NZL Announces Opening of Retail Entitlement Offer

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
6 March 2023
NZL Announces Opening of Retail Entitlement Offer
New Zealand Rural Land Company Limited (NZX.NZL) is pleased to announce the opening of the retail component
(Retail Entitlement Offer) of its accelerated renounceable entitlement offer (Offer).
The institutional offer component (Institutional Offer) of the Offer was accelerated, with eligible institutional
shareholders electing to take up 100% of their entitlements under the Institutional Entitlement Offer. A total of
$10.486million was raised, with an additional $4.535million applied for under any potential shortfall. Settlement
and allotment of all New Shares and Warrants for the Institutional Offer is expected to occur on Wednesday, 8
March 2023.
Retail Entitlement Offer
Like the Institutional Offer, the Retail Entitlement Offer provides eligible retail shareholders the opportunity to
purchase 1 new share (New Shares) for every 3 NZL shares held at 5:00pm (NZT) on the Record Date of Friday, 3
March 2023, at an Application Price of NZ$1.00 per New Share.
The Application Price reflects 5.7% discount to the last close on Monday, 27 February 2023 of $1.06, a 4.3%
discount to the theoretical ex-rights price of $1.05, and a -39.5% discount to the NAV per share (as at 31 December
2022).
As part of the Offer, for every 3 New Shares allotted to an eligible shareholder, 1 warrant (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$1.20.
The expiry date of the Warrants is 30 November 2025.
The quotation and commencement of trading of the warrants on the NZX Main Board is expected to occur on
Thursday, 23 March 2023, under the ticker code “NZLWA”.
Eligible retail shareholders can choose to take up their entitlement (Retail Entitlements) in whole, in part or not at
all. Eligible retail shareholders who take up their full Retail Entitlement may apply for additional New Shares by
specifying the NZD$ amount of additional New Shares in their application.
If you wish to participate in the Retail Entitlement Offer, you should complete your application allowing sufficient
time for it to be received by NZL’s Share Registrar, Link Market Services Limited, no later than 5:00pm (NZT) on
Wednesday, 15 March 2023.
Key dates relating to the Retail Entitlement Offer are set out in the Appendix to this announcement. The closing
date for applications is Wednesday, 15 March 2023 at 5:00pm (NZT) and the New Shares and Warrants are
expected to be allotted Wednesday, 22 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
The Retail Entitlement Offer is subject to the terms and conditions included in the Offer Document. Eligible
Shareholders are encouraged to read the Offer Document carefully, and if in any doubt about whether or not
to apply for shares under the Retail Entitlement Offer, to consult with a broker, solicitor, accountant, financial
adviser or other professional advisor.
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

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
Appendix - Retail Entitlement Offer Key Dates
Applicants are encouraged to apply via the online application process as soon as possible. No cooling-off
rights apply to applications submitted under the Offer and once an application is submitted, it cannot be
withdrawn without NZL’s prior consent.
The dates set out in the tables above (and any references to them in the Offer Document) are subject to
change and are indicative only. All times and dates refer to NZ times and dates (unless otherwise specified).
NZL reserves the right to amend the timetables (including by extending the closing dates for the Offer or
accepting late applications, either generally or in particular cases) subject to the NZX Listing Rules. Any
extension of the closing dates for the Offer will have a consequential effect on the issue date of New Shares.
Key EventDate
Expected dispatch of the Offer DocumentWednesday, 1 March 2023
Record Date 5:00pm (NZ time)Friday, 3 March 2023
Retail Offer opensMonday, 6 March 2023
Retail Offer closes at 5:00pm (NZ time) (last day for online
applications)
Wednesday, 15 March 2023
Announcement of the results of the Retail OfferFriday, 17 March 2023
Settlement of Retail Offer on the NZX Main Board and
commencement of trading of allotted New Shares on the NZX Main
Board
Wednesday, 22 March 2023
Quotation and expected commencement of trading of Warrants on
the NZX Main Board
Thursday, 23 March 2023