BIF – Potential material valuation increase for the fund

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Booster Innovation Fund – potential material valuation increase for the Fund

5 August 2022

Booster has been informed by one of the businesses in the Booster Innovation Fund’s investment
portfolio, that it has experienced significant increases in demand for its product. As a result, that
business intends to raise additional capital to fund its increased business activity.

Due to confidentiality restrictions, at this time Booster is not able to name the business concerned.

The business anticipates that, reflecting its improved business position, the price at which new shares will
be issued will be at a significant premium to the per share value the Fund is currently carrying its
investment in this business at.

As a result, Booster has undertaken a review of the carrying value of this investment. While Booster
recognises there is uncertainty in whether the business will secure the target level of new capital, and
whether the business’s assessment of its increased valuation will be validated by new investors, Booster
considers a valuation increase is warranted based on the achievement of key business milestones.

Therefore, Booster has increased its assessment of value by $230,000, which represents an increase in
the total Fund value of 2.15% (net of an allowance for any performance fees and tax), to give a net asset
value per unit of approximately $1.351.

In its assessment, Booster has applied its investment valuation approach to the progress made by the
business against its key milestones and has considered the potential for a successful capital raise at the
price indicated by the business. Should the business be successful at raising the level of capital required
and at the indicative share price that the business is currently promoting in its engagement with potential
investors, there is potential for a further material increase in the value of the Fund (by an additional 7% of
the Fund value). Booster will continue to monitor the business’s progress through the capital raise and
will reassess the business’s value accordingly as information becomes available and Booster will make a
further assessment by the next scheduled time for the manager to issue units in the Fund.

Investors can continue to purchase or sell units in BIF on the NZX but are cautioned to consider the
impact of this announcement when assessing a fair price for the transaction. Any update to the
business’s carrying value will be announced to the NZX. Until a further announcement is made, there is
no assurance that the signalled additional potential increase in the value of the Fund will occur.

For further information regarding BIF visit https://www.booster.co.nz/booster-investments/booster-
innovation-fund.aspx





For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300

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About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $5 billion on behalf of more than 170,000 New
Zealanders.
BIF is a managed investment fund that invests in early-stage companies founded on intellectual property
originated or developed in New Zealand.
For more information, including a copy of the Product Disclosure Statement, please visit
www.booster.co.nz