Ann: RIGHT: PCT: Successful completion of Institutional Entitlement Offer

• Release Date: 27/02/15 09:03
• Summary: RIGHT: PCT: Successful completion of Institutional Entitlement Offer
• Price Sensitive: No
• Download Document  4.16KB

					PCT
27/02/2015 09:03
RIGHT
NOT PRICE SENSITIVE
REL: 0903 HRS Precinct Properties New Zealand Limited

RIGHT: PCT: Successful completion of Institutional Entitlement Offer

SUCCESSFUL COMPLETION OF INSTITUTIONAL ENTITLEMENT OFFER - 98% TAKE-UP BY
ELIGIBLE INSTITUTIONAL SHAREHOLDERS

Completion of Institutional Entitlement Offer

Precinct Properties New Zealand Limited ("Precinct") advises that it has
successfully completed the institutional entitlement offer component
("Institutional Entitlement Offer") of its 1 for 7 underwritten  entitlement
offer ("Offer"). The Offer was announced on 25 February 2015, and will raise
a total of approximately NZ$174.1 million.

The Institutional Entitlement Offer has raised gross proceeds of
approximately NZ$73.6 million, and received overwhelming support from
existing institutional shareholders, with eligible institutional shareholders
electing to take up 98% of their entitlements.

The shares taken up under the Institutional Entitlement Offer are expected to
be allotted and commence trading on 4 March 2015 .

Institutional Bookbuild

As a result of the very strong support provided by shareholders in the
Institutional Entitlement Offer, only a small number of shares are available
for the institutional bookbuild component of the Offer, to be conducted on 27
February 2015. The vast majority of the shares in the Institutional Bookbuild
relate to the Entitlements of ineligible institutional shareholders.

Retail Entitlement Offer

The retail component of the Offer ("Retail Entitlement Offer") will open at
10am (NZT) on Monday 2 March 2015 and will close on Wednesday, 18 March 2015.

Eligible retail shareholders will be able to subscribe for 1 new share for
every 7 Precinct shares held on the record date of 5pm (NZT) on 27 February
2015, at the same application price as the Institutional Entitlement Offer
(NZ$1.15).

An offer document will be sent to eligible retail shareholders on 2 March
2015 and is available on Precinct's website (www.precinctrightsoffer.co.nz).
Eligible retail shareholders wishing to acquire new shares under the Retail
Entitlement Offer will need to complete the personalised Entitlement and
Acceptance Form that will accompany the offer document.

Eligible retail shareholders may choose to take up their entitlements in
whole, in part or not at all. Shares not taken up by eligible retail
shareholders and those which would otherwise have been offered to ineligible
retail shareholders, will be offered for subscription to selected
institutional investors through a Retail Bookbuild scheduled for 20 March
2015.

Retail shareholders who do not take up their entitlements or who are
ineligible to participate in the Retail Entitlement Offer will receive a pro
rata share of any positive difference between the Retail Bookbuild price and
the application price for new shares of NZ$1.15 per new share. There is no
guarantee that any value will be received from the Retail Bookbuild by
eligible retail shareholders who did not take up their full entitlement or
ineligible retail shareholders.

Shareholders who have any queries about the Offer are encouraged to read the
offer document and seek financial, investment, or other professional advice
from a qualified professional adviser.

Precinct shares will continue in trading halt until an announcement
containing the results of the Institutional Bookbuild is made.

For further information, please contact:

Scott Pritchard
Chief Executive Officer
Office: +64 9 927 1640
Mobile: +64 21 431 581
Email: [email protected]

IMPORTANT INFORMATION
This announcement has been prepared for publication in New Zealand and may
not be released or distributed in the United States. This announcement does
not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or any other jurisdiction. Any securities
described in this announcement have not been, and will not be, registered
under the US Securities Act of 1933 and may not be offered or sold in the
United States except in transactions exempt from, or not subject to, the
registration of the US Securities Act and applicable US state securities
laws.
End CA:00261254 For:PCT    Type:RIGHT      Time:2015-02-27 09:03:45