Savor completes acquisition, announces Director changes

Capital Change Notice

Updated as at 17 October 2019


Section 1: Issuer information
Name of issuer Savor Limited
NZX ticker code SVR
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZMOAE0001S1
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed 5,488,474 ordinary shares
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $0.1822
Nature of the payment (for example, cash or other
consideration)
Business assets
Amount paid up (if not in full) Paid in full
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
3.045%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Partial settlement of the
acquisition of Hipgroup
businesses and assets
pursuant to an Agreement for
Sale and Purchase of
Business Assets dated
09/03/2021.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
185,715,956 ordinary shares
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Directors’ resolutions dated 7
April 2021 for issue under NZX
Listing Rule 4.5.1.

Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
New ordinary shares which
rank equally with all other fully
paid ordinary shares. Subject
to trading restrictions for 18
months pursuant to an
Agreement for Sale and
Purchase of Business Assets
dated 09/03/2021.
Date of issue/acquisition/redemption 08/04/2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Tim Peat
Contact person for this announcement Tim Peat
Contact phone number 021 049 7442
Contact email address tim@savor.co.nz
Date of release through MAP

08/04/2021

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NZX Release
Savor completes acquisition of Hipgroup venues, announces
Director changes
8 April 2021
Savor Limited (NZX: SVR) (“Savor” or “the Group”), is pleased to announce that it has now completed
the acquisition of Hipgr oup venues; Amano, Ortolana and The Store.
Savor is now well advanced with its growth strategy implemented by the Board two years ago, resulting
in a strengthened balance sheet and positioning the business well for future expansion. Savor’s two-
fold growth strategy will focus on opportunities to build on existing brands, throughout New Zealand,
as well as acquiring new sites.
Directorate changes
The Company has conducted a review of its Board composition and is pleased to announce the
following changes to the Board.
The Company has accepted the resignations of Non-Executive Director, David Poole, and
Independent Directors Sheena Henderson and Rich Frank and announces the appointment of two
new Independent Directors, Ryan Davis and Louise Alexander. All director changes are effective
immediately.
The Board offers its sincere thanks to the outgoing Board members for their long standing dedication
and contribution to the Group, particularly as the Group navigated the challenges of the pandemic
over the last 12 months.
As a result of the review, Savor’s Chairman, Geoff Ross, announces he will retire from the Board as
the Group continues to set the new direction for the business. Mr. Ross will continue in his role to
ensure an orderly transition until the release of the annual financial statements at the end of May
2021. Once convened, the new Board will elect a Chairman to replace Mr. Ross.
Executive Directors, Paul Robinson and Lucien Law, will continue in their respective director and
executive roles, with their hospitality experience invaluable for growing the business to its full
potential.
Ryan Davis is the founder and Managing Director of GreenMount Advisory based in Sydney,
Melbourne and Auckland, established in September 2018. Prior to this, Ryan was a Senior Partner
and Asia-Pacific Private Equity Tax Leader for EY, after joining EY in 2011. Ryan has been the lead
Partner on some of Australia and New Zealand’s largest private equity transactions with over 20
years’ experience advising global and domestic clients on mergers, acquisitions, and divestments.
Ryan’s extensive experience in strategic transactions and strong financial background will prove vital
as the Group continues to execute its growth strategy. Ryan is a Chartered Accountant and will
assume the role of Chair of the Audit and Risk Committee.
Louise Alexander is a senior HR practitioner and people leader and is currently the HR Director for
Bell Gully, a role which she has held since 2015. Louise has developed and led Bell Gully’s HR strategy
over that time, focusing on communication, diversity and culture, and supporting and developing

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people through the talent management programme. Louise has a passion for the not for profit
sector, with both management and governance roles in various organisations throughout her career.
Louise brings a critical skillset to Savor, where the success of the Group is driven by its teams in the
venues. Savor continues to look for innovative ways to develop and reward our teams, and Louise’s
appointment will bring strength to continuing that process. Louise will assume the role of Chair of
the People & Culture Committee.
The Board has determined that Ryan and Louise will be Independent Directors.
Geoff Ross, Chairman of Savor Limited, said:
“We are very pleased to have achieved the successful
completion of this transaction which gives the Group expected annual revenue of $50 million. Savor
has become considerable larger in scale, profit and balance sheet as it has honed in its focus on
hospitality, subsequently giving rise to a strategic review of the Board. As such, it was a pleasure to
announce the appointment of Ryan and Louise as Independent Directors joining the Savor Board
today. Their skills are critical for the next stage of the Group’s growth and allow this to be accelerated
further.
The existing Directors believe the execution of strategy over the last two years has been a strong
advancement for the company and have turned their focus to the next era of growth that lies ahead
under the leadership of Lucien Law and the expert management team. I would like to extend my
sincere gratitude to the outgoing Board members and their role in the achievements of the Company.
“I look forward to working with our new Directors over the coming weeks to ensure a smooth
transition into the development of the next stage of growth plans. Alongside the other outgoing
Directors, I look toward to being supportive shareholders of this growing and dynamic hospitality
company.”
- ENDS -
Investor Enquiries
Geoff Ross
Chairman, Savor Group Limited
Mobile: 021 424 219

Media Enquiries
Renée Bertuch, Cannings Strategic Communications
Mobile: +61 409 550 389


About Savor Group
Savor Group, established in 2011, is one of New Zealand’s largest hospitality businesses with 10
iconic venues in Auckland, including Azabu Ponsonby, Azabu Mission Bay, Ebisu and Non Solo Pizza,
each with its own unique concept, culture and offering. Savor has a reputation for originality, the
quality of its products and the high standard of service that is consistent across the company
portfolio.