Announcements

1 Jul 2008 - Precision Group internalises all operational and financial management of its property portfolio

Utilising the MRI property management and accounting system, CEO Shaun Bonett said “...the internalisation of management is of critical importance for any larger property owner who wishes to be able to carefully drive the performance of their business.”.

19 Feb 2008 - Woolworths to anchor Metro Chatswood Shopping Centre following purchase of adjoining building

Precision’s property and development portfolio comprises properties in Adelaide, Melbourne, Sydney and Brisbane, totaling more than $1 billion. Recent acquisitions include the $119.5 million purchase of the MacArthur Central Shopping Centre in Brisbane in May 2006 from Investa Property Group as part of a property swap transaction. Another major transaction was the acquisition of Melbourne’s Pran Central at the end of 2006 for $34.5 million.

Precision Group expands Board and appoints senior executives to its team

The Precision Group has appointed two non-executive directors to its Board. On 29 June 2007 CEO, Shaun Bonett, made the announcement after a recent Board meeting at which nominations by Emile Rochman and Steve Bonett were accepted.  “Even though the Precision Group is privately owned, the input of experienced non-executive professionals at a Board level is an accepted part of today’s business environment” said Mr. Bonett.

Mr. Rochman is a practising accountant bringing over 38 years experience to the Precision Board.  He has served on a number of his clients’ Boards with distinction and his specialised knowledge of tax structures and business management systems will be invaluable.

The highly credentialed Steve Bonett brings considerable corporate governance experience to the Board. He is a director of Terramin Australia Limited (and its local and overseas subsidiaries), an ASX listed company, chairing its Mergers & Acquisitions Committee, Nomination & Remuneration Committee and is a member of its Audit Committee.

As part of its expansion throughout Australia, the Precision Group has also appointed two new senior executives to its team.  Nicholas Edwards has taken on the vital role of Chief Financial Officer.  Mr. Edwards was most recently Tax Manager for Investa Properties Limited, one of Australia’s leading publically listed property groups.  Bruce Engeman, Precision’s new National Retail Leasing Manager comes to the Group after a stellar career with Westfield, the world’s largest shopping centre owner.

Mr. Bonett concluded “These appointments are necessary to support our current team of executives and to maximise the potential of the Group’s expanding property portfolio.  We are extremely fortunate to be able to attract people of this calibre, it says a lot about where we see ourselves and where the market sees us.”

Precision Group takes Queensland retail and commercial portfolio in house and appoints State Asset Manager

Following on the expansion of Precision’s Queensland property portfolio, CEO Shaun Bonett announced that the management of the Group’s QLD assets would come in house from 1 July 2007.  “We have had and continue to have a wonderful association with the Savills Group who have managed our Queensland assets to date” Mr. Bonett said.  “However, there comes a time when it makes more commercial and financial sense to bring management in house, which is what we are now doing.”

“The appointment of Col Hamilton, formerly with Savills, as State Asset Manager QLD has allowed us to do this smoothly and effectively” continued Mr. Bonett.  “Col is highly regarded and well positioned in the Brisbane commercial property market and will give us the mature leadership necessary to promote continued growth”.  Col will lead a team of 6 people managing MacArthur Central Shopping Centre, 144 Edward Street and the Victory Hotel.