NZ's Precinct Properties rises on agreement to internalise its management

Precinct Properties New Zealand

29/03/2021 24:13

** Shares of Precinct Properties New Zealand Ltd  PCT.NZ 
rise as much as 3.7% to NZ$1.71, highest since Feb. 12
    ** Company says it reached an agreement with AMP Haumi
Management Ltd (AHML) to terminate a management services deal
and internalise its management  urn:newsml:reuters.com:*:nNZStFfa
    ** Deal is expected to provide cost savings of NZ$14.6 mln
($10.21 mln) per annum and be 6.0% accretive to adjusted funds
from operations per share on a pro forma basis
    ** Says key terms of deal include gross payment from co to
AHML of NZ$215 Mln
    ** Stock posts its biggest intraday pct gain since March 16
    ** PCT is the biggest percentage gainer on the benchmark
NZ50 index
    ** Stock had fallen 6.3% this year, as of last close,
compared with a 5.7% decline in the S&P/NZX 50 index  .NZ50  
 ($1 = 1.4306 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))