PaySauce Announces Rights Offer

PaySauce announces $5.8M Rights Offer 
for Growth and Expansion 
Wellington, New Zealand - 21 January 2020 
PaySauce (NZX:PYS) announces a capital raising of $5.8M via a 1 for 7 pro-rata 
renounceable rights offer, to assist the Company to progress its New Zealand presence 
and expansion into other markets. 
 
A rights offer of approximately $5.8M will allow eligible shareholders to subscribe for 1 
additional share for each 7 existing shares held on the record date at $0.34 per share. This 
represents a 61.5% discount to the theoretical ex-rights price of $0.88 and discount of 50% 
to the 186 day VWAP of $0.68. 
1
 
The full terms and conditions of the rights issue will be contained in an offer document 
which will be distributed to all eligible shareholders (as defined in the offer document) 
after the proposed record date. 
 
Capital Raising Terms 
 
Entitlement Ratio ●1 new share for every 7 existing shares held 
Offer Size ●NZ$5.8M 
Maximum New Shares to be issued ●17,044,217 
Issue Price ●NZ$0.34 per share 
Offer Discount ●~61.5% to TERP, and ~50% to 186 day VWAP​
1 2
Eligibility ●Available to persons recorded on PaySauce’s share 
register at 5:00pm on 10 February 2020 
Ranking ●New shares issued on completion of the Rights 
Offer will rank equally with existing shares and will 
be quoted on the NZX 
Structure ●Pro rata renounceable Rights Offer provides all 
Eligible Shareholders with the opportunity to 
participate 
 
1
VWAP (Volume Weighted Average Price) is the average price that the security has traded at over the period of time, based 
on both volume and price. The 186 day VWAP of $0.68 has been used as a discount comparator, from the date of the share 
consolidation, to put some more perspective to the recent increase in the share price. 
2
TERP is the theoretical ex rights price of NZ$0.88 which is equal to the average price of 1 new share at the Issue Price of 
NZ$0.34 and 7 existing shares at NZ$0.98 being the last traded price as at 17 January 2020. 

 
The PaySauce Board has resolved to proceed on the above basis at this time and 
documentation for the offer is now being prepared. PaySauce intends to apply to NZX for 
quotation of the rights shortly and will, in due course, issue a capital change notice in 
accordance with the NZX Listing Rules. 
 
Shareholder Options 
 
Subject to NZX accepting the application for quotation of rights, shareholders will have the 
following options under the rights issue: 
 
Take up all or some Rights ●You will be able to acquire shares at the Issue Price of $0.34 
which is at a discount to the market price immediately 
prior to the announcement of the Rights Offer 
●If you take up all of your rights you will maintain your 
proportional ownership of PaySauce after the Rights Offer 
Sell all or some Rights ●If you wish to sell your Rights, you should contact an NZX 
Broker 
●You will receive value for any Rights sold on-market, but 
you may be required to pay brokerage on the sale of your 
Rights 
●There is no assurance that an active market for trading in 
Rights will develop 
Let Rights lapse 
 
●If you do nothing, your Rights will lapse and you will not be 
able to subscribe for any new shares 
 
If you do nothing, your rights will lapse and you will not be able to subscribe for any 
new shares or realise any other value for your Rights. If shareholders are unsure of 
what course of action to take they should obtain independent financial advice. 
 
 
Rights Issue Indicative Timetable 
 
Shares quoted “ex-rights” and Rights Trading commences on the NZX 
Main Board 
Friday 7 February 
Record date Monday 10 February 
Offer documents sent and Offer opens for acceptance Tuesday 11 February 
Rights trading ceases Tuesday 25 February 
Rights offer closes (and last date for receipt of renunciations) Monday 2 March 
New shares allotted and commence trading Monday 9 March 
 
 

 
 
Convertible Notes 
 
As advised to the market in June 2019, PaySauce received funding from a convertible note 
facility. In light of the decision to proceed with rights issue, the PaySauce board has today 
issued a conversion notice applying to all notes issued under the facility. 
 
The effect of the notice is that all notes, together with accrued interest, will convert to 
ordinary shares on 28 January 2020 at a conversion price of $0.515 per share. It is 
anticipated that approximately $1.25M will be converted in aggregate.