NZ Rural Land Management – Update

Allied Farmers Ltd
201 Broadway, Stratford, 4332
PO Box 304, Stratford 4352

Phone: 06 765 6199
Web: http://www.alliedfarmers.co.nz
Email: headoffice@alliedfarmers.co.nz
21 December 2020

announce@nzx.com

NZ RURAL LAND MANAGEMENT - UPDATE


Allied Farmers Limited (Allied Farmers; NZX: ALF) notes the announcement made by New
Zealand Rural Company Limited (NZRLC; NZX:NZL) that the owners of the 50% interest in New
Zealand Rural Land Management (NZRLM) not owned by Allied Farmers have transferred 20%
of their interests in NZRLM (Transaction). The transferees under the Transaction are Clyde
and Rena Holland.

Allied Farmers waived its right of pre-emption, and consented, to the Transaction on the
condition that the transferees agreed to be bound by Allied Farmers’s Call Option to acquire
that 50 percent interest in NZRM*. Allied Farmers therefore continues to have the right to
acquire that 50 percent interest and become the holder of 100% of NZRLM.

NZRLM is now owned as follows:

Allied Farmers Limited 50 percent
Clyde and Rena Holland 20 percent
Elevation Capital Management Limited

16.5 percent
RPMilsom Investments Limited 1.5 percent
Hopeton Trustee Company Limited

6 percent
Richard Paget Milsom

6 percent


Richard Perry

Chairman

* Allied Farmers has a call option exercisable in approximately two years’ time to purchase
the remaining 50% of the Manager at the fair valuation at the time the option is exercised.
The call option can be exercised for a period of 12 months.