Savor announces $3.25m fully underwritten rights issue

NZX Release 31 January 2023

Savor announces fully underwritten rights issue to raise $3.25m

Savor Limited (NZX: SVR) (“Savor” or with its subsidiaries “the Group”), New Zealand’s premier
hospitality group, announces it plans to raise $3.25m of new capital via a fully underwritten pro rata
rights issue. 5 new shares will be offered for every 44 shares held at 5pm on 10 February 2023.

Highlights:
• Savor has seen significant interest from existing and potential shareholders to participate in
the growth of the Company.
• The Board considers the timing to be right to raise further capital to pay down all short term
floating rate liabilities, recapitalise the Group’s Balance Sheet, and position the Group for
growth out of cash flow.
• Savor has received commitments from wholesale investors to fully underwrite a
renounceable rights issue of $3.25 million at 42.9 cents per share, a 10% discount to the
volume weighted average share price in the 5 trading days prior to this announcement.
• Savor plans to open the rights issue on 13 February and to close it on 22 February, with
allotments of new shares to be completed on 28 February 2023.

This rights issue follows on from the private placement undertaken in May 2022 for the builds of the
new Bivacco and MoVida venues and allows existing shareholders to participate in the discounted
growth capital raised. Eligible shareholders will be able to apply for oversubscriptions, and Savor
reserves the right to place additional shares at the same issue price if demand exceeds Savor’s
expectations.
Savor considers the Group is now well positioned to accelerate its growth through existing and new
venues, as well as exploring M&A opportunities as they arise.
Given the substantial movement in interest rates the Board has decided the proceeds will be used
primarily to pay down all short term floating rate liabilities leaving only fixed rate debt obligations.
The Group’s average term debt is greater than two years to maturity and carries an average interest
rate of less than 4%.
The offer document for the rights issue is scheduled to be released to the market by 13 February
2023.
-ENDS-

Investor Enquiries
Tim Peat
CFO, Savor
Mobile: 021 049 7442
Email: tim@savor.co.nz

About Savor
Savor, established in 2011, is one of New Zealand’s largest hospitality businesses with 18 iconic
venues in Auckland, including Amano, Azabu Ponsonby, Azabu Mission Bay, Ebisu and Non Solo
Pizza, each with its own unique concept, culture and offering. In 2022, Savor opened Bivacco in
Auckland’s Viaduct Harbour and brought iconic Melbourne concept MoVida to Britomart’s Seafarers
Building. Savor has a reputation for originality, the quality of its products and the high standard of
service that is consistent across the company portfolio.

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31 January 2023
NZX Limited
Level 1, NZX Centre
11 Cable Street
Wellington
NOTICE PURSUANT TO CLAUSE 20(1)(a) OF SCHEDULE 8 TO THE FINANCIAL MARKETS CONDUCT
REGULATIONS 2014: SAVOR RENOUNCEABLE RIGHTS ISSUE

Savor Limited (Savor) has today announced that it will undertake a fully underwritten pro-
rata 5 for 44 renounceable rights issue of fully paid ordinary shares of the same class as
already quoted on the NZX Main Board of NZX Limited, at an issue price of
42.9 cents per
share (the Offer). The offer will be made pursuant to NZX Main Board listing rules 4.3.1(a)
and 4.4.
Pursuant to clause 20(1)(a) of Schedule 8 to the Financial Markets Conduct Regulations 2014
(FMC Regulations), and the Financial Markets Conduct Act 2013 (FMCA), Savor states that:
• Savor is making the Offer in reliance upon the exclusion in clause 19 of Schedule 1 to the
FMCA and is giving this notice under clause 20(1)(a) of Schedule 8 to the FMC
Regulations.
• As at the date of this notice, Savor is in compliance with the continuous disclosure
obligations that apply to it in relation to ordinary shares in Savor, and there is no
information that is “excluded information” as defined in clause 20(5) of Schedule 8 to the
FMC Regulations.
• As at the date of the notice, Savor is in compliance with its financial reporting obligations.
The Offer is not expected to have any material effect or consequence on the control of Savor.
Yours faithfully

Tim Peat
Chief Financial Officer
Savor Limited

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Corporate Action Notice

Page 1 of 2

Section 1: Issuer information (mandatory)
Name of issuer Savor Limited
Class of Financial Product Ordinary Shares
NZX ticker code SVR
ISIN (If unknown, check on NZX
website)
NZMOAE0001S1
Name of Registry Link Market Services Limited
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share Purchase
Plan/retail offer
Renounceable
Rights issue or
Accelerated
Offer
X
Capital
reconstruction
non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue
Record date 10/02/2023
Ex Date (one business day before the
Record Date)
09/02/2023
Currency NZD
Section 2: Rights issue or Accelerated Offer
If Accelerated Offer, structure N/A
Number of Rights to be issued for
renounceable/non renounceable rights
offer, OR number of entitlements
available for security holders if
Accelerated Offer
7,589,199 (subject to rounding)
Maximum number of Financial Products
to be issued if offer is fully subscribed
7,589,199 (subject to rounding)
ISIN of Rights security (if applicable) N/A
Oversubscription facility Y
Entitlement ratio (for example 1 for 3)
Please contact NZX ahead of announcing the offer if
each Right will be exercisable for more or less than
one Financial Product (i.e unless prior arrangement is
made, Rights will be exercisable on a one for one
basis)
New 5 Existing 44
Treatment of fractions** Rounded to the nearest whole number
Subscription price
(per Financial Product)
42.9 cents per share

2 of 2
Letters of entitlement mailed 13/02/2023
Offer open 13/02/2023
Offer close 22/02/2023
Quotation date (if Rights will be quoted) N/A
Allotment date Market open on:
28/02/2023
Section 7: Authority for this announcement (mandatory)
Name of person authorised to make this
announcement
Tim Peat
Contact person for this announcement Tim Peat
Contact phone number +64 21 049 7442
Contact email address tim@savor.co.nz
Date of release through MAP 31/01/2023