NZL – AREO and Warrant Issue

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


Memorandum

To:
Market Participants
From:
NZX Product Operations
Date:
Wednesday, 1 March 2023
Subject
: New Zealand Rural Land Company Limited (“NZL”) – Accelerated Renounceable
Entitlement Offer and Warrant Issue


Message
:

As per its announcement of 1 March 2023, New Zealand Rural Land Company Limited (“NZL”)
is undertaking a 1 for 3 Pro Rata Accelerated Renounceable Entitlement Offer of new shares
and warrants. Capitalised terms in this memorandum are defined in NZL’s offer documentation.

Under the Offer, Eligible Shareholders are being invited to subscribe for New Shares, at an
Offer Price of $1.00 per share. Shareholders who subscribe for New Shares under the Offer, will
then be allocated 1 Warrant (“NZLWA”) per 3 New Shares subscribed. A Warrant may be
exercised in the future to receive a Share in NZL of the same class as already quoted on the
NZX Main Board.

To facilitate the institutional component of the Offer, NZL has been placed into a trading halt,
and will resume trading at the sooner of an announcement of the results of the Institutional
Offer, or market open Friday, 3 March 2023.

An NZX Quotation Notice for the NZLWA warrants has been released to market today.

A timetable of retail events is below:

Event Date
Ex Entitlement date for the rights: Thursday, 2 March 2023
Record date for the rights: 5:00pm, Friday, 3 March 2023
Letters of Entitlements sent to Shareholders: Monday, 6 March 2023
Retail Entitlement Offer opens: Monday, 6 March 2023
Retail Entitlement Offer closes: Wednesday, 15 March 2023
Allotment and commencement of trading of New Shares Wednesday, 22 March 2023
Allotment of Warrants issued under the Retail
Entitlement Offer:

Wednesday, 22 March 2023
Quotation and commencement of trading of NZLWA
Warrants
Thursday, 23 March 2023


Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com
with any queries.

ENDS