Rights Issue Reminder Notice and Progress Update

PaySauce Rights Issue Update  
 
Wellington, New Zealand - 27 February 2020  
 
 
SaaS employment solutions provider PaySauce (NZX:PYS) today has  
shared an update on their ongoing Rights Issue.   
 
Of the total issue of 17,052,325 rights, Andrew Barnes, via his  
investment holding Coulthard Barnes (PaySauce) Ltd, has indicated  
that he will take up to his full entitlement of 3,340,951 rights. Four  
other associated parties have indicated that they will take up to their  
full entitlement, totalling 615,564 rights. The level actually taken up  
by this group will be a number that does not increase the  
percentage holding of these shareholders (due to Takeovers Code  
requirements), but ultimately they will participate in 23.2% of the  
total issue, when determined.  
 
The period of rights trading ended on the 25th of February. A total of  
1,203,864 rights or 7.06% were traded on-market.  
 
In addition to the rights sold on-market, co-founders Asantha  
Wijeyeratne and Troy Tarrant have sold a further 708,418 rights  
off-market (4.2% of the total rights issued) with a range of new  
investors, as per the disclosures dated 27 February. Among those  
who will be taking up new shares via the Rights Issue is new CFO  
Jaime Monaghan, who recently came to PaySauce from a role as  
Head of Insurance at TradeMe. Sam Knowles, Founding CEO of  
Kiwibank and former Chair at Xero, will also take on new shares  
through Com Investments Limited.
 
 

 
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.

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27 February 2020  
 
Dear Shareholder  
 
IMPORTANT REMINDER: PAYSAUCE RIGHTS OFFER CLOSING SOON  
 
We would like to remind you that PaySauce’s pro-rata 1 for 7 renounceable Rights Offer  
closes at 5.00pm on Monday, 2 March 2020.  
 
If you have already accepted or sold all of your rights, you do not need to take any  
further action.  
 
The issue of a ‘Right’, is a right to buy a share at a certain price at a future date. It grants  
shareholders the right, but not the obligation, to buy new shares. With the Rights, a  
shareholder can purchase new shares at a discount to the market price. Shareholders may  
also sell their Rights, enabling them to gain some value if they decide not to take up their  
Rights and participate in the capital raise, however as trading has now ceased on the NZX,  
this will now have to be done off-market and promptly in order to give the rights purchaser  
time to take up the Rights prior to the closing date.  
 
PaySauce is offering existing shareholders the ‘right’ to acquire new PaySauce shares at 34  
cents per share.  
 
The Rights allotted to you may be valuable and you have a number of options as to how to  
deal with them. These “Actions to be taken by Eligible Shareholders’ are explained on page  
10 of the Offer Document which was sent to you, and can be read online at  
https://www.paysauceshareoffer.com  
 
If you wish to acquire new shares under the Offer, and have not already done so, you need  
to either:  
 
●Complete an online application at https://www.paysauceshareoffer.com , or  
●Complete the Entitlement and Acceptance Form and return it to the Share  
Registrar together with payment in New Zealand dollars. See details on page 10 of  
the Offer Document.  
 
You may choose to take up your entitlements in whole, in part, or not at all. You may also  
choose to over-subscribe; full details are found on page 10 of the Offer Document.  
 
Applications, together with the total amount payable, must be received by 5:00pm on  
Monday, 2 March 2020 in order to be accepted.  
 
If you have any questions about the Offer, you are encouraged to read the Offer document  
 
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and seek financial, investment, or other professional advice from a qualified professional  
adviser. Alternatively, you can contact Link Market Services at  
enquiries@linkmarketsetvices.co.nz or +64 9 375 5998. If you have any questions about the  
Entitlement and Acceptance Form or require another copy, you can contact Link Market  
Services as above.  
 
The Board wishes to thank you for your continued support of PaySauce.  
Yours sincerely.  
 
 
 
Asantha Wijeyeratne  
Co-Founder & Chief Executive Officer