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Market Announcement – Discontinuance of Legal Action By Augusta

11 January 2017

Discontinuance of legal action by Augusta

NPT Limited (NZX: NPT / �the Company�) advises that Augusta Limited (NZX: AUG) has discontinued its High Court proceeding against NPT relating to the timing of an upcoming Shareholder meeting to consider resolutions proposed by Augusta, including the composition of the NPT Board.

This means that the issue of when the meeting will be called is no longer before the Court and NPT will determine the timing of the meeting.

NPT says at this stage it intends to issue the Notice of Meeting in February 2017, and hold the meeting as soon as possible after that.

NPT Chairman, Sir John Anderson, said: �The NPT Board and management is very pleased that this matter has been concluded, which was an unfortunate distraction.�

�The proceedings were not constructive,� he said.

�We are very committed to engaging with shareholders as soon as possible on the very important matters before the Company.

�We will make every effort to hold this shareholder meeting in February, but are conscious that the process of due diligence of the Kiwi Property assets, negotiation of terms, and preparation of the shareholder information memorandum may mean this is not possible.� In the event of a delay, we certainly expect to be in a position to issue a Notice of Meeting in February, with a view to holding the meeting soon thereafter.

�Unless Augusta formally withdraws its proposed resolutions, we will still put those to shareholders at the meeting. At the same time full details of the transactions proposed by Kiwi Property Group will be provided to shareholders together with the resolutions required by NZX Listing Rules for consideration.�


Tony Osborne
Chief Executive Officer
NPT Limited