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Investing

Current Price


The initial subscription commitment was $1 and the shares are fully paid. The final call of 16 cps was paid 21 September 2017.


Current offer price:        cents         Current bid price:    $1.14      Last sale price:  99 cents (pre 16 cps call)


 Net Asset Value  31 March 2017   $1.01  (audited)       


How to invest on the secondary market

If you are interested in an investment in NZSIF, the shares may be available on the secondary market facilitated by Craigs Investment Partners. Please contact your usual investment adviser.  For further information on investing in NZSIF you may download the original NZSIF Investment Statement and Prospectus dated 12 March 2010 here.


Enquiries about investing in NZSIF can also be made by contacting


NZSIF Management Limited   

Attention: Peter Lalor
Phone: (07) 927 7927 
Email: enquiries@nzsif.co.nz

 

 

 

 

 

Summary of the Initial Public Offer Terms

Issuer: New Zealand Social Infrastructure Fund Limited (NZSIF).

Objective: To invest as a limited partner in the Public Infrastructure Partners LP (PIP Fund). The PIP Fund will invest primarily in New Zealand Social Infrastructure Assets through PPPs and, with Advisory Committee approval, Australian domiciled Social Infrastructure Assets.

Investment Manager: Morrison & Co PIP Limited will be the investment manager of the PIP Fund and will have control over the investment decisions associated with any funds invested in the PIP Fund.

Offer: 50 million Shares at an issue price of $1.00 per Share, with provision to issue up to a further 75 million Shares at $1.00 per Share in oversubscriptions.

Shares on Offer: Each Share comprises one ordinary voting share (nil issue price) and 100 non-voting redeemable preference shares in NZSIF (of one cent each).

Initial Subscription: An initial subscription of $0.10 per Share subscribed for is payable upon application (plus the Application Fee on the total subscription amount).

Further Calls: The remaining $0.90 per Share, being the balance between the initial subscription and the Issue Price, is payable in tranches. Further calls will be subject to 20 Business Days’ advance notice to the investor.The proceeds of the initial subscription, and each further call, will be applied to successively pay up in full the non-voting redeemable preference shares in NZSIF represented in each Share.

Minimum Investment: 20,000 Shares (paid up on initial application to $2,000), and thereafter in 5,000 Share increments (paid up to $0.10 per Share), plus the Application Fee.

Application Fee: An application fee of 2% of the total Subscription Amount is payable by investors in NZSIF to the Lead Manager. The Application Fee will be used to pay brokerage at the same rate to NZX Firms and invited financial intermediaries on stamped Application Forms. The Lead Manager reserves the right to reduce the Application Fee at its absolute discretion for applications in excess of $1,000,000.

Offer Closing Date:  The Closing Date of the Offer is 30 April 2010.

Management Fee: Investment Management fees are payable by the PIP Fund to the Investment Manager under the Investment Management Agreement as described in Section 10 – Summary of the Investment Management Agreement on page 28 and also in Section 16 – Schedule 1: Annual Performance Fee, on page 48 of the prospectus and investment statement of NZSIF.

Applications for Shares:  Applications must be accompanied by cheque payment for the initial subscription plus the Application Fee. Cheques should be made out to ‘NZSIF Share Offer’ and crossed ‘Not Transferable’. Duly completed Application Forms together with the appropriate payment must be lodged with any NZX Firm, invited financial intermediaries or the Lead Manager, in sufficient time to be lodged with the Share Registrar prior to Closing Date.

 Allocation of Shares: Allocations and scaling will be determined by the Board with recommendations from the Lead Manager and may not be pro-rata. NZSIF reserves the right to accept or decline oversubscriptions.

Allotment of Shares:  Allotment is expected to take place on 6 May 2010 (subject to any extension of the Closing Date). The Board reserves the right to reject any application, or accept any application in part only, without assigning any reason for doing so. Any interest generated on subscription monies held by NZSIF shall be for the account of NZSIF, except as required by the Securities Act. Any surplus subscription monies will be refunded to Applicants within five Business Days after allotment of Shares to successful Applicants and will not carry interest.

Administration Manager:  NZSIF Management Limited (the “Administration Manager”), a wholly-owned subsidiary of Craigs Investment Partners, will provide the day-to-day administration of NZSIF. See Section 6 – Structure, Administration, Governance and Reporting for NZSIF, on page 15 of the prospectus and investment statement of NZSIF for further information.

Administration Fee: An annual administration fee of 0.25% per annum of the Opening Equity Value of NZSIF is payable by NZSIF to the Administration Manager under the Administration Management Agreement. See Section 11 – Summary of the NZSIF Administration Agreement, on page 30 of the prospectus and investment statement of NZSIF for further information.

Listing: Listing of the Shares is not currently being sought. Whilst there will be no formal secondary market for the Shares, the Administration Manager will provide an order matching facility for buyers and sellers of Shares to assist with the provision of liquidity for holders of Shares during the term of the PIP Fund.

 If considered appropriate in the future, the Board may seek to list NZSIF Shares on the NZX or any other order matching facility, subject to satisfying the relevant listing rule requirements and subject to approval by the General Partner.

PIP Fund Term: The initial term of the PIP Fund is 18 years, ending 29 October 2027, unless terminated earlier or extended by an ordinary resolution of the Limited Partners.

Reporting: The progress of NZSIF, and updates on the performance of the PIP Fund, will be provided on a half-yearly basis. Other matters such as portfolio valuation, distributions and financial statements of NZSIF will be provided through annual reports and newsletters, available on the website www.nzsif.co.nz.

Failure to Pay a Call: If an investor fails to pay a call on any Share:

• interest will accrue on the unpaid amount at 5% per annum above the 90-day bank bill rate.

• the Shares to which the call relates will be liable to forfeiture under NZSIF’s constitution.

• NZSIF may enforce the lien provided for in its constitution over all Shares held by that investor by disposing of such Shares and applying the proceeds towards the unpaid amount (with the investor remaining liable for any shortfall after the sale or disposal of such Shares).

For further details, see Section 12 – Financial Information, on page 32 of the prospectus and investment statement of NZSIF. 

 Disclosure of Interest

Craigs Investment Partners wholly owns the manager, NZSIF Management Limited, which provides management and administrative services for NZSIF.

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