Allotment of Rights Issue

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
NEW ZEALAND Rural Land Co
WWW.NZRLC.CO.NZ
NZX Announcement

28 June 2021
Allotment of Rights Issue
New Zealand Rural Land Company Limited (NZL.NZX) is pleased to announce that it has today allotted approximately 18.47mln
ordinary shares under its rights issue, raising $20.3mln in aggregate. NZL thanks shareholders for this support.

Under its capital management policy, NZL’s primary mechanism for raising capital is through pro rata rights issues. This ensures that
existing shareholders receive a first and proportionate right to participate in a capital raise. Accordingly, NZL expects that its rights
issues will not be fully subscribed but will give NZL shortfall to place, on no more favourable terms, with institutions and wholesale
investors to enable it to then broaden its investor base.

Clyde and Rena Holland, a substantial shareholder of NZL, have agreed to maintain a 9.90% stake in NZL and intend to participate
in shortfall placements accordingly. Excluding this allocation, a shortfall of approximately $21.6mln remains which NZL will look
to place within the next three months. NZL has received expressions of interest for approximately $2.5mln of that shortfall and
welcomes further interest from institutional and wholesale investors.

NZL has agreed to pay third party financial intermediaries a placement fee of up to 1.75% on shortfall allocations.

A capital change notice accompanies this announcement.
Contact:
Christopher Swasbrook
Director
Mobile: 021 928 262
Email:  chris@nzrlc.co.nz

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Capital Change Notice

Updated as at 17 October 2019

13257101_1

Section 1: Issuer information
Name of issuer New Zealand Rural Land
Company Limited
NZX ticker code NZL
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZNZLE0001S2
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 18,470,970
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $1.10
Nature of the payment (for example, cash or other consideration) $20,318,067 in cash
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)
1

30.55%
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)
Allotment under NZL pro-rata
rights issue.
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.
78,930,970
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
Board resolution and certificate.
NZX Listing Rule 4.3.1(a)
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
New ordinary shares which rank
equally with existing fully paid
ordinary shares.
Date of issue/acquisition/redemption
2
28 June 2021

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.
2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Christopher Swasbrook
Contact person for this announcement Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP 28 June 2021