Capital Change Notice – Warrants

Template
Capital Change Notice

Updated as at 17 October 2019

16257734_2


Section 1: Issuer information
Name of issuer New Zealand Rural Land
Company Limited
NZX ticker code NZL
Class of financial product Warrants (Quotation on NZX
expected to commence on
23/03/2023)
ISIN (If unknown, check on NZX website) NZNZLE0005S3
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 3,495,270
Nominal value (if any) N/A
Issue/acquisition/redemption price per security The Warrants have been
issued for no cash
consideration.
Nature of the payment (for example, cash or other
consideration)
The non-cash consideration for
the Warrants is provided in the
form of participating in the
accelerated renounceable
entitlement offer announced on
1 March 2023. For every 3 new
shares allotted under the
accelerated renounceable
entitlement offer, 1 Warrant
was issued to the participating
shareholder.
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
1

100%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
Exercise: Any time on or
before the Expiry Date.

Expiry Date: 30/11/2025

Exercise Price: $1.20

Ranking: Any ordinary shares
in NZL issued on the exercise
of the Warrants will rank

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

equally in all respects with all
other ordinary shares on issue
in NZL.
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Issue of Warrants in
connection with settlement of
the Institutional Offer
component of the accelerated
renounceable entitlement offer
announced on 1 March 2023.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
3,495,270
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Listing Rule 4.3.1(a)
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The Warrants issued in
accordance with the terms set
out in the Warrant Terms of
Issue. Other terms are detailed
above.
Date of issue/acquisition/redemption
2
8/03/2023
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Christopher Swasbrook
Contact person for this announcement Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP

9/03/2023




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).