Promisia secures option for early Golden View ownership

Market Announcement
29 September 2026
PROMISIA SECURES OPTION TO ACCELERATE GOLDEN VIEW VILLAGE
OWNERSHIP
Promisia Healthcare Limited (Promisia) (NZX: PHL) is pleased to advise that it has entered into a
Deed of Variation with Rivercrest Cromwell Limited, which gives Promisia the right to accelerate the
acquisition of the Golden View Village land and assets in Cromwell that it currently leases.
Under the existing acquisition structure, Promisia operates Golden View Village under a lease
arrangement, with full ownership originally scheduled to occur in August 2028.
The new arrangement gives Promisia the ability to bring forward full ownership, with the option able
to be exercised at any time up to 31 March 2027.
Promisia intends to confirm financing over the coming months and, subject to satisfactory funding
arrangements, expects to target accelerated completion in early March 2027.
There is a clear strategic and financial rationale for bringing forward full ownership, with a number
of key benefits:
• Retaining the full economics of future village resales: under the current lease structure,
Rivercrest receives 40% of Golden View Village ORA resale proceeds. Following completion,
Promisia would retain 100% of these proceeds. The removal of this 40% share would be
accretive to underlying EBITDAF, while the additional cash flows retained by Promisia would
more than offset the incremental financing costs, even on a fully bank-funded basis.
• Material improvement in Operating Free Cash Flow: Promisia currently pays $180,000 per
month, or $2.16 million annually, towards the Golden View Village purchase price. These
committed vendor loan repayments are included as required debt repayments in Promisia's
Operating Free Cash Flow calculation. Their removal would therefore result in a material
increase in Operating Free Cash Flow, providing additional cash available for reinvestment in
the business and shareholder returns under Promisia's dividend policy.
• A simpler capital structure and removal of potential dilution: accelerated completion
would extinguish the remaining $3.5 million of convertible notes associated with the original
Golden View transaction and remove the existing lease and vendor financing structure. The
convertible notes are exercisable at $0.50 per share and, under the Deed of Variation,
Rivercrest has agreed not to exercise its conversion rights during the option period.

The arrangement provides Promisia with a clear pathway to simplify the ownership and funding
structure of Golden View Village while retaining a greater share of its future earnings and cash
generation.
Promisia has not yet exercised the acceleration option. Further information regarding the proposed
funding structure, completion timing and financial impact will be provided once the financing
arrangements are confirmed.
Authority for this announcement:
Francisco Rodriguez Ferrere – Chief Financial Officer, Promisia Healthcare Limited

For more information, please contact: Francisco Rodriguez Ferrere
Phone: +64 21 245 1801 or email: Francisco.rf@promisia.co.nz

About Promisia Healthcare
Promisia is a New Zealand aged care and retirement living provider, creating places where people
feel safe, known and truly at home. We are large enough to invest, improve and deliver reliably—yet
small enough to stay personal, local and deeply connected to the communities we serve. Our
purpose is simple: to build connected communities where people feel cared for, included and
valued. We aim to be the provider of choice in each community we operate in, with care homes and
retirement villages in well-established, well-serviced towns and metropolitan areas. We are
committed to growing sustainably and profitably by doing the basics exceptionally well: delivering
quality care to residents, peace of mind to families and whānau, and long-term value for our care
homes, villages, communities and shareholders. Promisia is listed on the NZX (NZX: PHL).
http://www.promisia.co.nz.