SPH Notice – Accident Compensation Corporation (ACC)

This is an amendment to the disclosure submitted on 23 March 2023.
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To New Zealand Stock Exchange
and
To New Zealand Rural Land Co Ltd
Date this disclosure made: 23 March 2023 (amended 27 March 2023)
Date on which substantial holding began: 22 March 2023
Substantial product holder(s) giving disclosure
Full Name(s): Accident Compensation Corporation (ACC)
Summary of substantial holding to which disclosure relates
Class of quoted voting products: Ordinary shares (NZL) (including NZLWA warrants)
Summary for: Accident Compensation Corporation (ACC)
For this disclosure,—
(a) Total number held in class: 10,847,519 (if all NZLWA warrants converted)
(b) Total in class: 146,769,376 (if all NZLWA warrants converted)
(c) Total percentage held in class: 7.391% (if all NZLWA warrants converted)
Details of relevant interests
Details for ACC
Nature of relevant interest(s):
Beneficial owner of ordinary shares (NZL) under §235(1)(b) of the Financial Markets
Conduct Act. No relevant agreement document needs to be attached under regulation
139.
For that relevant interest,—
(a) Number held in class: 9,210,788
(b) Percentage held in class: 6.628% (of 138,977,554 currently listed ordinary shares)
(c) Current registered holder(s): ACC via New Zealand Central Securities Depository Limited
(NZCSD)
(d) Registered holder(s) once transfers are registered: unknown

Nature of relevant interest(s):
Beneficial owner of warrants (NZLWA) with attached conditional ownership of ordinary
shares (NZL) under §235(1)(b) of the Financial Markets Conduct Act. No relevant
agreement document needs to be attached under regulation 139.
For that relevant interest,—
(a) Number held in class: 1,636,731
(b) Percentage held in class: 21.006% (of 7,791,822 currently listed warrants)
(c) Current registered holder(s): ACC via New Zealand Central Securities Depository Limited
(NZCSD)
(d) Registered holder(s) once transfers are registered: unknown

Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure:
From 22 November 2022 to 22 March 2023, ACC had the following aggregated on-market
transactions in New Zealand Rural Land Co Ltd:
• Purchases of 4,980,201 ordinary shares for consideration of NZD $4,908,773.30
On 8 March 2023, New Zealand Rural Land Co Ltd issued 10,485,811 new ordinary shares and
3,495,270 new warrants (NZLWA) in connection with settlement of the Institutional Offer
component of the accelerated renounceable entitlement offer announced on 1 March 2023.
Quotation of the warrants on NZX commenced on 23 March 2023.
On 22 March 2023, New Zealand Rural Land Co Ltd issued 12,890,173 new ordinary shares
and 4,296,552 new warrants (NZLWA) in connection with settlement of the Retail Offer
component of the accelerated renounceable entitlement offer announced on 1 March 2023.
Quotation of the warrants on NZX commenced on 23 March 2023.
NZLWA warrants give the holder conditional ownership in NZL ordinary shares. Each warrant
can be converted into one ordinary share at any time on or before the expiration date of 30
November 2025 for an exercise price of $1.20 per warrant.
Additional information
Address of substantial product holder(s): ACC: Justice Centre, 19 Aitken Street, PO Box 242,
Wellington, NZ
Contact details: Matthew Cunliffe +64 4 816 5743 investmentscompliance@acc.co.nz
In accordance with the Financial Markets Authority’s Guidance Note: Guidance on Substantial
Product Holder Disclosures issued on 27 September 2017, ACC has not made disclosures for
employees who manage the financial products of which ACC is the beneficial owner.
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to
which this disclosure relates: n/a
Certification
I, Matthew Cunliffe, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure by
all persons for whom it is made.