50% of Existing TRAHB bonds to convert into shares

Company Announcement


31 August 2018

50% of Existing TRAHB bonds to convert into shares

Turners Automotive Group Limited (NZX: TRA) advises that at 31 August 2018, 165 bondholders
have elected to convert $12,886,200 interest bearing secured convertible bonds (NZX: TRAHB)
(Existing Bonds) into fully paid shares. This represents 50.4% of the existing bonds on issue.

The conversion of an Existing Bond will occur on 1 October 2018 on the basis of the following
formula:
Number of Shares = Principal Amount
Conversion Amount
The Conversion Amount for each Existing Bond is the lesser of:
(a) $3.75; and
(b) a 5% discount to the average daily volume weighted price of the Shares in the 90
days prior to the maturity date as determined by an independent adviser
appointed by Turners.

Turners Chairman Grant Baker commented:
“We are very pleased with the conversion rate of over 50% which reflects the market
confidence in the Group’s strategy. It further strengthens Turners’ capital position and will
support growth initiatives across the Group.”


ENDS

About Turners
Turners Automotive Group is New Zealand’s largest integrated automotive financial services
group helping wholesale and retail customers in three areas; buying and selling vehicles,
finance and insurance and debt management services. www.turnersautogroup.co.nz

For further information please contact:

Todd Hunter
CEO
Turners Automotive Group Limited
Mobile: 021 722 818