Ann: GENERAL: PFI: PFI Announces Q1 Dividend, Provides Financing Update

• Release Date: 04/05/15 08:59
• Summary: GENERAL: PFI: PFI Announces Q1 Dividend, Provides Financing Update
• Price Sensitive: No
• Download Document  3.63KB

					PFI
04/05/2015 08:59
GENERAL
PRICE SENSITIVE
REL: 0859 HRS Property for Industry Limited

GENERAL: PFI: PFI Announces Q1 Dividend, Provides Financing Update

PFI ANNOUNCES FIRST QUARTER DIVIDEND; PROVIDES FINANCING UPDATE

NZX listed industrial property landlord Property For Industry (PFI) today
announced a first quarter cash dividend of 1.75 cents per share and provided
an update on the company's financing.

Dividend

The PFI board has today resolved to pay a first quarter cash dividend of 1.75
cents per share. The dividend will have imputation credits of 0.4334 cents
per share attached and a supplementary dividend of 0.1967 cents per share
will be paid to non-resident shareholders. The record date for the dividend
is 18 May 2015 and the payment date is 27 May 2015.

Dividend Reinvestment Scheme

The PFI board has resolved to reinstate the dividend reinvestment scheme
(DRS) for the first time since the May 2012 dividend. A discount of 2% will
be applied to the volume weighted average sales price for the five trading
days ended 21 May 2015.

Shareholders who have previously completed an application to participate in
PFI's DRS and who wish to receive shares instead of cash do not need to do
anything further, as your previous election will continue to apply.

Shareholders who wish to change their previous participation will need to
complete a new application, which can be found on PFI's website:
http://www.propertyforindustry.co.nz/dividend-reinvestment-scheme.php.

Former Direct Property Fund Limited (DPF) shareholders who wish to
participate in the DRS will need to complete an application form, even if
they had previously elected to participate in DPF's DRS, if they have not
done so already.

Any shareholder who has not previously elected to participate in PFI's DRS
and who wishes to continue receiving quarterly cash dividends need take no
further action.

Guidance

Guidance for the financial year ending 31 December 2015 remains unchanged,
with distributable profit and cash dividends expected to be approximately
7.35 and 7.30 cents per share respectively.

Financing

PFI is pleased to announce that the company's syndicated bank loan facility
has been increased from $350 million to $375 million and refinanced on
competitive terms. The refinanced facility, provided by existing lenders ANZ,
BNZ, CBA and Westpac, comprises two $187.5 million dollar tranches committed
for four and five years respectively, resulting in an average term to expiry
of four and a half years (3.8 years as at 31 December 2014). Following the
refinance PFI's weighted average cost of debt is 6.08% (i) (5.96% as at 31
December 2014).

General

PFI's board and management team look forward to seeing shareholders at the
2015 annual meeting where a summary of the company's activities will be
presented. The meeting will be held at the Level 4 Lounge, South Stand, Eden
Park, Gate P5, Reimers Ave, Mount Eden, Auckland 1024 on 20 May 2015
commencing at 3.00pm.

Contact

For further information please contact:
Nick Cobham
General Manager (Joint)
Phone: +64 9 303 9656
Email: [email protected]

Simon Woodhams
General Manager (Joint)
Phone: +64 9 303 9652
Email: [email protected]

About PFI

PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 80 industrial properties in Auckland, Hamilton, Mount
Maunganui, Wellington and Christchurch, is leased to 138 tenants.

www.propertyforindustry.co.nz

Attached

PFI - Appendix 7 - 31 March 2015

(i) As at 4 May 2015. Weighted average cost of funds comprises BKBM, hedging,
margins and all borrowings related fees.
End CA:00263831 For:PFI    Type:GENERAL    Time:2015-05-04 08:59:12