Announcement

TRANSACT: AUG: Augusta Property Fund Update: Investor Funds to be Returned 09:56a.m. 
AUG  
27/03/2020 09:56  
TRANSACT  
PRICE SENSITIVE  
REL: 0956 HRS Augusta Capital Limited  
 
TRANSACT: AUG: Augusta Property Fund Update: Investor Funds to be Returned  
 
NZX Release  
27 March 2020  
Augusta Property Fund Update - Investor Funds to be Returned  
 
Augusta Capital Limited advises that its Board has decided to withdraw the  
initial offering of the Augusta Property Fund. The decision was made in  
light of Covid-19 lockdown and the effect of this lockdown on a number of the  
tenants in the Augusta Property Fund's initial properties. As a result of  
that lockdown, rental relief is likely to either apply or be sought by  
tenants and the Augusta board considered that the representations made in the  
Fund's product disclosure statement were no longer correct. All money raised  
will be returned to registered investors in the next week.  
 
Discussions are ongoing with the vendors of the relevant properties with a  
view to re-launching the Fund at a later date.  
 
As a result of the withdrawal, Augusta will not recognise any fees from the  
establishment of the Augusta Property Fund during the 2020 financial year.  
The earnings guidance previously released on 17 February 2020 is withdrawn.  
 
Covid-19  
The Augusta team is fully set up to work from home during the lockdown and  
are fully engaged in assessing the impact of the lockdown for the various  
property funds and single asset vehicles managed by Augusta.  
 
As a result of the lockdown, construction work has now ceased at the  
developments at Man St, Queenstown (Radisson Collection Hotel) and Cook St,  
Auckland (Jucy Snooze).  
 
-ENDS-  
 
For further information, contact:  
 
Paul Duffy Mark Francis  
Chairman Managing Director  
End CA:00350805 For:AUG Type:TRANSACT Time:2020-03-27 09:56:02  

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