Director for the purposes of
the NZX Listing Rules.
Resolution 2
Re-election of Director – Bruce Cotterill
Bruce Cotterill was last re-elected as a Director of the
Company at the Company’s 2022 annual meeting.
Accordingly, Bruce is required to retire at this Annual
Meeting and, being eligible, offers himself for re-election.
The Board unanimously supports his re-election.
A brief biography of Bruce Cotterill follows:
Bruce Cotterill joined the Board of Asset Plus in April
2017. Bruce is an experienced CEO, Chairman and
Company Director, who has excelled in a number
of sectors and in a range of extremely demanding
roles. This includes businesses going through major
transformation brought about by financial performance,
structural change and cultural issues. As a CEO he has
led real estate group Colliers, both in New Zealand and
Australia, Kerry Packer’s ACP Magazines, and iconic New
Zealand sportswear company Canterbury International.
As CEO of Yellow Pages Group he was appointed to
lead that company through a period of dramatic change,
including the restructure of the Company’s $1.8 billion of
debt. Bruce was Chairman of Noel Leeming Group for 8
years until that Company’s sale to The Warehouse. He
is currently Chairman of both realestate.co.nz Limited
and Rush Digital Interactive Limited and an independent
Board member of the Board of law firm, Duncan Cotterill.
He continues to consult widely to the real estate industry.
The Board considers that, if re-elected, Bruce Cotterill
will continue to be an Independent Director for the
purposes of the NZX Listing Rules.
Resolution 3
Auditor’s fees and expenses
Grant Thornton are automatically re-appointed as
auditors of the Company under section 207T of
the Companies Act 1993 at the annual meeting of
shareholders.
Shareholder approval is therefore sought for the Board
to fix the fees and expenses of Grant Thornton as auditor
for the ensuing year, as required by the Companies Act.
Notice of Meeting
04

Procedural Notes
and Other Matters
Attendance
All Shareholders registered on the Company’s share register
as at 5.00pm on Friday, 1 August 2025 are entitled to attend
(in person or online) and vote at the Annual Meeting or to
appoint a proxy or representative (in the case of a corporate
Shareholder) to attend and vote on their behalf.
Attendance online
To attend the meeting online please go to
www.virtualmeeting.co.nz/apl25. Shareholders attending
online will be able to vote and ask questions during the
Annual Meeting. More information regarding virtual
attendance at the Annual Meeting (including how to vote
and ask questions virtually during the Annual Meeting)
is available in the Virtual Meeting Online Portal Guide
available at https://mail.cm.mpms.mufg.com/MUFG/
MUFG_VirtualMeetingGuide.pdf.
Attendance in person
The venue for the Annual Meeting for those Shareholders
attending in person is MUFG Pension & Market Services,
Level 30, PwC Tower (Commercial Bay), 15 Customs Street
West, Auckland (with entry to the meeting room available
from 1.30pm).
Asset Plus may, in its sole discretion, elect to hold the
Annual Meeting as an online only meeting if it considers
there are potential risks to the health of meeting attendees
or if an in-person meeting is prohibited by law, as a result
of any restrictions on the size of public gatherings. In such
circumstances, Asset Plus will provide shareholders with
as much notice as is reasonably practicable by way of an
announcement to the NZX and on the Company’s website
at www.assetplusnz.co.nz.
Proxies
You may exercise your right to vote at the Annual Meeting
either by being present in person or by appointing a proxy
to attend and vote in your place. A proxy need not be a
Shareholder of the Company. If you wish, you may appoint
the Chair of the Annual Meeting or any Director of the
Company as your proxy. You may direct your proxy to vote
or give your proxy a discretion to vote how he/she sees fit. If
you wish to give your proxy such discretion you must mark
the appropriate boxes on the proxy voting form.
If you do not mark any box on the proxy voting form in
respect of a resolution, then your direction is for your proxy
to abstain from voting on that resolution. If you make more
than one election in respect of the resolution your vote will
be invalid on that resolution.
If you appoint the Chair of the Annual Meeting or any other
Director as your proxy with a discretion as to how votes
are cast, the Chair or Director (as applicable) will vote in
favour of the relevant resolution.
A proxy voting form is attached to this Notice of Annual
Meeting. If you wish to vote by proxy you must complete
the form and provide it to the Company or its share
registrar, MUFG Pension & Market Services, so as to be
received no later than 2.00pm (New Zealand time) on
Sunday, 3 August 2025.
Completed proxy voting forms can be sent to MUFG
Pension & Market Services by the following methods:
Online: Visit MUFG Pension & Markets Services
Investor website:
https://nz.investorcentre.mpms.mufg.com/voting/APL
and follow the prompts.
Email: Scan and email to:
meetings@cm.mpms.mufg.com
Please put “Asset Plus Proxy” in the subject line for
easy identification.
Mail: If mailing from New Zealand please use the reply-
paid envelope provided. If mailing from outside
New Zealand please affix the required postage
and address to:
MUFG Pension & Market Services
P.O. Box 91976,
Victoria Street West,
Auckland 1142,
New Zealand
Deliver: Deliver your completed proxy voting form to:
MUFG Pension & Market Services
Level 30, PwC Tower (Commercial Bay)
15 Customs Street West
Auckland
Ordinary Resolutions
Each of Resolutions 1 to 3 will be passed if approved by
ordinary resolution at the Annual Meeting. An ordinary
resolution means a resolution passed by a simple majority
of the votes of those Shareholders entitled to vote and
voting on the resolution.
Voting restrictions
All Shareholders are eligible to vote on each resolution.
Notice of Meeting
05

Munroe Lane, Auckland
Munroe Lane, Auckland
06

Munroe Lane, Auckland
07

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Virtual
Meeting
Guide
MUFG Corporate Markets
A division of MUFG Pension & Market Services

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Make sure your browser will work
by going to whatismybrowser.com
Supported browsers are:
• Chrome Version 44 and later
• Edge Version 92.0 and later
• Firefox Version 40.0.2 and later
• Safari MacOS 10.9 and later
Check your browser

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
You will need one of the
following to vote
If you’re an investor, you can find your
CSN/Holder Number on most investor
communications from us.
If you’re a proxy, your proxy number will be
sent to your email address one to two days
before the meeting.
Get ready to vote
A
Your CSN/
Holder Number
if you are an
investor
B
Your proxy
number if you
are an appointed
proxy
OR

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Open your browser and go to
www.virtualmeeting.co.nz
Choose the meeting you want to watch from
the list and click the View Meeting button.
Register using your full name, mobile number,
email address, and participant type.
Read and accept the terms and conditions
before clicking on the Register and Watch
Meeting button.
Register for the meeting

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
The webcast will start by itself
when the meeting begins
If the webcast doesn’t start, press the play
button and check the volume on your device
is turned up. The meeting slides will be cycled
through while the webcast plays.
At the bottom are buttons for Get a Voting
Card, Ask a Question and a list of documents
available for download.
Watch the meeting

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Register to vote by clicking on
the Get a Voting Card button
If you’re an investor, you will need to enter
your CSN/Holder Number.
If you’re an appointed proxy, you will need to
enter the proxy number in the Proxy Details
section, then click the Submit Details and
Vote button.
Get a voting card

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Once you have your voting card,
tell us how you want to vote
You may need to use the scroll bar on the right
side of the voting card to see all resolutions.
Choose either Full Vote or Partial Vote using
the tabs. Click on either the For, Against, or
Abstain voting buttons. For a Partial Vote,
enter a number of votes—the total number of
votes you have are shown.
Enter your vote

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Make sure you submit your vote
before the countdown timer
ends
Once you have finished voting, scroll down
to the bottom of the box and click on the
Submit Vote or Submit Partial Vote button.
You can close your voting card without
submitting your vote while voting is open.
Any votes you have already made are saved.
The voting card will be under the webcast
with a Not yet submitted message below.
You can edit your votes while voting is open
by clicking on Edit Card. This will re-open the
voting card with any previous votes made.
At the end of the meeting, a red bar with a
five-minute countdown timer will appear at
the top of the website advising the remaining
time to submit your voting cards. Once voting
has been closed, your vote can’t be changed.
Submit your vote

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Only investors, proxies and
corporate representatives can
ask questions
If you have not registered a voting card,
you will be asked to enter your CSN/Holder
Number or proxy number before you can ask
a question.
Click on the Ask a Question button either at
the top or bottom of the page.
Ask a question

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Select the category or resolution
for your question
Type your question in the Question box, and click
on the Submit Question button.
After submitting, click the View Questions button
to see your questions (only visible to you).
If your question has been answered and you want
to reply, submit another question.
Submit a question/reply

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Title
Description
Body
Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services