Ann: MEETING: PFI: Special and Annual Meeting Out

• Release Date: 24/06/13 18:50
• Summary: MEETING: PFI: Special and Annual Meeting Outcomes, Presentation
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PFI
24/06/2013 16:50
MEETING

REL: 1650 HRS Property for Industry Limited

MEETING: PFI: Special and Annual Meeting Outcomes, Presentation

SPECIAL AND ANNUAL MEETING OUTCOMES, PRESENTATION

Special Meeting Outcomes

Property for Industry Limited (PFI) and Direct Property Fund Limited (DPF)
today received shareholder approval to proceed with a merger of their
respective businesses at special meetings of their shareholders at Eden Park,
Auckland.

In a joint statement, PFI Chairman Peter Masfen and DPF Chairman Arthur Young
said: "We are delighted with the strong show of support from our shareholders
exhibited in both the voter turnout and the successful voting results."

DPF's sole resolution to approve the merger was passed by poll as follows:

Votes for: 1,037,370 (99.88%)
Votes against: 1,200 (0.12%)

PFI's resolutions were passed by poll as follows:

Resolution 1: Merger
Votes for: 85,624,354 (99.70%)
Votes against: 256,701 (0.30%)

Resolution 2: Amended and Restated Management Agreement
Votes for: 81,090,579 (97.92%)
Votes against: 1,725,563 (2.08%)

Resolution 3: Director Remuneration
Votes for: 80,391,588 (93.90%)
Votes against: 5,225,727 (6.10%)

PFI and DPF will now apply for Final Court Orders on 26 June 2013. It is
anticipated that Final Court Orders will be granted by the High Court, and
the merger will be effective on 1 July 2013 with DPF shareholders being
issued PFI shares on that date.

Annual Meeting Outcomes

Property for Industry Limited (PFI) also held its annual meeting of
shareholders at Eden Park, Auckland.

PFI's resolutions were passed in respect of the re-election of Peter Masfen
and auditor's fees and expenses.

The board of PFI has determined, pursuant to Listing Rule 3.3.3a that Peter
Masfen, Humphry Rolleston and Anthony Beverley are, in its view, Independent
Directors of the company.

Gregory Reidy is not an Independent Director because he is associated with,
and represents the interests of, the company's manager.

Special and Annual Meeting Presentation

PFI has also provided NZX with a copy of the presentation and Chairman's
address made at the PFI special and annual meetings.

Contact
For further information please contact:
Peter Masfen
Chairman
Property for Industry Limited
Phone: +64 9 306 1261
Email: [email protected]

Arthur Young
Chairman
Direct Property Fund Limited
Phone: +64 9 357 9001
Email: [email protected]

About PFI
PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 50 industrial properties in Auckland, Wellington and
Christchurch, is leased to 85 tenants. www.pfi.co.nz

About DPF
DPF is an unlisted limited liability property company which invests in the
commercial and industrial property sector. DPF's portfolio of 33 properties
in Auckland, Hamilton, Tauranga and Wellington is leased to 54 tenants.
www.directproperty.co.nz

Attached
PFI - Special Meeting Presentation - 24 June 2013
PFI - Annual Meeting Presentation - 24 June 2013
PFI - Special and Annual Meeting Chairman's Address - 24 June 2013
End CA:00237734 For:PFI    Type:MEETING    Time:2013-06-24 16:50:51