General Capital Limited (GEN:NZ) Capital Raising Update

General Capital Limited
Level 7, 12-26 Swanson Street,
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145
Fax +64 9 358 3858


General Capital Limited (GEN:NZ) Capital Raising Update

General Capital Limited (General Capital) today announced that we have amended the
proposed warrant issue to directors and senior managers that was announced on 15 October
2018.

The previous proposal was to issue both A Warrants (GENWA) and B warrants (GENWB) to
directors and to senior managers.

After discussions with larger investors it has now been agreed that only GENWB Warrants
would be issued to directors and senior managers. The number of GENWB Warrants that
would be issued to directors and senior managers remain unchanged at 20 million warrants.
No GENWA Warrants will be issued to directors and senior managers.

A further condition has been added to the proposal in that General Capital would not issue
more than 10% of those GENWB Warrants that would be available to directors and senior
managers (20 Million) to each of Mr. Rewi Bugo and Mr. Brent King, i.e. the maximum number
of GENWB Warrants that could be issued to each of these directors would be 2.0 million
(10%).

All other details of the capital raising announced on 15 October 2018 remain unchanged.

Mr. Rewi Bugo, Chairman of Directors said, “As a listed company the directors always try to
be aware of the views of our shareholders. We are always happy to interact and discuss issues
with our shareholders and to amend proposals where appropriate. Our objective is to build
and retain long term shareholder loyalty. The package we announced on 15th October is
designed to reward shareholders and to build shareholder value by increasing the size of the
Group. “

On behalf of the Board of Directors
Brent King
Managing Director
30 October 2018

For Further information please contact
Mr. Brent King
64 (0)21 632 660
Brent.King@GenCap.co.nz