Special Dividend

Private Bag 3016
Hamilton 3240
New Zealand

0800 651 156
www.lic.co.nz
LIC is the trading name of Livestock Improvement Corporation Limited
Market Statement
8 December 2021

Special Dividend

The Board of Livestock Improvement Corporation (NZX: LIC) today announced it will pay
shareholders a special dividend of 10 cents per share.

The fully imputed dividend, worth $14.2 million, will be paid on 21 January 2022 with the share
register closing at 5pm on Friday 7 January 2022 to determine entitlements.

Chairman Murray King said the special dividend, the first for the farmer-owned co-op, is to partially
distribute funds from the divestment of its automation business in June (NZX 8 June 2021).

“The divestment of the automation business was in line with LIC’s refined strategy, allowing the co-
op to sharpen its focus on delivering world-leading pasture based dairy genetics and herd
management for our farmers.

“Importantly it has allowed us to focus on delivering more value on-farm. The Board has carefully
considered how best to do this with the sale funds - to balance the needs of our shareholders with
the needs of the co-operative and ongoing investment into R&D and technology in areas that will
continue to deliver value for them.

“The Board has agreed the best way to achieve this balance is to return part of the proceeds from
the sale to our farmers as a special dividend, and re-invest the balance into the business.

“This reinvestment will provide an additional boost to R&D projects and help us deliver on the
commitments we have made to our shareholders with software reliability and performance,
operational excellence and faster genetic improvement.”

King said the co-op had held the proceeds from divestment through its peak spring business period
to offset any potential impacts of Covid-19, however a strong season meant it wasn’t required.

The special dividend is in addition to the $17.8million (12.51 cents per share) returned to LIC
shareholders in August with the co-op’s annual result announcement (NZX 22 July 2021).

ENDS

This statement has been authorised for release by the Board of Directors.

• For shareholder enquiries, phone 0800 264 632
• For media enquiries, contact LIC Communications Manager: Ashleigh.Sattler@lic.co.nz, 0276171942.

About LIC
LIC is a farmer-owned co-operative and world leader in pasture based dairy genetics and herd management. LIC exists to deliver
superior genetics and technological innovation to help its shareholders sustainably farm a profitable animal.

With origins dating back to 1909, LIC has a long history of developing and delivering world-leading innovations for the dairy industry. The
co-op continues to be one of the sector’s biggest private investors in research and development.

Today the New Zealand-based co-op employs more than 700 permanent staff, swelling to 2000 during the spring peak dairy mating
season. LIC also has offices in the United Kingdom, Ireland and Australia. All LIC profit is returned to its farmer owners/shareholders in
dividends, or reinvested for new solutions, research and development. www.lic.co.nz

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Distribution Notice

8 December 2021


Section 1: Issuer information
Name of issuer Livestock Improvement Corporation Limited
Financial product name/description Special Dividend
NZX ticker code LIC
ISIN (If unknown, check on NZX
website)
NZLICE0001S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year Special X
DRP applies X
Record date 7 January 2022
Ex-Date (one business day before the
Record Date)
6 January 2022
Payment date (and allotment date for
DRP)
21 January 2022
Total monies associated with the
distribution
$14,234,484.00
Source of distribution (for example,
retained earnings)
Proceeds from Automation business divestment
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.13888889 per share
Total cash distribution $0.10000000 per share
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.03888889 per share
Resident Withholding Tax per
financial product
$0.00694444 per share

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
24 January 2022
Not known – dependent on
the time it takes to acquire
the shares on market.
Date strike price to be announced (if
not available at this time)
Not known at this stage. The price of the share will be
determined when all shares have been acquired. The
strike price under the DRP is the volume-weighted
average price per share paid on-market in acquiring
shares to fulfil demand under the DRP for the relevant
period. The period for acquisitions to fulfil demand under
the DRP is from the date noted above until the date that
is 20 Business Days before the next Record Date
(“Acquisition Period”).
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
Shares to be purchased on market
DRP strike price per financial product
The strike price under the DRP is the volume-weighted
average price per share paid on-market in acquiring
shares to fulfil demand under the DRP within the
Acquisition Period.
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
8 December 2021
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Marise Winthrop
Contact person for this
announcement
Marise Winthrop
Contact phone number +64 27 488 4615
Contact email address Marise.Winthrop@lic.co.nz
Date of release through MAP

8 December 2021