14 July 2020

Augusta Capital Independent Directors unanimously recommend the Centuria offer

New Zealand based Augusta has released its Target Company Statement (TCS) in response to the Centuria Offer.

The Augusta Independent Directors Committee has unanimously recommended that, in the absence of a superior offer, Augusta shareholders should accept the Centuria Offer for all their Augusta shares. The TCS also includes an independent assessment of the merits of the Offer prepared by Calibre Partners (formerly known as KordaMentha).

A copy of the TCS is attached. The TCS is also available on the NZX website (www.nzx.com, NZX code: AUG).

Centuria seeks acceptances to the Centuria Offer to take Centuria’s shareholding in Augusta to 90% or more to enable it to merge the businesses efficiently and create an A$8.9 billion Trans-Tasman funds management platform.

Joint CEO John McBain said “Augusta has a commanding market position in the New Zealand funds management arena with significant exposure to the industrial sector and are currently marketing a diversified healthcare fund, both sectors being highly complementary to Centuria’s existing strategy. Locally, we have new listed and unlisted fund plans being finalised at present to offer our investors attractive relative returns.”

The Centuria Offer is scheduled to close at 11.59pm (New Zealand time) on 10 August 2020 but the offer period may be further extended at Centuria’s discretion.

The Australian Securities and Investments Commission (ASIC) has granted Centuria relief from the on-sale provisions of the Corporations Act, the effect of which is that Centuria does not need to issue a cleansing notice in order for the Centuria stapled securities issued as consideration under the Centuria Offer to be traded on the ASX. The fact that ASIC has granted this relief should not be taken as a reflection of ASIC’s views on any other aspect of the Centuria Offer.