SPH Notice – Pioneer Capital

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Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Moa Group Limited
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 10 April 2019
Date this disclosure made: 27 September 2019
Date last disclosure made: 29 August 2014
Substantial product holder(s) giving disclosure
Full name(s): Pioneer Capital Management Limited, Pioneer Capital Partners I LP and
NZVIF Investments Limited, Pioneer Capital Moa Limited and Pioneer Capital Curtis Limited
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for: Pioneer Capital Management Limited.
For this disclosure,—
(a) total number held in class: 12,156,516
(b) total in class: 84,088,603
(c) total percentage held in class: 14.457%
For last disclosure,—
(a) total number held in class: 12,064,960
(b) total in class: 47,700,883
(c) total percentage held in class: 25.293%
Summary for: Pioneer Capital Partners I LP and NZVIF Investments Limited.
For this disclosure,—
(a) total number held in class: 11,040,093
(b) total in class: 84,088,603
(c) total percentage held in class: 13.129%
For last disclosure,

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(a) total number held in class: 11,040,093
(b) total in class: 47,700,883
(c) total percentage held in class: 23.144%
Summary for: Pioneer Capital Moa Limited.
For this disclosure,—
(a) total number held in class: 852,000
(b) total in class: 84,088,603
(c) total percentage held in class: 1.013%
For last disclosure,—
(a) total number held in class: 852,000
(b) total in class: 47,700,883
(c) total percentage held in class: 1.786%
Summary for: Pioneer Capital Curtis Limited.
For this disclosure,—
(a) total number held in class: 187,498
(b) total in class: 84,088,603
(c) total percentage held in class: 0.223%
For last disclosure,—
(a) total number held in class: 141,720.
(b) total in class: 47,700,883.
(c) total percentage held in class: 0.297%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
1. Date: 25 June 2015
Nature of the transaction: On-market acquisition of Ordinary Shares funded from
director’s fees.
Total consideration of: $8,000

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Number of securities: 21,017 Ordinary Shares with:
- 10,509 Ordinary Shares acquired by Pioneer Capital Management Limited.
- 10,508 Ordinary Shares acquired by Pioneer Capital Curtis Limited.
2. Date: 13 June 2016
Nature of the transaction: On-market acquisition of Ordinary Shares funded from
director’s fees.
Total consideration of: $6,000
Number of securities: 9,250 Ordinary Shares with:
- 4,625 Ordinary Shares acquired by Pioneer Capital Management Limited.
- 4,625 Ordinary Shares acquired by Pioneer Capital Curtis Limited.
3. Date: 4 July 2017
Nature of the transaction: On-market acquisition of Ordinary Shares funded from
director’s fees.
Total consideration: $8,000
Number of securities: 13,004:
- 6,502 Ordinary Shares acquired by Pioneer Capital Management Limited.
- 6,502 Ordinary Shares acquired by Pioneer Capital Curtis Limited.
4. Date: 13 July 2018
Nature of the transaction: On-market acquisition of Ordinary Shares funded from
director’s fees.
Total consideration: $8,000
Number of securities: 16,708 Ordinary Shares, with:
- 8,354 Ordinary Shares acquired by Pioneer Capital Management Limited.
- 8,354 Ordinary Shares acquired by Pioneer Capital Curtis Limited.
5. Date: 10 April 2019
Nature of the transaction: Subscription for new Ordinary Shares pursuant to a rights
issue conducted by Moa Group Limited funded from director’s fees.
Consideration: $0.38 per new Ordinary Share

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Number of securities: new Ordinary Shares, with:
- 15,789 issued to Pioneer Capital Management Limited.
- 15,789 issued to Pioneer Capital Curtis Limited.
Details after relevant event
Details for Pioneer Capital Management Limited.
Nature of relevant interest(s): Registered holder and beneficial owner.
For that relevant interest,—
(a) number held in class: 76,925
(b) percentage held in class: 0.091%
(c) current registered holder(s) of securities: Pioneer Capital Management
Limited.
(d) registered holder(s) of securities once transfers registered: no change
Nature of relevant interest(s): Power to exercise voting rights attached to, and acquire or
dispose of, shares in Moa Group Limited on behalf of Pioneer Capital Partners I LP and NZVIF
Investments Limited, as their investment manager.
For that relevant interest,—
(a) number held in class: 11,040,093
(b) percentage held in class: 13.13%
(c) current registered holder(s) of securities: Pioneer Capital I Nominees Limited.
(d) registered holder(s) of securities once transfers registered: no change
Nature of relevant interest(s): Power to exercise voting rights attached to, and acquire or
dispose of, shares in Moa Group Limited on behalf of Pioneer Capital Moa Limited, as its
investment manager.
For that relevant interest,—
(a) number held in class: 852,000
(b) percentage held in class: 1.01%
(c) current registered holder(s) of securities: Pioneer Capital Moa Limited.
(d) registered holder(s) of securities once transfers registered: no change
Nature of relevant interest(s): Power to exercise voting rights attached to, and acquire or
dispose of, shares in Moa Group Limited on behalf of Pioneer Capital Curtis Limited, as its
investment manager.

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For that relevant interest,—
(a) number held in class: 187,498
(b) percentage held in class: 0.223%
(c) current registered holder(s) of securities: Pioneer Capital Curtis Limited.
(d) registered holder(s) of securities once transfers registered: no change
Details for Pioneer Capital Partners I LP and NZVIF Investments Limited.
Nature of relevant interest(s): Beneficial owners and co-investors.
For that relevant interest,—
(a) number held in class: 11,040,093
(b) percentage held in class: 13.129%
(c) current registered holder(s) of securities: Pioneer Capital I Nominees Limited
as bare trustee for Pioneer Capital Partners I LP and NZVIF Investments
Limited.
(d) registered holder(s) of securities once transfers registered: no change
Details for Pioneer Capital Moa Limited.
Nature of relevant interest(s): Beneficial owner and registered holder.
For that relevant interest,—
(a) number held in class: 852,000
(b) percentage held in class: 1.013%
(c) current registered holder(s) of securities: Pioneer Capital Moa Limited.
(d) registered holder(s) of securities once transfers registered: no change
Details for Pioneer Capital Curtis Limited.
Nature of relevant interest(s): Beneficial owner and registered holder.
For that relevant interest,—
(a) number held in class: 187,498
(b) percentage held in class: 0.223%
(c) current registered holder(s) of securities: Pioneer Capital Moa Limited.
(d) registered holder(s) of securities once transfers registered: no change

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Additional information
Address(es) of substantial product holder(s):
Pioneer Capital Management Limited: Grant Thornton New Zealand Ltd, Level 4, 152
Fanshawe Street, Auckland 1140, New Zealand.

Pioneer Capital Partners I LP: 77 Parnell Road, Parnell, Auckland 1052, New Zealand.
NZVIF Investments Limited: Level 1, 12 Madden Street, Wynyard Quarter, Auckland
1010, New Zealand.

Pioneer Capital Moa Limited: Grant Thornton New Zealand Ltd, Level 4, 152 Fanshawe
Street, Auckland 1010, New Zealand.

Pioneer Capital Curtis Limited: Grant Thornton New Zealand Ltd, Level 4, 152
Fanshawe Street, Auckland 1010, New Zealand.

Contact details: Graham Fussell, 77 Parnell Road, Parnell, Auckland 1052, New Zealand.
Phone: (09) 304-0870, email: graham.fussell@pioneercapital.co.nz
Nature of connection between substantial product holders:
Pioneer Capital Management Limited is the investment manager for Pioneer Capital Partners
I LP and NZVIF Investments Limited, for Pioneer Capital Moa Limited and for Pioneer Capital
Curtis Limited.
Pioneer Capital Moa Limited is a separate holding company owned indirectly by Pioneer
Capital Partners I LP and NZVIF Investments Limited.
Pioneer Capital Curtis Limited is a separate holding company owned indirectly by Pioneer
Capital Partners I LP and NZVIF Investments Limited.
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: none
Certification
I, Graham Fussell, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made