Capital raising update and Board change

Capital raising update and Board change 
Wellington, New Zealand - 20 December 2019 
 
Employment solutions provider PaySauce (NZX: PYS) continues to explore 
opportunities for raising capital in Q1 - 2020. While the terms of the anticipated raise 
have not yet been finalised, discussions to date have led to strong indications of 
support being received from existing shareholders. The PaySauce board has 
accordingly developed a strong preference to structure the raise as a rights issue so 
that shareholders get a proportionate first right to participate. 
PaySauce Chair and Director Andrew Barnes has advised that his associated 
shareholding entity Coulthard Barnes (PaySauce) Limited (“Coulthard Barnes”) 
intends to support the raise and, at a minimum, take up the rights that it would 
receive. Coulthard Barnes currently holds just over 20% of the shares on issue in 
PaySauce. 
Andrew has also confirmed that he will retire as Chair and as a Director, effective 31 
December 2019. Andrew has served as Chair since listing in December 2018, and is 
now stepping away to focus on his expanding role as champion of the 4-day work 
week. 
Andrew will be replaced as Chair by Nick Lewis, who currently sits on the PaySauce 
Board of Directors as an Independent Director. Nick has served as Chair of Mojo 
Coffee and is currently the Chair of Kiwi Insurance, alongside his other directorships 
with Pioneer Energy and Ecotricity. 
PaySauce CEO Asantha Wijeyeratne says it’s been a privilege to work alongside 
Andrew. “Andrew’s guidance has been invaluable as we became a publicly listed 
company and began to scale. As we mature, the demands on our governance team 
are only increasing, and this role now requires greater time and attention than 
Andrew can spare with the growing 4-day week movement. Andrew is still 
committed as major shareholder of the company and is excited to continue 
supporting PaySauce and watching it grow. Nick’s extensive experience and his 
keen understanding of our business trajectory will ensure that our strategy and 
vision will stay consistent.” 
The Board thanks Andrew for his contributions and wish him well in the future. 

 
ABOUT PAYSAUCE 
PaySauce provides employment solutions to small and medium sized businesses. 
PaySauce enables business owners to pay and manage employees accurately and 
efficiently using web, iOS, and Android applications. The PaySauce platform includes 
mobile timesheets, payroll calculations, banking integration, PAYE filing, labour 
costing, automated general ledger entries and digital employment contracts.