Investore Property Ltd. · NZX:IPL
Investore Property — Shareholder Meeting (January 2020)
21 slides from Investore Property's shareholder meeting presentation, Jan 16, 2020
Slide 1: Special Meeting of Shareholders
Special Meeting of Shareholders 16 January 2020
Slide 2: Agenda
Agenda Chair’s Address Resolutions Investore Property Limited – Special Meeting of Shareholders 16 January 2020 2
Slide 3: Background to the Transaction
Background to the Transaction Loan to value ratio 42% 5. Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to Investore by that tenant under the terms of the relevant lease as at 1 Weighted average lease term. 30 September 2019, annualised for the 12 month peri
Slide 4: NZX Listing Rule Requirements
NZX Listing Rule Requirements Related Party transaction requiring shareholder Loan toapproval value ratio 42% Material Transaction - value of the transaction exceeds 10% of Investore’s average market capitalisation Stride Property is a Related Party of Investore, due to its 19.4% shareholding An ind
Slide 5: Independent and Robust Transaction Process
Independent and Robust Transaction Process • Independent Directors managed the sale and purchase process, undertaken on an arms’ length basis • Strict conflicts protocols adhered to, ensuring separation of information and advisors • Independent valuations by Savills (NZ) Limited supported purchase p
Slide 6: The Transaction
The Transaction Investore Property Limited – Special Meeting of Shareholders 16 January 2020
Slide 7: Bunnings Carr Road, Mt Roskill
Bunnings Carr Road, Mt Roskill Bunnings 2 Carr Road Mt Roskill, Auckland1 Purchase Price $48.5 million Occupancy 100% Net Lettable Area 11,601 sqm WALT 7.4 years Net Income $2.34 million Market cap rate 4.88% Major Tenant Bunnings Total Tenants 1 1. All figures as at 30 Sept 2019 Investore Property
Slide 8: Mt Wellington Shopping Centre, Auckland
Mt Wellington Shopping Centre, Auckland 295 Penrose Road Mt Wellington1 Purchase Price $39.25 million 2 Occupancy 100% Net Lettable Area 9,011 sqm WALT 3.1 years Net Income $2.62 million Market cap rate 6.63% Major Tenant Countdown Total Tenants 22 1. All figures as at 30 Sept 2019 2. Including vend
Slide 9: Bay Central Shopping Centre, Tauranga
Bay Central Shopping Centre, Tauranga 65 Chapel Street Tauranga1 Purchase Price $53 million 2 Occupancy 100% Net Lettable Area 17,097 sqm WALT 4.2 years Net Income $3.54 million Market cap rate 6.75% NZ Post, Briscoes Major Tenants Rebel Sport Total Tenants 29 1. All figures as at 30 Sept 2019 2. In
Slide 10: Key Terms
Key Terms • Purchase price $140.75 million, supported by independent valuations • Transaction remains conditional on shareholder approval and OIO approval • Expected settlement April 2020 – depending on OIO timeframe • Vendors to provide underwrite for four vacant tenancies for up to two years • Ven
Slide 11: Alignment with Strategic Principles
Alignment with Strategic Principles 1. Active Portfolio Management 2. Targeted Growth • Strengthens long-standing relationships with existing core tenants including Countdown and • Loan to value Increases total portfolio value, through adding quality large format retail properties Bunnings ratio • E
Slide 12: Alignment with Mandate and Strategy
Alignment with Mandate and Strategy Combination of single tenanted and multi-tenanted properties Loan to value ratio 42% Located in growing regions Overall consistent with investment mandate Supports Investore’s focus on nationally recognised tenants offering convenience-based and non-discre
Slide 13: Transaction Funding – Capital Raise
Transaction Funding – Capital Raise Transaction to be funded through available bank debt facilities Loan to value ratio 42% Successful Capital Raise completed, raising $77.7m of gross proceeds, which were used to pay down bank debt Pro forma LVR expected to be 41.5% on settlement, below the Board’s
Slide 14: Why Support this Transaction?
Why Support this Transaction? • Strategic Fit – consistent with Investore’s strategic objectives • Acquisition Terms – purchase price consistent with independent valuations • Financial Impact – acquisition and capital raise expected to increase distributable profit per share for FY21 • Operational I
Slide 15: Resolutions
Resolutions Investore Property Limited – Special Meeting of Shareholders 16 January 2020
Slide 16: Resolution 1: Approval of Transaction
Resolution 1 Approval of Transaction Loan to value ratio 42% That, in accordance with NZX Listing Rule 5.2.1, the purchase of three properties located in Auckland and Tauranga for $140.75 million by Investore Property Limited (Investore) from Stride Property Limited (in respect of the Auckland prope
Slide 17: Resolution 2: Ratification of Placement Share Issue
Resolution 2 Ratification of previous issue of shares under the Loan to value placement ratio 42% That the previous issue under NZX Listing Rule 4.5.1 of 37,142,858 fully paid ordinary shares in Investore to investors at an issue price of $1.75 per share on 25 November 2019, be approved and ratified
Slide 18: Resolution 3: Ratification of Retail Offer Share Issue
Resolution 3 Ratification of previous issue of shares under the retail Loan to value offer ratio 42% That the previous issue under NZX Listing Rule 4.5.1 of 1,868,483 fully paid ordinary shares in Investore to eligible shareholders under the Retail Offer at an issue price of $1.75 per share on 10 De
Slide 19: Completion of Voting
Completion of Voting Investore Property Limited – Special Meeting of Shareholders 16 January 2020
Slide 20: Proxy Votes Received
Proxy Votes Received1 Resolution 1. Approval of Transaction Proxy votes lodged For Against Discretionary 141,032,169 98.37% 0.14% 1.49% Resolution 2. Ratification of previous issue of shares under the placement Proxy votes lodged For Against Discretionary 141,032,169 96.0% 0.03% 3.97% Resolution 3.
Slide 21: Thank you
Thank you Important Notice: The information in this presentation has been prepared by Investore Property Limited (Investore). The information in this presentation is an overview and does not contain all information necessary to make an investment decision. It is intended to constitute a summary of c
Investore Property — Shareholder Meeting (January 2020) on 6ix