Precinct Properties Nz Ltd & Precinct Properties Investments Ltd · NZX:PCT
Precinct Properties Nz Ltd & Precinct Properties Investments — Precinct Properties New Zealand — Shareholder Meeting (May 2023)
21 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's shareholder meeting presentation, May 11, 2023
Slide 1: Precinct Special Meeting
Precinct Special Meeting 11 May 2023
Slide 2: Welcome
Welcome and good afternoon Craig Stobo, Independent Director and Chair
Slide 3: Online questions and voting
Online questions and voting • Questions can now be submitted through the webcast • Questions will be addressed at relevant time in meeting • Opening of voting
Slide 4: Board and Executive Team
Board and Executive Team Board of Directors Craig Stobo Nicola Greer Independent Director and Chair Independent Director Graeme Wong Mark Tume Independent Director Independent Director Anne Urlwin Chris Judd Independent Director Independent Director Executive Team Scott Pritchard George Crawford Ric
Slide 5: Meeting agenda
Meeting agenda • Consider and vote on one Special Resolution • Questions and Answers
Slide 6: Introduction
Introduction • Precinct announced on 18 April 2023 the proposal for Precinct to move to a stapled structure. • The stapling comprises a proposal by Precinct to undertake a corporate restructuring. • In order to give effect to the stapling proposal, amendments need to be made to Precinct’s constituti
Slide 7: Precinct has continued to evolve over the past several years
Precinct has continued to evolve over the past several years Photo credit: Simon Devitt
Slide 8: Successful execution
Successful execution • Successfully completed $1.6bn of development of prime grade real estate • Generator – Precinct’s shared workspace business • Established third party capital partnerships • Residential development business established • Selected as the preferred development partner for the Down
Slide 9: Strategic focus
Strategic focus Strategy continues to evolve as value-add opportunities are explored and executed
Slide 10: Why move to a stapled structure
Why move to a stapled structure The proposed stapled structure, combined with strategy execution is expected to provide the most robust company structure for Precinct to enable growth.
Slide 11: Precinct Stapled Group Structure
Precinct Stapled Group Structure
Slide 12: Shareholding Post Proposed Stapling
Shareholding Post Proposed Stapling There is no change in the underlying assets represented by your shareholding
Slide 13: Short term impact of proposed Stapling
Short term impact of proposed Stapling Illustrative example Stapled structure Proforma dividend split Investor personal tax rate Current Structure PPNZ PPIL 39.0% 33.0% 30.0% 17.5% 10.5% Dividend to Shareholders Net Dividend 6.70 6.26 0.44 6.70 6.70 6.70 6.70 6.70 Imputation Credits - - 0.08 0.08 0.
Slide 14: The proposed stapled structure is expected to provide significant long-term benefits
The proposed stapled structure, combined with strategy execution, is expected to provide significant long-term benefits to Precinct and its shareholders Artist Impression – 117 Pakenham
Slide 15: If Stapling is not approved
If Stapling is not approved • If Shareholder approval is not obtained, Precinct’s constitution cannot be amended, and stapling will not occur. • Retaining Precinct's existing company structure will require Precinct to limit its strategic aspirations and opportunities. • Precinct will be constrained
Slide 16: Summary
Summary • The proposed stapled structure, combined with continued strategy execution, is: • Expected to provide significant long-term benefits to Precinct and its shareholders; • Anticipated to provide earnings growth; and • Ensures Precinct retains its PIE tax status.
Slide 17: Shareholder Q&A
Shareholder Q&A
Slide 18: Formal Business
Formal Business
Slide 19: Special Resolution
Special Resolution “That the Constitution of Precinct Properties New Zealand Limited ("Precinct") be revoked and Precinct adopt a replacement Constitution in the form described in the Notice of Meeting and Explanatory Memorandum and tabled at the Special Meeting and signed by the Chair for the purpo
Slide 20: Voting and closure
Voting and closure •We will now proceed to a poll and conclude the meeting •The results will be announced to the NZX
Slide 21: Thank you
Thank you Thank you
Precinct Properties New Zealand — Shareholder Meeting (May 2023) on 6ix