Notice of Allotment of Options

Template
Capital Change Notice

Updated as at 8 May 2019


Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
NZX ticker code SUM
Class of financial product Option to acquire ordinary shares
ISIN (If unknown, check on NZX website) N/A. The Options will not be quoted.
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 1,063,616 Options
Nominal value (if any) N/A
Issue/acquisition/redemption price per security N/A
Nature of the payment (for example, cash or other
consideration)
No consideration is payable in accordance
with the Summerset Share Option Plan
Rules.
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class, excluding
any Treasury Stock, in existence)
1

92.19% of all Options currently on issue.

If, on vesting, all Options are exercised,
0.467% of the ordinary shares in
Summerset Group Holdings Limited
(based on the number of ordinary shares
and Options currently on issue).
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation to
other Classes of Financial Product) or the Option (for
example, the exercise price and exercise date)
Each grant of Options is split into two
tranches. Subject to their continued
employment by Summerset and the
achievement of certain performance
hurdles, Option holders will be able to
exercise the Options in the first tranche in
the period beginning on 31 December
2021 and ending on 30 June 2023. For
the second tranche the exercise period
begins on 31 December 2022 and ends
on 30 June 2024. The exercise price for
the Options is $7.62 per Option (Exercise
Price), being the volume weighted
average price of Summerset’s shares on
the NZX Main Board in the ten day trading
period which commenced on 25
November 2019.


1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the
reason for change must be identified here)
The board of Summerset has resolved to
offer the Options to selected employees in
order to:
(a) reward and retain key employees;
(b) drive longer-term performance and
alignment of incentives of participants
with the interests of Summerset’s
shareholders; and
(c) encourage longer term decision-
making by participants.
Total number of Financial Products of the Class after
the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
2,217,373
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Summerset Share Option Plan Rules,
Directors’ resolution for the purposes of
Listing Rule 4.6.1, dated 6 December
2019.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
As above. Upon exercise, Summerset will
facilitate a net settled exercise by issuing
to the Option holder such number of
shares as is equal to the difference
between the market value per share of
Summerset’s ordinary shares and the
Exercise Price, multiplied by the number
of Options being exercised, divided by the
market value per share of Summerset’s
ordinary shares.
Date of issue/acquisition/redemption
2
09/12/2019
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Robyn Heyman
Contact person for this announcement Robyn Heyman
Contact phone number +64 27 506 5562
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

09/12/2019




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).