Precinct adjusts convertible note conversion price caps

Precinct Properties Group has announced adjustments to the conversion price caps for its two series of subordinated convertible notes, PCTHB and PCTHC. This action follows Precinct's issuance of stapled shares at less than 98% of the market price through a placement and share purchase plan, first announced on October 13, 2025. According to the supplemental trust deeds, such circumstances necessitate an adjustment to the conversion price cap to account for any dilution.

As a result, the conversion price cap for PCTHB has been adjusted to $1.3449, and for PCTHC, it has been set at $1.3845. These adjustments have been reviewed and agreed upon by the supervisor, The New Zealand Guardian Trust Company Limited, ensuring compliance with the terms outlined in the respective trust deeds. The original notes were issued on September 21, 2023.

Precinct Properties Group is listed on the NZX Main Board under the ticker code PCT and is a prominent owner, manager, and developer of city centre real estate in Auckland and Wellington. As of June 30, 2025, Precinct's directly-held portfolio had an on-completion value of $3.2 bn, with an additional $1.6 bn in capital partnering assets under management.