New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.</li><li>The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.</li><li>Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.</li></ul>

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.

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