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Completion of institutional entitlement offer

20 May 2015

Completion of institutional entitlement offer

Kiwi Property advises that it has successfully completed the institutional entitlement offer component (Institutional Entitlement Offer) of its underwritten 1 for 9 entitlement offer (Offer).

The Offer was announced on 18 May 2015, and will raise a total of approximately NZ$151.9 million.

The Institutional Entitlement Offer raised gross proceeds of approximately NZ$65 million, and received overwhelming support from existing institutional shareholders, with eligible institutional shareholders electing to take up approximately 93% of their entitlements.

The shares taken up under the Institutional Entitlement Offer are expected to be allotted and commence trading on 2 June 2015.

Institutional bookbuild

As a result of the strong support provided by shareholders in the Institutional Entitlement Offer, only a small number of New Shares are available for the institutional bookbuild component of the Offer, to be conducted today, 20 May 2015.

Retail entitlement offer

The retail component of the Offer (Retail Entitlement Offer) will open at 10.00am (NZ time) on Thursday 21 May 2015 and will close at 5.00pm on Tuesday 9 June 2015. Eligible retail shareholders will be able to subscribe for 1 new share for every 9 shares held on the record date of 5.00pm (NZ time) on 20 May 2015, at the same application price as the Institutional Entitlement Offer of NZ$1.20 per share.

An Offer document will be sent to eligible retail shareholders on Thursday 21 May 2015 and is available on the website established for the Offer, kiwipropertyrightsoffer.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, or online via the website noted above. 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 11 June 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$1.20 per new share.

There is no guarantee that any value will be received from the retail bookbuild by eligible retail shareholders who do not take up their full entitlement or ineligible retail shareholders.

ends

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