SPH Notice – Ngai Tahu Holdings Corporation Limited

28365071_Disclosure of beginning to have substantial holding (s276 FMCA) - Ngai Tahu Holdings Limited
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013

To NZX Limited
and
To Sanford Limited (NZX:SAN)
Date this disclosure made: 1 September 2021
Date on which substantial holding began: 1 September 2021
Substantial product holder(s) giving disclosure
Full name(s): (1) Ngāi Tahu Holdings Corporation Limited (2) Ngāi Tahu Investments Limited
Summary of substantial holding
Class of quoted voting products: ordinary shares in Sanford Limited (Shares) (NZX: SAN)
(1) Summary for Ngāi Tahu Holdings Corporation Limited
For this disclosure,—
(a) total number held in class: 11,747,237
(b) total in class: 93,506,137
(c) total percentage held in class: 12.563%
(2) Summary for Ngāi Tahu Investments Limited
For this disclosure,—
(a) total number held in class: 11,697,237
(b) total in class: 93,506,137
(c) total percentage held in class: 12.510%
Details of relevant interests
(1) Details for Ngāi Tahu Holdings Corporation Limited
Nature of relevant interest(s): 100% ultimate owner of Ngāi Tahu Investments Limited which is
a legal and beneficial owner of Shares (see details of relevant interest (2) below), and indirect
43.5% owner of Whale Watch Holdings Limited which is a legal and beneficial owner of
50,000 Shares. No relevant agreement is required to be attached under regulation 139 of the
Financial Markets Conduct Regulations 2014.
For that relevant interest,—
(a) number held in class: 11,747,237
(b) percentage held in class: 12.563%
(c) current registered holder(s): N/A
(d) registered holder(s) once transfers are registered: N/AFor a derivative relevant interest,
also,—
(a) type of derivative: N/A
(b) details of derivative: N/A
(c) parties to the derivative: N/A

28365071_Disclosure of beginning to have substantial holding (s276 FMCA) - Ngai Tahu Holdings Limited
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: N/A
(2) Details for Ngāi Tahu Investments Limited
Nature of relevant interest(s): Legal and beneficial owner of financial products. No relevant
agreement is required to be attached under regulation 139 of the Financial Markets Conduct
Regulations 2014.
For that relevant interest,—
(a) number held in class: 11,697,237
(b) percentage held in class: 12.510%
(c) current registered holder(s): Amalgamated Dairies Limited and an aggregation of
minority shareholders arranged by Craigs Investment Partners
(d) registered holder(s) once transfers are registered: Ngāi Tahu Investments Limited For a
derivative relevant interest, also,—
(a) type of derivative: N/A
(b) details of derivative: N/A
(c) parties to the derivative: N/A
(d) if the substantial product holder is not a party to the derivative, the nature of the relevant
interest in the derivative: N/A
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: On 1 September 2021, Ngāi
Tahu Investments Limited acquired an interest in 7,325,436 fully paid ordinary shares in
Sanford Limited for aggregate consideration of $40,289,898.00 agreed in principal overnight
and concluded by way of a number of on-market transactions.
Additional information
Address(es) of substantial product holder(s): 15 Show Place, Addington, Christchurch 8024,
New Zealand
Contact details: 027 3209 499 sam.inglis@ngaitahu.iwi.nz
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to
which this disclosure relates: Amalgamated Dairies Limited.
Certification
I, Sam Inglis, certify that, to the best of my knowledge and belief, the information contained in
this disclosure is correct and that I am duly authorised to make this disclosure by all persons for
whom it is made.

Further Information
Ngāi Tahu Investments Limited, via its broker Craigs Investment Partners, is looking to
purchase shares on market in Sanford at a price $5.50 (representing a premium of 23.6% to the
closing price on 31 August 2021), such that it (and its associates) will have a final hold of up to
19.9%. Ngāi Tahu Investments Limited has no current intention to make a takeover offer for
Sanford based on current circumstances.