1 for 7 Renounceable Rights Offer of Ordinary Shares

PaySauce Market Update: 1 for 7 
Renounceable Rights Offer of Ordinary 
Shares 
Wellington, New Zealand - 31 January 2020 
SaaS employment solutions provider PaySauce (NZX:PYS) advised the market on 21 
January of a $5.8M capital raise via a 1 for 7 pro-rata renounceable rights offer of ordinary 
shares. PaySauce confirms that it is proceeding on the basis of the rights issue timetable 
indicated in that announcement (and is reproduced below). A corporate action notice 
accompanies this announcement.  
 
Quotation of rights remains subject to NZX approval. A Cleansing Notice and the Offer 
Document will be released on or around 10 February. 
 
The full terms and conditions of the rights issue will be contained in the Offer Document 
and to ensure the rights issue has the optimal chance of being fully subscribed, PaySauce 
will include an oversubscription facility where persons taking up rights can apply for 
shortfall shares, which will be subject to availability.  
 
Shareholder Feedback 
 
PaySauce has had advice from its largest outside shareholder Coulthard Barnes 
(PaySauce) Limited (CBPL) that CBPL intends to take up rights offered to it that maintain 
its 19.59% shareholding in PaySauce.  
 
PaySauce has also had discussions with a wide variety of shareholders and intending rights 
purchasers who together have indicated their intention to take up a substantial proportion 
of the rights offered. Based on these indications PaySauce is expecting the rights issue to 
be well supported. 
 
PaySauce confirms that co-founders Asantha Wijeyeratne and Troy Tarrant will not be 
taking up all of their rights. Together, Asantha and Troy’s current shareholding amounts to 
49.01% of PaySauce. Should no rights be taken up by Asantha and Troy, and the offer be 
fully subscribed to, their collective shareholding after allotment would be 42.88%. 
 
As co-founders, Asantha and Troy have invested significant personal capital into the future 
of PaySauce and also continue to receive salaries that are considerably lower than market 
rates. Neither Asantha nor Troy are in a personal financial position to take up all of their 

 
rights entitlements. Asantha and Troy also see the broadening of PaySauce’s shareholder 
base as a result of the rights offer to be in the best interests of PaySauce moving forward.  
 
Asantha and Troy are presently having discussions to arrange to sell a portion of their 
respective rights off-market. Both Asantha and Troy may also sell a portion of their 
respective rights on-market, which will provide liquidity for rights trading.  
 
 
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 
 
 
 
ENDS 
 
For further information, please contact investor@paysauce.com

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PaySauce Limited
Corporate Action Notice



Section 1: issuer information
Name of issuer PaySauce Limited
Class of Financial Product Ordinary Shares
NZX ticker code PYS
ISIN (If unknown, check on NZX
website)
NZMADE0001S4
Name of Registry Link Market Services Limited
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share purchase
plan
Renounceable
Rights issue
X
Capital
reconstruction
Non-
Renounceable
Rights issue

Call Bonus issue
Record date 5.00pm 10/02/2020
Ex-Date (one business day before the
Record Date)
7/02/2020
Currency NZ$
Section 2: Rights issue
Number of Rights to be issued 17,052,325
Number of Financial Products to be
issued under the Rights issue
17,052,325
ISIN of Rights Security (if applicable) N/A
Minimum entitlement N/A
Entitlement ratio (for example 1 for 2) New 1 Existing 7
Treatment of fractions Rounded down to the nearest share
Subscription price $0.34
Letters of entitlement mailed 11/02/2020
Offer close 5.00pm 02/03/2020
Quotation Date (if applicable) Market open on:
07/02/2020

Allotment Date Market open on:
09/03/2020

Section 7: Authority for this announcement
Name of person authorised to make this
announcement
Asantha Wijeyeratne
Contact person for this announcement Asantha Wijeyeratne
Contact phone number 021 554 600
Contact email address investor@paysauce.com
Date of release through MAP 31/01/2020