NPT : Market Announcement

December 2, 2016

2 December 2016

Market Announcement from NPT: Board restates commitment to February shareholder meeting - legal proceedings 'unfortunate distraction'

NPT advises that the High Court has scheduled a hearing date of February 10, 2017, to consider Augusta Capital's application to require NPT to hold a shareholder meeting as soon as reasonably possible.

The timing considerations make this action something of a nonsense, as the Board has already made a commitment to hold a shareholder meeting in February to consider the resolutions before the company.

NPT Chairman, Sir John Anderson, said the legal proceedings are an 'unfortunate distraction', as the practical considerations mean that an earlier shareholder meeting is not logistically possible. As previously advised, the Board is considering four substantive proposals from interested parties, including the Augusta Capital proposal, regarding the future of the company. It has commissioned Northington Partners to undertake an independent assessment of all of the proposals, with a view to the Board presenting its recommendations at the meeting.

The Board's recommendation was for a February shareholder meeting to allow sufficient time to complete this review, taking into account the Christmas break.

'There is no compelling reason to depart from this timetable,' he said.

'We are confident that the meeting will take place before the legal process is completed, and so this action is not constructive and is in fact pointless.

'The Board will now return its focus to the task at hand, which is reviewing all proposals based on merit in the interests of all shareholders and the future of the company.

'The Board is committed to adhering to a robust process that does not unfairly favour any one party,' he said.

ENDS

Tony Osborne
Chief Executive Officer
NPT Limited
T 09 302 4586
M 021 606 088
E zn.oc1480629877.tpn@1480629877ynot1480629877
W www.npt.co.nz