Notice of Financial Assistance – Employee Share Scheme

channelnz.com


NZX RELEASE
17 April 2023


Provision of Financial Assistance under Employee Share
Purchase Scheme

In accordance with section 80 of the Companies Act 1993, Channel Infrastructure NZ Limited (Company) is
required to make the following disclosure in respect of financial assistance provided by the Company for the
recent allocation to its employees under the Company’s Employee Share Purchase Scheme (Scheme).
The Company established the Scheme which qualifies as an “Exempt ESS” under section CW26C of the
Income Tax Act 2007 (as amended). The Scheme recognises the important contribution that the Company’s
employees make to its future. By offering shares under the Scheme, the Board considers that the interests
of the employees will be aligned with those of the Company and its shareholders and assist the Company in
retaining and motivating employees.
Under the Scheme:
• Participating employees have been offered $1,271 worth of shares in the Company.
• An employee contribution of $1 (deducted from their after-tax salary or wages) toward the $1,271
offer amount is made.
• The Company has contributed the rest of the cost (i.e. $1,270) of acquiring the shares up to the $1,271
offer amount.
• A trust has been previously created under the Scheme, with CRS Nominees Limited acting as trustee
(Trustee), for the purpose of acquiring the Company’s shares either on NZX or by issuance from the
Company and holding those shares (itself or through its nominee) on behalf of the participating
employees until they are able to be accessed by the participating employee following a period of
restriction.
The details of the financial assistance provided by the Company are as follows:

Shares in respect of which the financial
assistance was provided
59,072 ordinary shares in the Company (Shares).

Consideration paid for the Shares

$1.527 per Share.

Recipient of the financial assistance

The Trustee received the financial assistance noted below
to acquire Shares for the participating employees. The
Trustee (or its nominee) holds the Shares for the benefit of
the participating employees of the Company who applied to
acquire Shares under the Scheme. The Shares are held by
the Trustee (or its nominee) for the participants until they
are able to be accessed by the participants following a
restricted period of 3 years from the acquisition date, unless
released earlier in certain limited circumstances (e.g. death,
sickness etc).

channelnz.com
Nature of financial assistance
The financial assistance was given in the form of (a) an
advance of NZ$90,170 to the Trustee to acquire the Shares for
employees, which is then paid back to the Company as
subscription funds for the shares; and (b) approximately
NZ$31,000 to cover the costs of operating the Scheme.

Authorised by
Chris Bougen
General Counsel and Company Secretary ph:
+64 27 444 3220
email: Chris.Bougen@channelnz.com

Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com
+64 21 02363 297

About Channel Infrastructure NZ
Channel Infrastructure is New Zealand’s leading fuel infrastructure company.
Channel Infrastructure owns critical infrastructure, supplying the Northland and Auckland markets, which
make up 40% of New Zealand’s transport fuel demand and all of the jet fuel to the Auckland International
Airport. Utilising the deep-water harbour and jetty infrastructure at Marsden Point, as well as 280 million
litres of storage tanks, and the 170-kilometre pipeline from Marsden Point to Auckland we receive, store, test
and distribute fuel owned by our customers. Channel Infrastructure’s wholly-owned subsidiary, Independent
Petroleum Laboratory Limited, provides fuel quality testing services at Marsden Point and around New
Zealand.
Channel Infrastructure is well positioned to support New Zealand’s changing future fuel needs, with growth
opportunities at the Marsden Point site including additional fuel storage to support fuel security, and work
underway with customers and partners on biofuel and hydrogen opportunities.
For more information on Channel Infrastructure, please visit: www.channelnz.com