EROAD’s Share Purchase Plan closes oversubscribed

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EROAD’s Share Purchase Plan closes oversubscribed

6 October 2020

Transportation technology business EROAD Limited (NZX & ASX: ERD) (“EROAD”) today announced
that its NZ$8m Share Purchase Plan (“SPP”) closed oversubscribed.
The SPP received strong
shareholder support with EROAD receiving applications totalling approximately NZ$18.46 million,
over 230% above the amount sought.
Given the significant demand, EROAD has opted to accept oversubscriptions of NZ$3 million,
increasing the size of the SPP to NZ$11 million. Applications will be scaled on a proportionate basis
in accordance with the number of EROAD shares held by applicants on the Record Date
(16 September 2020). Refunds of the surplus application amounts paid will be made to applicants on
or before 14 October 2020.
The SPP is part of EROAD’s capital raising announced on 17 September 2020, which included a
NZ$42 million placement.
“We thank EROAD shareholders for their continued strong support and are delighted we could
increase the size the SPP to $11 million, which represents 21% of the total capital raise. Together,
the SPP and the placement have raised a total of $53 million which will enable EROAD to accelerate
the execution of its growth strategies by investing in its platform via product development and sales
and marketing,” said EROAD’s Chair, Graham Stuart.
The SPP was offered to all eligible existing EROAD shareholders with a registered address in New
Zealand or Australia, enabling them to each subscribe for new EROAD shares up to a maximum of
NZ$50,000. 1,236 EROAD shareholders applied under the SPP with an average application of
approximately NZ$14,936.
The new shares under the SPP will be issued at the price of $3.90, which represents the lower of the
price paid by investors in the placement (NZ$3.90 per share) or a 2.5% discount to the five day
volume weighted average price of EROAD shares traded on the NZX during the five trading days up
to, and including, the SPP’s closing date. Settlement and allotment of the new shares is expected to
occur on Friday 9 October 2020, with NZX trading in the new shares to commence on the same day
and trading on the ASX to commence on Monday 12 October 2020.
Bell Potter Securities Limited and Canaccord Genuity (Australia) Limited acted as joint lead managers
for the SPP.
ENDS
Authorised for release to the NZX and ASX by EROAD’s Board of Directors.

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For Investor and media enquires please contact:
Anna Bonney
Investor Relations
ph: +64 21 844 155
anna@merlinconsulting.co.nz

This announcement has been prepared for publication in New Zealand and may not be released to
US wire services or distributed in the United States. This announcement does not constitute an offer
to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction.
Any securities described in this announcement have not been, and will not be, registered under the
US Securities Act of 1933 and may not be offered or sold in the United States except in transactions
exempt from, or not subject to, the registration of the US Securities Act and applicable US state
securities laws. Shares under the SPP were not offered or sold to persons resident in the United
States.