General Capital (GEN:NZ) GENWA Warrant Expiry Date

General Capital Limited
Level 7, 12-26 Swanson Street,
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145
Fax +64 9 358 3858



General Capital (GEN:NZ) GENWA Warrant Expiry Date

Mr. Rewi Bugo, the Chairman of General Capital has reminded the General Capital warrant
holders of the impending final exercise date.

Mr. Bugo stated, “the final date for exercising the GENWA warrants is 31 March 2020”

General Capital has seen very strong growth from its largest subsidiary General Finance
Limited. General Finance Limited total assets grew by 56% to $31.4m in the six-month
period ended 30 September 2019. The General Finance Limited December 2019 quarterly
report announced to the market on 24 January 2020 showed that its total assets had grown
a further 28% to $40.2m in the quarter.

Mr. Bugo said, “since the listing in August 2018, the General Capital Group has developed all
aspects of its business. On 30 September 2018, approximately two months after listing, the
Group’s total assets were $17.9m. In the most recent accounts for the period ended 30
September 2019 the total assets had grown to $35.1m. We are pleased to announce that
the growth has continued and we expect the total assets for the consolidated General
Capital group to exceed $50.0m as at 31 March 2020.

There is just under a month of the financial year to go. Due to the uncertainty around the
timing of contract revenue to be recognised in the research and advisory cash generating
unit, the Group is unable to accurately forecast full year net profit after tax. Based on
information available to the Directors we are confident of a small profit. The only impact to
this will be if there is a need to increase provisions or to impair any assets including
intangible assets as at 31 March 2020. The Directors have no indication that this will be
required and at the time of the announcement the Directors are expecting to be able to
announce excellent growth in total assets and a small profit when the accounts have been
completed in May 2020.”

As the GENWA warrant final exercise date approaches, you have the following choices with
your warrants:
 You can elect to exercise some or all of your warrants.
 You can seek to sell or transfer your warrants on the NZX Main Board until 5.00pm
27 March 2020.
 You can elect to not exercise any warrants and allow the warrants to lapse.

How to Exercise the Warrants

Warrant holders can simply complete the exercise form and return them by email, mail or
fax to General Capital and then transfer the funds electronically to General Capital Limited’s
Bank account with their CSN / holder number as reference. The new shares will be issued on
or before the 31
st
of March. A GENWA exercise form is attached to the announcement with
further instructions.

Mr. Bugo stated “We have received a number of exercise forms already and we expect more
as the final exercise date approaches. The key for all warrant holders is not to wait until it is
too close to the final date as the warrants will expire, and they will not be able to be
exercised after 31 March 2020 and they will become worthless. We encourage warrant
holders to be wary of delays close to the date and missing out.”


For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz

4 March 2020

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WARRANT EXERCISE FORM
GENERAL CAPITAL LIMITED 2020 WARRANTS (GENWA)
Contact Details: Phone Number and Address CSN/ Holder Number




Number of Warrants Held



Warrant Holder (the Holder)


Please indicate the number of 2020 Warrants (GENWA) that you wish to exercise:

Please indicate the consideration payable, calculated at 7.75 cents (NZ currency) for
each Warrant that you wish to exercise:
By signing this form the Holder hereby:
(a) Elects to exercise the number of Warrants indicated above (and if no number has been inserted
above, all Warrants held) at 7.75 cents (NZ currency) per Warrant: and
(b) as set out on the next page of this form enters into an indemnity in favour of and for General
Capital Limited
Dated and executed the day of 20
1.1 FOR AN INDIVIDUAL / JOINT / ATTORNEY FOR A COMPANY / BODY CORPORATE
Your signature(s)
______________________________________
(All joint holders to sign)
Signature(s)
_____________________________________
Duly authorised signatory

NOTES AND INSTRUCTIONS FOR COMPLETION
1 INTERPRETATION: In this form references to the Holder in the singular shall include the plural.
2 TO ACCEPT THE OFFER: Sign this form in the space provided above. Companies must sign in accordance with the
Companies Act 1993.
3 JOINT HOLDERS: If the Warrants are registered in the names of joint holders, all must sign the form.
4 POWER OF ATTORNEY: If the form is signed under a power of attorney, the relevant power of attorney must be
submitted with the form for noting and return, and the certificate printed on the next page must be completed. Where this
power of attorney has already been noted by General Capital Limited, then this fact must be stated under the signature of
the attorney.
5 ON COMPLETION: Email a scanned copy of the signed form to warrants@gencap.co.nz or alternatively hand deliver or
post the signed form to Computershare Investor Services Limited, 159 Hurstmere Road Takapuna, Private Bag 92119,
Auckland 1142, New Zealand. Transfer the exercise price to General Capital Limited, 01-1839-0261649-00 and include
your CSN/Holder number and the holder name in the reference fields. Alternatively, attach a cheque made out to General
Capital Limited with your application form. The form and payment must be received by 5pm on 31 March 2020.
6 PREVIOUS SALE: If you have sold any of your Warrants, please pass a copy of this form together with a copy of the
accompanying letter to your sharebroker or the purchaser(s) of such Warrants. If you have sold some of your Warrants,
record that fact on this form by amending the number of Warrants noted as being held by you on the face of this form.
$

BY THE HOLDER’S EXECUTION ON THE FACE OF THIS FORM, THE HOLDER HEREBY DECLARES THAT:
 the Holder is the holder of Warrants which it is exercising;
 the Holder has not mortgaged, pledged, transferred, granted a security interest or otherwise
dealt with the Warrants and no other person holds any interest in the Warrants and they are
the property of the Holder absolutely; and
 the Holder will indemnify General Capital Limited against any costs, loss or damages arising
out of the Warrants being mortgaged, pledged, transferred, subject to a security interest or
otherwise dealt with.

IF THIS FORM IS SIGNED UNDER POWER OF ATTORNEY, THE ATTORNEY(S) SIGNING MUST SIGN
THE FOLLOWING CERTIFICATE:

CERTIFICATE OF NON-REVOCATION OF POWER OF ATTORNEY
I/WE, _________________________________________________________________
(Insert name of Attorney(s) signing)
of ____________________________________________________________________
(Address and Occupation)
HEREBY CERTIFY:
1. THAT by a Power of Attorney dated the _______day of ______________ the Holder named and
described on the face of this form (the Donor) appointed me his/her/its/their attorney on the terms and
conditions set out in that Power of Attorney.
2. THAT I/we have executed the form printed on the face of this document as attorney under that Power of
Attorney and pursuant to the powers thereby conferred upon me/us.
3. THAT at the date hereof I/we have not received any notice or information of the revocation of that Power
of Attorney by the death (or winding up) of the Donor or otherwise.

Signed at _________________this ______day of_____________ 20


_______________________________
Signature of Attorney(s)
NOTE: Your signature does not require witnessing