Infratil announces sale of Snapper Services

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com




31 May 2019



Infratil announces sale of Snapper Services


Infratil advises that it has today completed the sale of its public transport ticketing subsidiary Snapper
Services Limited (‘Snapper”) to Allectus Capital Limited (“Allectus”) for nominal consideration.

Infratil initiated a strategic review of its investment in Snapper in December 2017, and Allectus Capital
was granted exclusivity in January 2019. A conditional sale agreement was executed in February
2019, with the sale conditional upon certain consents which have now been received.

Snapper was established in 2008 as a low cost but technologically cutting-edge provider of ticketing
services. It has delivered exceptionally well, thanks to an excellent technological platform and to its
dedicated team. Infratil and the Snapper team are appreciative of the backing of the people of the
Wellington region where the distinctive card with its fish logo has become something of a mascot.

Allectus oversees and supports c US$300m in technology investments, principally in the Asia Pacific
region and the UK. Allectus has strong experience in transit and payments platform investments and
will be looking to grow the Snapper footprint globally.

Allectus is owned by ICM Limited (ICM) and UIL Limited (LSE: UTL), a fund managed by ICM.

Infratil notes that Duncan Saville, a director of Morrison & Co (Infratil’s manager), is the Chairman and
founder of ICM. Infratil confirms that the sale of Snapper was considered and approved by the
Independent Directors of Infratil, who are satisfied that the transaction was negotiated and entered
into on an arm’s length commercial basis and that the directors associated with Morrison & Co have
not exercised any undue influence over the Board in its decisions in respect of the transaction.


Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com


ICM/Allectus
Julie Laffy, Head of Marketing
Julie.laffy@icm.limited