PLP – Property Portfolio Exposure & Strong Demand for Units

The PLP provides clarification of its property portfolio exposure, and of the intention to meet high demand for units on the NZX. PLP Property Portfolio For the purposes of clarification, the Private Land and Property Fund (NZX Code: PLP) wishes to explain why it has described investment in the Fund as comprising an investment in a property portfolio of $50 million (when the total number of units on issue is 30,776,867 and the total NAV of the fund is $32.1 million). PLP holds 100% of the units of a wholesale property fund also managed by Booster Investment Management Limited, the Private Land and Property Portfolio (PLPP), which has a net asset value of $32.1 million. This wholesale fund holds an investment property portfolio of $50.7 million, has bank loans of $18.6 million as part of its gearing strategy, with a net value (after deducting borrowings) of $32.1 million. This means all investors in the Private Land and Property Fund) are investing in a Fund with a property portfolio exposure of $50.7 million. When assessing the impact of movements in the value of properties which PLP is invested in (and the income from the properties), it is the $50.7 million exposure that is most relevant. Strong Demand for PLP Units on NZX Booster is pleased to observe a strong demand for units in the Fund following its listing on the NZX Main Board on 18 September 2019. Due to the Fund being relatively recently established, there has been an insufficient supply of units from sellers, resulting in a growing unfulfilled demand for units. Booster Financial Services Limited (the parent company of the investment manager) has indicated its intention to purchase units from the Fund at the end of September (in accordance with the Fund's monthly issue of new units which is available on application to the manager*). Booster Financial Services Limited will make these units available on the NZX Main Board at the Unit's net asset value. This will help satisfy the unfulfilled demand from buyers on the NZX, and assist more investors to own units in the PLP. Booster will make a market announcement at the time this occurs notifying the number of units it has subscribed for and that it will resell on-market at NAV. *Applications for subscription for units in PLP can made directly to the manager - see www.booster.co.nz/booster-investments/private-land-and-property-fund.aspx for relevant details. End CA:00341347 For:PLP Type:GENERAL Time:2019-09-20 16:51:45