Morningstar | Corporate Action: Recommend Participate in Precinct’s Share Purchase Plan
We recommend security holders in narrow-moat-rated Precinct Properties participate in the share purchase plan, or SPP, with the offer price of NZD 1.48 screening as attractive relative to our fair value estimate of NZD 1.55 per security and the current Precinct share price of NZD 1.49.As part of Precinct Properties’ fully underwritten NZD 150 million equity raise, the firm is offering eligible shareholders the opportunity to participate in a NZD 20 million SPP. While Precinct aims to raise NZD 20 million via the underwritten SPP, it has the discretion to accept oversubscriptions of up to NZD 10 million.
Under the SPP, eligible shareholders can subscribe for up to NZD 50,000 in new Precinct shares at NZD 1.48 each, with securities issued under the SPP qualifying for Precinct's second-quarter dividend of NZD 1.5 cents per security plus imputation credits. The closing date for the offer is March 5, 2019, with allotment of new shares under the offer occurring on March 11, 2019. Additional details on the offer are contained in the Offer Document.
Precinct Properties New Zealand is engaged in investment in predominantly prime commercial office properties in the central business district of major New Zealand cities. As of June 30 2010, Co. had total assets of NZ$1,299,328,000 and investment properties portfolio valued at NZ$1,276,800,000.
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