Rights Issue Shortfall Placement

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www.nzrlc.co.nz
NZX Announcement
23 September 2021

Rights Issue Shortfall Placement Completion


On 28 June 2021, New Zealand Rural Land Company Limited (NZL:NZX) completed a rights issue which raised $20.3 mln
in aggregate. The rights issue resulted in a shortfall of approximately $24.0 mln.

NZL is pleased to advise that it has today allotted 16,805,868 ordinary shares at $1.10 per share to place the shortfall
from the rights issue and raise a total of $18.486 mln in new capital. This, together with debt capacity that NZL has with
Rabobank, represents sufficient capital for NZL to fund the acquisitions that it currently has under due diligence. Given the
shortfall placement was at a sizeable discount to NZL’s audited net asset value as at 30 June 2021, NZL was conscious to
not raise any capital in excess of what it actually requires to fund the acquisitions that it has under investigation.

NZL today also allotted 1,163,162 ordinary shares at $1.3968 per share to satisfy the performance fee payable to NZL’s
manager, New Zealand Rural Land Management Limited Partnership, for the period ending 30 June 2021.

A capital change notice accompanies this announcement.
Contact:
Christopher Swasbrook
Director
Mobile: 021 928 262
Email: chris@nzrlc.co.nz

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Capital Change Notice

Updated as at 17 October 2019

13732406_1


Section 1: Issuer information
Name of issuer New Zealand Rural Land
Company Limited
NZX ticker code NZL
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZNZLE0001S2
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed The issue of 17,969,030 fully
paid ordinary shares, being:
• 1,163,162 fully paid
ordinary shares
(Performance
Shares); and
• The issue of
16,805,868 fully paid
ordinary shares
(Placement Shares).
Nominal value (if any) N/A
Issue/acquisition/redemption price per security For the Performance Shares,
$1.3968 per share
For the Placement Shares,
$1.10 per share
Nature of the payment (for example, cash or other
consideration)
Placement Shares – cash
Performance Shares –
services under management
agreement
Amount paid up (if not in full) Paid in full
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
1

22.77%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
For the Performance Shares,
to satisfy the performance fee
payable under the
management agreement with

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

New Zealand Rural Land
Management Limited
Partnership for the period
ending 30 June 2021.
For the Placement Shares, to
provide NZL with new capital
to fund further rural land
acquisitions.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
96,900,000
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Board resolution and
certificate.
NZX Listing Rule 4.4.1(a).
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
For the Performance Shares,
50% of shares issued are
subject to trading restrictions
for a period of five years under
a restricted security deed.
Date of issue/acquisition/redemption
2
23 September 2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Christopher Swasbrook
Contact person for this announcement Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP

23 September 2021




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).