Capital Change Notice - Convertible Notes (IPLHA)

Capital Change Notice


Section 1: Issuer information
Name of issuer Investore Property Limited (Investore)
NZX ticker code IPLHA
Class of financial product Interest bearing subordinated convertible
notes (“Notes”)
ISIN (If unknown, check on NZX website) NZIPLDG001C8
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed 62,500,000
Nominal value (if any) NZ$62,500,000
Issue price per security $1.00
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Fully paid up
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)
100%
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)
As set out in the product disclosure
statement dated 8 September 2025.
Subject to the cash election described
below, all outstanding Notes will be
converted into ordinary shares of
Investore on 26 September 2029.
Under the cash election, rather than
converting the Notes into ordinary shares
of Investore, Investore may (either in
whole or part) elect to instead pay a cash
amount to noteholders at the end of the
term as determined under the terms of the
Notes. Investore will announce whether it
intends to make a cash election for any
Notes on or before the conversion
announcement date (expected to be 19
September 2029).
The number of shares to be issued
following conversion of the Notes will be
determined by dividing the principal
amount (together with any accrued and

unpaid interest (and any interest thereon)
and less any taxes, withholdings or
deductions) by the conversion price, which
the lesser of:
1. the conversion price cap of $1.56;
and
2. a 2% discount to the Market Price.
The Market Price is determined based on
the arithmetic average of the daily volume
weighted average price of Investore’s
shares on the NZX Main Board in the 20
business days prior to (but not including)
the conversion announcement date.
The conversion price cap may be adjusted
in certain circumstances.
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Reason for issue:
The net proceeds of the offer will be used
to repay existing bank debt, providing
Investore with the flexibility and additional
debt capacity to fund future acquisitions
including the purchase of the Silverdale
Centre from Stride Property Limited
(subject to shareholder approval), and for
general corporate purposes.
Specific authority for issue:
Resolutions of the Board of Directors of
Investore passed on 5 September 2025.
Total number of Financial Products of the Class
after the issue (excluding Treasury Stock) and the
total number of Financial Products of the Class
held as Treasury Stock after the issue.
62,500,000
Nil Treasury Stock
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
Resolutions of the Board of Directors of
Investore passed on 5 September 2025.
Rule 4.5.1 for the issuance of the Notes
(read as if that rule applied to the Notes).
Rule 4.9.1(b)(i) for the issuance of shares
on conversion of the Notes.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
As set out in:
• the Master trust deed dated 2
March 2018 (amended 10 March
2021) and supplemented by the

Capital Change Notice


series supplement dated 8
September 2025; and
• the product disclosure statement
dated 8 September 2025.
Date of issue/acquisition/redemption Issued on: 26/09/2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Jennifer Whooley, Company Secretary
Contact person for this announcement Jennfier Whooley
Contact phone number +64 (0)21 536 406
Contact email address jennifer.whooley@strideproperty.co.nz
Date of release through MAP

26/09/2025