NZL Successfully Completes Institutional Entitlement Offer

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
3 March 2023
NZL Successfully Completes Institutional Entitlement Offer
New Zealand Rural Land Company Limited (NZX.NZL) is pleased to announce that it has successfully completed
the institutional entitlement offer component (Institutional Entitlement Offer) of its 1 for 3 pro-rata accelerated
renounceable entitlement offer of fully paid ordinary shares in NZL (New Shares) and issuance of warrants
(Warrants) (together, the Offer), as announced to the market on Wednesday, 1 March 2023.
A total of $10.486m was raised under the Institutional Entitlement Offer. NZL received strong support from existing
institutional shareholders with eligible institutional shareholders electing to take up 100% of their entitlements
under the Institutional Entitlement Offer.
These institutional shareholders have also applied for $4.535m of any potential shortfall. Any shortfall will be
advised after the close of the retail offer on Wednesday, 15 March 2023.
Settlement and allotment of the New Shares and Warrants for the Institutional Entitlement Offer is expected to
occur on Wednesday, 8 March 2023.
Retail Entitlement Offer
Eligible retail shareholders are invited to participate in the retail entitlement offer component of the Offer (Retail
Entitlement Offer).
The Retail Entitlement Offer will open at 10:00am (NZDT) on Monday, 6 March 2023 and close at 5:00pm (NZDT)
on Wednesday, 15 March 2023. Eligible retail shareholders will have the opportunity to participate at the same
offer ratio and application price of NZD$1.00 per New Share as the Institutional Entitlement Offer. Eligible retail
shareholders can choose to take up their entitlement in whole, in part or not at all. Entitlements cannot be traded
or sold on the NZX.
As part of the Offer, for every 3 New Shares allotted to an eligible shareholder, 1 Warrant will also be allotted for
no additional consideration. Each Warrant gives shareholders the right, but not the obligation, to subscribe for one
additional ordinary share in NZL on or before the expiry date, for an exercise price of NZD$1.20. The expiry date of
the Warrants is 30 November 2025.
The quotation and commencement of trading of the Warrants on the NZX Main Board is expected to occur on
Thursday, 23 March 2023, under the ticker code “NZLWA”.
An Offer Document (accompanied by an online acceptance form) will be available online for eligible retail
shareholders on Monday, 6 March 2023.

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
Further information and shareholder enquiries
Shareholders who have any questions about the Offer are encouraged to read the Offer Document and
Equity Raising Presentation released to market on 1 March 2023 and consult with their broker, solicitor,
accountant, financial adviser or other professional adviser.
For further information please contact:
Richard Milsom - Director, New Zealand Rural Land Management
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
or
Christopher Swasbrook - Director, New Zealand Rural Land Company
Mobile: 021 928 262
Email: chris@nzrlc.co.nz