Precinct Properties Nz Ltd & Precinct Properties Investments Ltd · NZX:PCT
Precinct Properties Nz Ltd & Precinct Properties Investments — Precinct Properties New Zealand — Shareholder Meeting (April 2023)
22 slides from Precinct Properties Nz Ltd & Precinct Properties Investments's shareholder meeting presentation, April 2023
Slide 1: Precinct Proposed Stapled Structure Presentation
Precinct Precinct Proposed StapledStapled Proposed Structure Structure Presentation April 2023 April 2023 Artist Impression – 61 Molesworth Street
Slide 2: Disclaimer
Disclaimer The information and opinions in this presentation were prepared by Precinct Properties New Zealand Limited (Precinct). Precinct makes no representation or warranty as to the accuracy or completeness of the information in this presentation. Forward-looking statements including opinions, es
Slide 3: Contents
Contents Background Page 04 Section 1 – Strategy Page 05 Section 2 – Proposed Stapled Structure Page 11 Section 3 – Summary Page 17 Section 4 – Shareholder approval and Timetable Page 19 Precinct Properties New Zealand Limited Scott Pritchard, CEO George Crawford, Deputy CEO Richard Hilder, CFO Note
Slide 4: Background
Background • Precinct has continued to evolve over the past several years • Successful completion of $1.6bn of development of prime grade real estate • Operating businesses providing service and amenity • Internalisation of management • Third party capital partnerships • Residential development plat
Slide 5: Section 1 Strategy
: tlhe ion 1 Sect Strategy — Sa —— ~~ SS Oe os ———i ——
Slide 6: Our Strategy
Precinct is a central city real estate investment company. It invests in high quality strategically located real estate with a focus on sustainability. Our Strategy • Core strategy well established with the portfolio developed by Precinct over the past 10 years Principles of Success • Focusing on co
Slide 7: Strategy evolution
Strategy evolution As we continue to work with our partners and consider future opportunities, the active management of Precinct’s high-quality portfolio is supporting both the evolution and execution of our strategy. 1997 2021 2021 AMP NZ Office Trust Management of PCT Strategy review – Third (ANZO
Slide 8: Strategy supports growth
Strategy supports growth Precinct is a central city specialist Precinct owned Capital partnering Operating Office Retail Investment Management Services excellence Hospitality Development Generator Active Passive & Hotel FUM Split Development (incl vertical mixed Core + Office Capital use) Partnering
Slide 9: Strategic execution
Strategy continues to evolve as value-add opportunities are explored & executed Successful execution: Strategic execution • Established Precinct Pacific Investment Limited Partnership (PPILP) with Singapore sovereign wealth fund GIC • Advanced growth with Wynyard Quarter Stage 3 development sold to
Slide 10: Stapling supports our strategic direction
Stapling supports our strategic direction The proposed stapled structure will ensure the most robust company structure to allow flexibility for Precinct to continue to execute its strategy whilst retaining Portfolio Investment Entity (PIE) status. Key strategic focus over the next 12+ months include
Slide 11: Section 2 Proposed Stapled Structure
Section 2 Proposed Stapled Structure
Slide 12: Proposed Stapled Structure
Proposed Stapled Structure Why move to a stapled structure • To ensure Precinct is fit for purpose and able to continue to deliver on its strategy and growth potential. • The proposed stapled structure will enable growth in Precinct’s capital partnerships, future participation in a wider set of oppo
Slide 13: Proposed Stapled Structure
Proposed Stapled Structure • The diagram below outlines the structure of the proposed Stapled Group and managed entities • If the Precinct Stapling is approved by Shareholders, Precinct will implement Stapling and the Stapled Securities would form a single saleable unit that would trade on the NZX M
Slide 14: Shareholding Post Proposed Stapled Structure
Shareholding Post Proposed Stapled Structure • Precinct shareholders will receive 1 Precinct Investments share for every 1 Precinct share they hold. • There is no change in the underlying assets represented by your shareholding. • The diagram below shows an illustrative 1,000 shareholding in Precinc
Slide 15: Short term impact of proposed Stapled Structure
Short term impact of proposed Stapled Structure • An illustrative example of the impact of the Stapling on Shareholder returns is outlined below. • It shows the impact on the FY23 dividend payment under the current structure compared with a Stapled Structure. • Based on FY23 dividend guidance of 6.7
Slide 16: Longer term benefits of a Stapled Structure
Longer term benefits of a Stapled Structure The proposed stapled structure, combined with strategy execution, is expected to provide significant long-term benefits to Precinct and its shareholders • Provides flexibility for Precinct to continue to execute its strategy whilst retaining PIE status • E
Slide 17: Section 3 Summary
Section 3 Summary
Slide 18: 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. • If Shareholder approval is n
Slide 19: Section 4 Shareholder approval and Timetable
Section 4 Shareholder approval and Timetable
Slide 20: Shareholder approval
Shareholder approval A Special Meeting for shareholders will be held online at: https://meetnow.global/nz on 11 May 2023 at 3:00pm Shareholder approval sought • Precinct will seek shareholder approval (75% majority) to amend its Constitution to provide for Stapling. • Special Resolution: “That the C
Slide 21: Timetable
Timetable Date Meeting documents available and sent to Shareholders 18 April 2023 Latest time for receipt by Precinct of proxy forms 3:00pm 9 May 2023 Record date for voting on Special Resolution 5:00pm 9 May 2023 Special Meeting of Shareholders to consider Stapling 3:00pm 11 May 2023 Effective date
Slide 22: Thank you
Thank you PRECINCT PROPERTIES, ANNUAL RESULTS PRESENTATION - Page 22 Artist Impression – 124 Halsey rooftop terrace
Precinct Properties New Zealand — Shareholder Meeting (April 2023) on 6ix