Winton – Notice of Special Meeting

MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
22 December 2023


NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
Notice is hereby given that a Special Meeting of the shareholders of Winton Land Limited (Winton)
will be held on Monday, 22 January 2024 at 11:00 am (NZ time). The Special Meeting will be held
virtually via the Link Market Services Virtual Meeting platform at
www.virtualmeeting.co.nz/winsm24.
As announced on 17 November 2023, existing shareholders Wanaka Partners, LLC (Wanaka
Partners) and TC Akarua 2 Pty Ltd (as trustee of the TC Akarua Sub Trust) (Akarua), a real estate
vehicle managed by Macquarie Asset Management, have disclosed entry into an agreement
pursuant to which Wanaka Partners will sell a total of 14,830,687 Winton shares (representing 5.0%
of Winton’s total issued shares) to Akarua for NZ$2.50 per share.
The Transaction will be completed in two tranches, with the first tranche settling on 2 December
2023, under which Akarua acquired 7,839,521 Winton shares, resulting in a holding of 19.99%.
Under the second tranche Akarua will acquire 6,991,166 Winton shares, resulting in a holding of
22.35% (the Second Tranche Acquisition). The Second Tranche Acquisition is conditional on the
approval of Winton shareholders by ordinary resolution pursuant to Rule 7(c) of the Takeovers Code
given it will result in Akarua holding in excess of 20% of Winton’s shares. Accordingly, the purpose of
the Special Meeting is to seek approval of the Second Tranche Acquisition for the purposes of Rule
7(c) of the Takeovers Code.
As set out in the Notice of Meeting, the directors of Winton (other than those connected with
Akarua and Wanaka Partners) recommend that shareholders vote in favour of the resolution.
Attached are the following documents which are being sent to shareholders today:
• Notice of Special Meeting of Shareholders
• Voting / Proxy Form
• Independent Adviser’s Report from Simmons Corporate Finance in relation to the Second
Tranche Acquisition
Ends.


For further information, please contact:
Justine Hollows
GM, Corporate Services
(+64) 27 836 1875
justine.hollows@winton.nz

__________________________________________________________________________________

About Winton

Winton is a residential land developer that specialises in developing integrated and fully
masterplanned neighbourhoods. Across its 14 masterplanned communities, Winton has a portfolio
of 26 projects expected to yield a combined total of circa 6,500 residential lots, dwellings, apartment
units, retirement village units and commercial lots. Winton listed on the NZX and ASX in 2021.
www.winton.nz

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LODGE YOUR PROXY / POSTAL VOTE
Online:
vote.linkmarketservices.com/WIN
Scan & email: Mail:
meetings@linkmarketservices.com Use the enclosed reply paid
envelope or address to:
Deliver: Link Market Services Limited
Link Market Services Limited PO Box 91976
Level 30, PwC Tower, Victoria Street West
15 Customs Street West, Auckland 1142
Auckland 1010

Scan this QR code with your smartphone and vote online



General Enquiries
+64 9 375 5998 | enquiries@linkmarketservices.com


PROXY / VOTING FORM FOR WINTON LAND LIMITED’S 2024 SPECIAL MEETING
The Winton Land Limited (“Company”) Special Meeting of Shareholders will be held online at www.virtualmeeting.co.nz/winsm24, on Monday, 22
January 2024 commencing at 11:00am. This Special Meeting will be virtual only. You will need your CSN/Holder Number for verification.
If you wish to be represented by proxy or cast a postal vote, please complete and return this form (in accordance with the lodgement instructions above)
to the Company’s share registry, Link Market Services Limited, by no later than 11:00am, Saturday, 20 January 2024. You can also appoint your proxy
or cast your postal vote online by going to vote.linkmarketservices.com/WIN or by scanning the QR code above with your smartphone.
Appointment of proxy
If you are a shareholder entitled to attend and vote at the Special Meeting, you are entitled to appoint a proxy to attend and vote instead of you. This proxy
form may be completed online, mailed, delivered, or scanned and emailed in accordance with the instructions above. A proxy need not be a shareholder
of the Company. A company may appoint a person to attend online and vote at the meeting as its representative in the same manner as a proxy is
appointed. If you wish, you can appoint the Chair of the Special Meeting as your proxy. If this form is returned duly signed by a shareholder with voting
instructions completed but without naming a proxy or indicating that it is a postal vote, it will be deemed to be a postal vote.
Voting of your holding
Direct your proxy how to vote by making the appropriate election in respect of the resolution. If you elect “discretion” on the resolution, you are directing
your proxy or representative to decide how to vote on the resolution on your behalf. If you elect the “abstain” box on the resolution, you are directing your
proxy or representative not to vote on the resolution. If you make more than one election in respect of the resolution, your vote will be invalid on the
resolution. Please note that your proxy will not be able to vote at the Special Meeting unless you have provided a voting direction or discretion. If you
appoint the Chair of the Special Meeting as your proxy and voting is left to the Chair’s discretion, the Chair intends to vote your shares in favour of the
resolution.
Voting Restrictions
As noted in the accompanying notice of meeting, none of Akarua, Wanaka Partners or any of their respective associates (as that term is defined in the
Takeovers Code) is entitled to vote, appoint a proxy or exercise discretionary proxies in respect of the resolution, in accordance with Rule 17(1) of the
Takeovers Code.
Postal Vote
As a shareholder entitled to vote at the Special Meeting, you are entitled to vote by postal vote. You can cast your postal vote online or by one of the other
methods listed above. If you return your postal vote without indicating how you wish to vote on the resolution, or your indication on how to vote is unclear,
you will be deemed to have abstained from voting on the resolution. If you complete the postal vote section and also appoint a proxy, then your postal
vote will be cast and your proxy appointment will not be counted, but your proxy may still attend the meeting on your behalf. If this form is returned duly
signed by a shareholder with voting instructions completed but without indicating that it is a postal vote or proxy has been appointed, it will be deemed to
be a postal vote.
Attending the meeting
If you propose to attend the Special Meeting held online at www.virtualmeeting.co.nz/winsm24, you will require your CSN/Holder Number for verification
purposes.
Signing instructions for proxy forms
Individual
Where the holding is in one name, this form must be signed by the shareholder or his/her/its attorney duly authorised in writing.
Joint Holding
At least one joint security holder should sign this form (on behalf of all joint security holders). If different joint security holders purport to appoint different
proxies, the vote of the proxy appointed by the first named joint security holder in the Company’s share register will prevail.
Power of Attorney
This form and the power of attorney or other authority, if any, under which it is signed, or a copy of that power or authority certified by a solicitor, Justice
of the Peace or Notary Public must be deposited or mailed to be received at the office of Link Market Services Limited, in any manner as per the instructions
above, not later than 11:00am on Saturday, 20 January 2024.
Corporate Shareholder
In the case of a corporate shareholder, this form must be signed by a director or a duly authorised officer acting under the express or implied authority of
the shareholder, or an attorney duly authorised by the shareholder.

PROXY / VOTING FORM

STEP 1: CHOOSE TO VOTE BY POSTAL VOTE OR APPOINT A PROXY TO VOTE ON YOUR BEHALF
POSTAL VOTE
I wish to vote by postal vote (please tick the box).
My voting intention is indicated in the resolution section below.
APPOINT A PROXY TO VOTE ON YOUR BEHALF
Note: If you wish, you may appoint the Chair of the Meeting as your proxy. To do this, enter “the Chair” in the space allocated below.
I/We being a shareholder(s) of Winton Land Limited

appoint __________________________________________at _________________________________________________
(full name of proxy) (e-mail address)
or failing that person
__________________________________________at _________________________________________________

(full name of proxy) (e-mail address)
as my/our proxy to vote for me/us on my/our behalf at the Special Meeting of the Company to be held online on Monday, 22 January 2024 at
11:00am and at any adjournment of that meeting.
STEP 2: ITEMS OF BUSINESS – PROXY VOTING INSTRUCTIONS
Complete this part if you have appointed a proxy above and you want to direct the proxy as to how the proxy should vote.
Please note: For each resolution you must tick one box. If you mark the abstain box for an item, you are directing your proxy not to vote on your behalf
on a poll and your votes will not be counted computing the required majority, for that item.
ORDINARY BUSINESS
To consider and, if thought fit, pass the following ordinary resolution:

Tick () in box to vote
ORDINARY RESOLUTION
For Against Abstain Discretion
1. That, for the purposes of rule 7(c) of the Takeovers Code, the acquisition of 6,991,166
ordinary shares in Winton by Perpetual Corporate Trust Limited as custodian for TC
Akarua 2 Pty Ltd as trustee of the TC Akarua Sub Trust pursuant to an agreement for
sale and purchase of shares in Winton is approved.

   

and to vote on any resolutions to amend any of the resolutions, on any resolution so amended, and on any other resolution proposed at the meeting (or
any adjournment thereof). If you do not mark any appropriate box for a particular resolution then your proxy will not be able to vote. The proxy is appointed
only in respect of the above meeting or any adjournment thereof.
STEP 3: SHAREHOLDER QUESTIONS
Shareholders present at the Special Meeting online, will have the opportunity to ask questions during the meeting. Shareholders can submit a question
prior to the meeting online by going to vote.linkmarketservices.com/WIN and completing the online validation process, or by completing the question
section below and returning this form to Link Market Services. Questions will need to be submitted by 11:00am on Saturday, 20 January 2024. The
Company has the discretion as to which of these questions will be addressed at the Special Meeting.








STEP 4: SIGN - SIGNATURE OF SHAREHOLDER(S) This section must be completed
Shareholder 1 Shareholder 2 Shareholder 3

Individual/Authorised Officer or attorney Individual/Authorised Officer or attorney Individual/Authorised Officer or attorney
Contact Name ___________________________________________ Contact Daytime Telephone _______________________ Date ______________
Electronic Investor Communications: If you received the notice of meeting and proxy form by mail and wish to receive your future investor
communications by email, please provide your email address below.
Question:

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www.simmonscf.co.nz




Winton Land Limited

Independent Adviser’s Report

In Respect of the Proposed Acquisition of
Shares by TC Akarua 2 Pty Limited (as
trustee of the TC Akarua Sub Trust) from
Wanaka Partners, LLC

December 2023

Statement of Independence
Simmons Corporate Finance Limited confirms that it:
• has no conflict of interest that could affect its ability to provide an unbiased report; and
• has no direct or indirect pecuniary or other interest in the proposed transaction considered in this report,
including any success or contingency fee or remuneration, other than to receive the cash fee for providing
this report.
Simmons Corporate Finance Limited has satisfied the Takeovers Panel, on the basis of the material provided to the
Takeovers Panel, that it is independent under the Takeovers Code for the purposes of preparing this report.

Winton Land Limited Independent Adviser’s Report
Index

Section Page

1. Introduction ..................................................................................................................... 1
2. Evaluation of the Merits of the Share Acquisition ............................................................ 4
3. Profile of Winton Land Limited ...................................................................................... 13
4. Sources of Information, Reliance on Information, Disclaimer and Indemnity ................. 20
5. Qualifications and Expertise, Independence, Declarations and Consents ..................... 22

Winton Land Limited Page 1 Independent Adviser’s Report
1. Introduction
1.1 Background
Winton Land Limited (Winton or the Company) is a residential land developer that
specialises in developing integrated and fully masterplanned neighbourhoods.
Across its 14 masterplanned communities, Winton has a portfolio of 26 projects
expected to yield a combined total of approximately 6,400 residential lots, dwellings,
apartment units, retirement village units and commercial lots.
Winton’s shares are listed on the main equities securities market (the NZX Main
Board) operated by NZX Limited (NZX) and the Australian Securities Exchange
(ASX) with a market capitalisation of approximately $736 million as at 18 December
2023. Its audited total equity was approximately $510 million as at 30 June 2023.
A profile of Winton is set out in section 3.
1.2 TC Akarua 2 Pty Limited (as trustee of the TC Akarua Sub Trust)
TC Akarua 2 Pty Limited (as trustee of the TC Akarua Sub Trust) (Akarua) is Winton’s
second largest major shareholder. It currently holds 59,293,085 ordinary shares in
the Company, representing 19.99% of the shares on issue.
The shares are held by Perpetual Corporate Trust Limited (Perpetual) as custodian
for Akarua.
Akarua is a real estate investment vehicle that is managed by Macquarie Real Estate
Management (Australia) Limited (MREMAL).
1.3 Wanaka Partners, LLC
Wanaka Partners, LLC (Wanaka Partners) is Winton’s fourth largest shareholder. It
currently holds 20,843,479 ordinary shares in the Company, representing 7.03% of
the shares on issue.
Wanaka Partners is an investment vehicle which is organised in the state of
Delaware, United States. It is affiliated with Spring Street Partners, LP (Spring
Street) and is owned primarily by interests associated with David Liptak. Mr Liptak
is a non-executive director of Winton. Spring Street is a privately owned investment
firm that has managed capital since 1995.
1.4 Proposed Acquisition of Shares
On 17 November 2023, Akarua and Wanaka Partners entered into the Agreement
for Sale and Purchase of Shares in Winton Land Limited (the ASP), pursuant to which
Wanaka Partners agreed to sell 14,830,687 fully paid ordinary shares in Winton to
Akarua for $2.50 per share (the Share Transactions).
The 14,830,687 shares represent 5.00% of Winton’s total shares on issue.
The Share Transactions are to be completed in 2 tranches:
• under the first tranche, Akarua acquired 7,839,521 shares on 2 December
2023, resulting in Akarua controlling 19.99% of the voting rights in the Company
(the First Tranche)
• under the second tranche, Akarua will acquire 6,991,166 shares, resulting in it
controlling 22.35% of the voting rights in Winton (the Share Acquisition).

Winton Land Limited Page 2 Independent Adviser’s Report
Completion of the Share Acquisition is conditional upon the Company’s shareholders
not associated with Akarua or Wanaka Partners (the Non-associated
Shareholders) approving the Share Acquisition by way of an ordinary resolution.
1.5 Impact of the Share Acquisition on Shareholding Levels
The Share Acquisition will result in Akarua’s shareholding increasing by 2.36% from
19.99% to 22.35% and Wanaka Partners’ shareholding reducing by 2.36% from
7.03% to 4.67%.
The Non-associated Shareholders’ shareholdings in the Company will not change.
They will collectively hold 72.98% of the ordinary shares in the Company before and
after the Share Acquisition.

Impact of the Share Acquisition on Shareholding Levels


Current
Share
Acquisition
Post the Share
Acquisition
No. of
Shares
% No. of
Shares
No. of
Shares
%

Akarua 59,293,085 19.99% 6,991,166 66,284,251 22.35%

Wanaka Partners 20,843,479 7.03% (6,991,166) 13,852,313 4.67%

Non-associated Shareholders 216,477,172 72.98% - 216,477,172 72.98%


296,613,736 100.00% - 296,613,736 100.00%

1.6 Summary of Opinion
Our evaluation of the merits of the Share Acquisition as required under the Takeovers
Code (the Code) is set out in section 2.
In our opinion, after having regard to all relevant factors, the positive aspects of the
Share Acquisition outweigh the negative aspects from the perspective of the
Non-associated Shareholders.
1.7 Special Meeting of Shareholders
Winton is holding a special meeting of shareholders on 22 January 2024 where the
Company will seek shareholder approval of the Share Acquisition (the Share
Acquisition Resolution).
The resolution is an ordinary resolution, which is a resolution passed by a simple
majority of votes of those shareholders entitled to vote and voting on the resolution
in person or by proxy.
Akarua and Wanaka Partners and their respective associates (as defined in the
Code) are not permitted to vote on the Share Acquisition Resolution.

Winton Land Limited Page 3 Independent Adviser’s Report
1.8 Regulatory Requirements
Winton is a code company as it is listed on the NZX Main Board (and has financial
products that confer voting rights) and is subject to the provisions of the Code.
Rule 6 of the Code prohibits:
• a person who holds or controls no voting rights or less than 20% of the voting
rights in a code company from holding or controlling an increased percentage
of the voting rights in the code company unless, after that event, that person
and that person’s associates hold or control in total not more than 20% of the
voting rights in the code company
• a person who holds or controls 20% or more of the voting rights in a code
company from holding or controlling an increased percentage of the voting
rights in the code company
unless done in compliance with exceptions to this fundamental rule.
One of the exceptions, set out in Rule 7(c) of the Code, enables a person to increase
its holding or control of voting rights by an acquisition of shares if the acquisition is
approved by an ordinary resolution of the code company (on which none of that
person, the person disposing of the shares and their respective associates, may
vote).
The Share Acquisition will result in Akarua increasing its control of the voting rights
in Winton from 19.99% to 22.35%.
Accordingly, the Non-associated Shareholders will vote at the Company’s special
meeting on the Share Acquisition Resolution.
Rule 18 of the Code requires the directors of a code company to obtain an
Independent Adviser’s Report on the merits of an acquisition under Rule 7(c).
This Independent Adviser’s Report is to be included in, or accompany, the notice of
meeting pursuant to Rule 15(h).
1.9 Purpose of the Report
The Winton directors not associated with Akarua or Wanaka Partners, being Julian
Cook, Guy Fergusson, Steven Joyce, Chris Meehan, Michaela Meehan and Glen
Tupuhi (the Non-associated Directors), have engaged Simmons Corporate
Finance Limited (Simmons Corporate Finance) to prepare an Independent
Adviser’s Report on the merits of the Share Acquisition in accordance with Rule 18
of the Code.
Simmons Corporate Finance was approved by the Takeovers Panel on 30 November
2023 to prepare this Independent Adviser’s Report.
Simmons Corporate Finance issues this Independent Adviser’s Report to the
Non-associated Directors for the benefit of the Non-associated Shareholders to
assist them in forming their own opinion on whether to vote for or against the Share
Acquisition Resolution.
We note that each shareholder’s circumstances and objectives are unique.
Accordingly, it is not possible to report on the merits of the Share Acquisition in
relation to each shareholder. This report on the merits of the Share Acquisition is
therefore necessarily general in nature.
This Independent Adviser’s Report is not to be used for any other purpose without
our prior written consent.

Winton Land Limited Page 4 Independent Adviser’s Report
2. Evaluation of the Merits of the Share Acquisition
2.1 Basis of Evaluation
Rule 18 of the Code requires an evaluation of the merits of the Share Acquisition
having regard to the interests of the Non-associated Shareholders.
There is no legal definition of the term merits in either the Code or in any statute
dealing with securities or commercial law in New Zealand.
In the absence of an explicit definition of merits, guidance can be taken from:
• the Takeovers Panel Guidance Note on Independent Advisers dated
1 November 2023
• definitions designed to address similar issues within New Zealand regulations
which are relevant to the proposed transaction
• overseas precedents
• the ordinary meaning of the term merits.
We are of the view that an assessment of the merits of the Share Acquisition should
focus on:
• the rationale for the Share Acquisition
• the terms and conditions of the Share Acquisition
• the impact of the Share Acquisition on the control of Winton
• the impact of the Share Acquisition on Winton’s share price
• other issues associated with the Share Acquisition
• the implications if the Share Acquisition Resolution is not approved.
Our opinion should be considered as a whole. Selecting portions of the evaluation
without considering all the factors and analyses together could create a misleading
view of the process underlying the opinion.
2.2 Summary of the Evaluation of the Merits of the Share Acquisition
The Share Acquisition involves the acquisition of 2.36% of the ordinary shares in the
Company by Akarua from Wanaka Partners, resulting in Akarua holding 22.35% of
Winton’s shares and Wanaka Partners holding 4.67% of the shares in the Company.
The Non-associated Shareholders will continue to collectively hold 72.98% of the
Company’s shares.
The Non-associated Shareholders have 3 alternatives with regard to their voting on
the Share Acquisition Resolution:
• vote in favour of the resolution, in which case, if sufficient votes are cast in
favour of the resolution, the Share Acquisition will proceed, or
• vote against the resolution. In the event that the resolution is not passed, then
the Share Acquisition will not proceed and Akarua and Wanaka Partners will
continue to hold 19.99% and 7.03% of the Company’s shares respectively, or
• abstain from voting, in which case the voting of the other Non-associated
Shareholders will determine the outcome.

Winton Land Limited Page 5 Independent Adviser’s Report
In our opinion, the positive aspects of the Share Acquisition outweigh the
negative aspects from the perspective of the Non-associated Shareholders.
Our evaluation of the merits of the Share Acquisition is set out in detail in sections 2.3
to 2.9.
In summary, the positive aspects of the Share Acquisition, from the perspective of
the Non-associated Shareholders, are:
• the rationale for the Share Acquisition is sound:
− Wanaka Partners wishes to monetise a portion of its investment in Winton
following the end of escrow arrangements over the shares it holds
− given the liquidity (or lack thereof) of the Company’s shares, we do not
consider it feasible for Wanaka Partners to be able to sell the 5.00%
shareholding at a reasonable price over a relatively short timeframe other
than via the Share Transactions
• the terms and conditions of the Share Acquisition are reasonable
• Akarua and Wanaka Partners have agreed to reimburse the Company’s
external costs associated with the special meeting of shareholders.
In our view, there are no major negative aspects of the Share Acquisition, from the
perspective of the Non-associated Shareholders.
In summary, from the perspective of the Non-associated Shareholders, the Share
Acquisition is unlikely to have any material impact on the following matters:
• the Share Acquisition will not have any significant impact on the level of control
over shareholder voting from the perspective of the Non-associated
Shareholders:
− Winston’s largest shareholder Korama Limited (Korama) holds 55.06% of
the Company’s shares and can singlehandedly block any special
resolution and determine the outcome of any ordinary resolution. Korama
holds the shares as trustee of the Amarok Trust (a trust associated with
Winton’s co-founders – executive chair and chief executive officer Chris
Meehan and non-executive director Michaela Meehan)
− Akarua currently controls 19.99% of the Company’s voting rights and
cannot singlehandedly pass or block a special resolution or an ordinary
resolution
− following the Share Acquisition, Akarua’s 22.35% shareholding will still not
be able to singlehandedly determine the outcome of any special resolution
or ordinary resolution (although in reality it may be able to block a special
resolution as not all shareholders tend to vote on resolutions)
• following the Share Acquisition, Akarua will still not be able to utilise the creep
provisions of the Code, which enable entities that hold more than 50% but less
than 90% of the voting securities in a code company to acquire up to a further
5% of the code company’s shares per annum
• immediately following the Share Acquisition, David Liptak will retire as a
director from Winton’s board of directors (the Board). The Share Acquisition
will have no other impact on the composition of the Board in the near term
• the Share Acquisition will have no impact on the level of control exerted over
the Company’s operations by Akarua

Winton Land Limited Page 6 Independent Adviser’s Report
• the Share Acquisition is unlikely to have any significant impact on Winton’s
current share price
• the Share Acquisition is unlikely to have an impact on the liquidity of Winton’s
shares unless Akarua decides to sell some or all of its shareholding
• the Share Acquisition will have no dilutionary impact on the Non-associated
Shareholders’ voting rights as no new shares will be issued
• the Share Acquisition is unlikely to have an impact on the attraction of Winton
as a takeover target to any significant degree.
The implications of the Share Acquisition Resolution not being approved by the
Non-associated Shareholders are that the Share Acquisition cannot proceed and
Akarua and Wanaka Partners will continue to hold 19.99% and 7.03% of the
Company’s shares respectively. However, Korama has stated that it intends to vote
in favour of the Share Acquisition Resolution and therefore if Korama votes as it
states it will, then the Share Acquisition is certain to proceed as Korama holds
55.06% of the Company’s voting rights.
2.3 Rationale for the Share Acquisition
The Share Acquisition is the second leg of the Share Transactions, where Wanaka
Partners has agreed to sell 14,830,687 Winton shares (5.00% of the total shares on
issue) to Akarua in 2 tranches. The First Tranche was completed on 2 December
2023.
Wanaka Partners was originally a private investor in Winton. Prior to Winton
undertaking a $350 million initial public offering (IPO) in December 2021, Wanaka
Partners held 13.94% of the shares in the Company.
Following the IPO, Wanaka Partners has held a 9.67% shareholding in Winton.
Akarua subscribed for $200 million of shares under the IPO, resulting in it holding
17.35% of the shares in the Company prior to the First Tranche.
As part of the IPO, Wanaka Partners and Akarua entered into escrow arrangements
whereby they agreed not to sell or otherwise dispose of 75% of their shares until
Winton released to NZX its results announcement for the 2023 financial year. The
results announcement was released on 22 August 2023.
The 14,830,687 shares subject to the Share Transactions represent 52% of the
shares held by Wanaka Partners.
Given the end of the escrow arrangements, Wanaka Partners decided that it wished
to monetise a portion of its investment in Winton. Following an approach from
Wanaka Partners, Akarua expressed an interest in acquiring the 5.00% shareholding
offered by Wanaka Partners.
In our view, the rationale for the Share Acquisition is sound. Wanaka Partners wishes
to monetise a portion of its investment in Winton following the expiry of the escrow
arrangements over the shares it holds. Furthermore, given the liquidity (or lack
thereof) of Winton’s shares, we do not consider it feasible for Wanaka Partners to be
able to sell the 5.00% shareholding at a reasonable price over a relatively short
timeframe other than via the Share Transactions.

Winton Land Limited Page 7 Independent Adviser’s Report
2.4 Terms and Conditions of the Share Acquisition
Key Terms of the ASP
Akarua and Wanaka Partners entered into the ASP on 17 November 2023.
The key terms of the ASP are:
• Akarua will acquire 14,830,687 shares from Wanaka Partners (representing
5.00% of Winton’s total shares on issue)
• the purchase price for the shares is $37,076,717.50, being $2.50 per share
• the Share Transactions are to be completed in 2 tranches:
− under the First Tranche, Akarua acquired 7,839,521 shares on
2 December 2023, resulting in Akarua controlling 19.99% of the voting
rights in the Company
− under the Share Acquisition, Akarua will acquire 6,991,166 shares,
resulting in it controlling 22.35% of the voting rights in Winton
• the Share Acquisition is conditional on approval of the transaction by an
ordinary resolution in accordance with Rule 7(c) of the Code
• completion will be undertaken 10 business days after the condition is satisfied
• if shareholder approval is not obtained at the special general meeting, then
each party is released from its obligations to settle the Share Acquisition.
Reasonableness of the Acquisition Price of $2.50 per Share
In our view, the key term of the Share Acquisition from the perspective of the
Non-associated Shareholders is the acquisition price of $2.50 per share.
We are advised that the price was negotiated between Wanaka Partners and
MREMAL (as manager of Akarua).
The acquisition price of $2.50 per share represents a premium over the prices at
which Winton’s shares have recently traded on the NZX Main Board up to the
announcement of the Share Transactions on 17 November 2023:
• a premium of 10% over the closing share price of $2.28 on 16 November 2023
• a premium of 7% over Winton’s one month volume weighted average share
price (VWAP) to 16 November 2023 of $2.34
• a premium of 7% over the 3 months VWAP to 16 November 2023 of $2.34
• a premium of 17% over the 6 months VWAP to 16 November 2023 of $2.14
• a premium of 27% over the 12 months VWAP to 16 November 2023 of $1.97.

Winton Land Limited Page 8 Independent Adviser’s Report

Winton’s share price increased by 5% to $2.40 immediately after the announcement
of the Share Transactions on 17 November 2023.
Since the announcement, 283,938 ordinary shares (0.1%) have traded between
$2.40 and $2.48 at a VWAP of $2.407 up to 18 December 2023.
In our view, given the size of shareholding subject to the Share Transactions (5.00%),
the acquisition price is reasonable from the perspective of the Non-associated
Shareholders. The acquisition price of $2.50 per share is:
• at a premium of between 7% and 27% to the recent share prices observed prior
to Akarua and Wanaka Partners entering into the ASP on 17 November 2023
• higher than the prices at which the Company’s shares have traded at since the
announcement of the Share Transactions.
Furthermore, as stated in section 2.6, we are of the view that the Share Acquisition
is unlikely to have any significant impact on Winton’s current share price.
2.5 Impact on Control
Shareholding Voting
Winton currently has 296,613,736 fully paid ordinary shares on issue held by 477
shareholders.
The names, number of shares and percentage holding of the 10 largest shareholders
as at 8 December 2023 are set out in section 3.5.
Korama is Winton’s largest shareholder and is associated with Winton’s executive
chair and chief executive officer Chris Meehan and non-executive director Michaela
Meehan. Korama’s 55.06% shareholding allows it to singlehandedly block any
special resolution (which requires the approval of 75% of the votes cast by
shareholders) and singlehandedly determine the outcome of any ordinary resolution
(which requires the approval of more than 50% of the votes cast by shareholders).
Accordingly, Korama currently has – and, after the Share Acquisition, will continue to
hold – significant control over shareholder voting.
The Share Acquisition will result in Akarua’s control of the voting rights in the
Company increasing by 2.36% from 19.99% to 22.35%.
At present, Akarua is not able to singlehandedly determine the outcome of any
special resolution or ordinary resolution.

Winton Land Limited Page 9 Independent Adviser’s Report
Following the Share Acquisition, Akarua’s level of control over shareholder voting will
not change to any significant degree, in that it will still not be able to singlehandedly
determine the outcome of any special resolution or ordinary resolution.
However, while a 22.35% shareholding is technically not sufficient to singlehandedly
block a special resolution, it might be able to in some circumstances as a number of
shareholders in widely held companies (such as Winton with over 470 shareholders)
tend not to vote on resolutions and hence the relative weight of the 22.35% interest
increases.
Protection for Minority Shareholders
While Korama has significant control over shareholder voting and Akarua has a much
smaller degree of control, nether shareholder can act in an oppressive manner
against minority shareholders. The Companies Act 1993 provides a level of
protection to minority shareholders. Furthermore, any transactions between Winton
and any shareholder holding 10% or more of the Company’s shares will need to
satisfy the requirements of the NZX Listing Rules with respect to material transactions
with related parties.
Increasing Shareholding Levels
Following the Share Acquisition, Akarua will not be able to further increase its
shareholding in Winton unless it complies with the provisions of the Code. Akarua
will only be able to acquire more shares in Winton if:
• it makes a full or partial takeover offer or
• a share acquisition is approved by way of an ordinary resolution of
shareholders (which Akarua, the vendor and each of their associates would be
excluded from voting on) or
• the Company makes an allotment of shares which is approved by way of an
ordinary resolution of shareholders (which Akarua and its associates would be
excluded from voting on)
• the Company undertakes a share buyback that is approved by the Company’s
shareholders (which Akarua and its associates would be excluded from voting
on) and Akarua does not accept the offer of the buyback.
Akarua will not be able to utilise the creep provisions of the Code, which enable
entities that hold more than 50% but less than 90% of the voting securities in a code
company to acquire up to a further 5% of the code company’s shares per annum.
Board of Directors
As set out in section 3.4, Winton currently has 9 directors on its Board:
• 6 of the directors are not associated with Akarua or Wanaka Partners
• James Kemp and his alternate director, Jelte Bakker, are representatives of
Akarua
• David Liptak is a representative of Wanaka Partners.
Mr Liptak has notified the Board that he intends to retire as a director from the Board
immediately following the completion of the Share Acquisition.
The Share Acquisition is not expected to impact on the composition of the Board in
the near term, other than Mr Liptak’s retirement.

Winton Land Limited Page 10 Independent Adviser’s Report
Following the Share Acquisition, Akarua will not have the ability to singlehandedly
pass any resolution in respect of the appointment of a director to the Board.
Operations
The Non-associated Directors have advised us that other than through its Board
representation, Akarua currently has no influence over the operations of the
Company and the Share Acquisition will not have any impact on the level of control
exerted by Akarua over the Company’s operations.
2.6 Impact on Share Price and Liquidity
Set out in section 3.9 is a summary of Winton’s daily closing share price and monthly
volumes traded from 17 December 2021 to 18 December 2023.
During the period, Winton’s shares traded between $1.600 and $3.887 at a VWAP of
$2.435.
Share Price Unlikely to be Impacted
The Share Acquisition will be undertaken at $2.50 per share. As discussed in section
2.4, we consider the acquisition price to be reasonable from the perspective of the
Non-associated Shareholders.
In our view, the Share Acquisition is unlikely to have any significant impact on
Winton’s current share price.
The graph below shows that the Company’s share price has consistently been below
the acquisition price of $2.50 for most of the year preceding the announcement of the
Share Transactions.

Source: NZX Company Research
Winton’s share price increased by 5% to $2.40 on 17 November 2023 after the
announcement of the Share Transactions.
Since then, the shares have traded between $2.40 and $2.48 at a VWAP of $2.407
(up to 18 December 2023).
Given that the Company’s shares have continued to trade below the acquisition price
of $2.50 since the announcement of the Share Transactions, we are of the view that
the Share Acquisition is unlikely to have any significant impact on Winton’s current
share price. Any impact of the Share Acquisition on Winton’s share price will have
occurred since the announcement of the Share Transactions on 17 November 2023.

Winton Land Limited Page 11 Independent Adviser’s Report
Liquidity of Winton Shares Unlikely to Change
Trading in the Company’s shares is extremely thin, reflecting that Korama holds
55.06% of Winton’s shares and the top 10 shareholders collectively hold 95.12% of
the shares.
An analysis of VWAP, traded volumes and liquidity (measured as traded volumes as
a percentage of shares outstanding) up to 18 December 2023 is set out in section 3.9.
The shares have traded on 244 days in the year to 18 December 2023, with only
1.1% of the Company’s shares traded over that period.
The number of shares held by the Non-associated Shareholders will not change
under the Share Acquisition. Therefore the liquidity of the Winton shares is unlikely
to change unless Akarua subsequently decides to sell some or all of its shareholding
or other changes in the Company’s share capital occur.

2.7 Other Issues
No Dilutionary Impact
As the Share Acquisition is a transfer of existing shares from Wanaka Partners to
Akarua, it will have no dilutionary impact on the Non-associated Shareholders. No
new shares are being issued by the Company.
The Attraction of Winton as a Takeover Target is Unlikely to Change
In our view, the Share Acquisition is unlikely to have any significant impact on the
attraction of Winton as a takeover target.
Any bidder currently looking to make a takeover offer for the Company is unlikely to
be influenced by whether Akarua holds 19.99% or 22.35% of the Company’s ordinary
shares.
Of far greater importance for any potential bidder is whether Korama would accept
the takeover offer.
Non-associated Shareholder Approval is Required
Pursuant to Rule 7(c) of the Code, the Non-associated Shareholders must approve
by ordinary resolution the Share Acquisition.
The Share Acquisition will not proceed unless the Non-associated Shareholders
approve the Share Acquisition Resolution.
No Impact on Financial Position
As the Share Acquisition is a transfer of existing shares and does not alter the
Company’s capital structure, it will have no direct impact on Winton’s financial
position.
No Change in Business Risk
The key business risks faced by Winton are set out in section 3.3.
The Share Acquisition will have no impact on the business risks faced by the
Company.

Winton Land Limited Page 12 Independent Adviser’s Report
Winton’s Costs to be Reimbursed
Akarua and Wanaka Partners have agreed to reimburse the Company’s external
costs associated with the special meeting of shareholders, including the cost of this
report.
2.8 Likelihood of the Share Acquisition Resolution Being Approved
The Non-associated Directors have stated in the notice of special meeting that they
unanimously recommend voting in favour of the Share Acquisition Resolution.
The Share Acquisition Resolution is an ordinary resolution. Akarua and Wanaka
Partners and their respective associates cannot vote on the Share Acquisition
Resolution.
The Non-associated Shareholders collectively hold 72.98% of the Company’s
shares. If all of the Non-associated Shareholders’ shares are voted, then at least
36.49% of the shares must be voted in favour of the Share Acquisition Resolution for
it to pass.
Korama holds 55.06% of the voting rights in the Company and has stated that it
intends to vote in favour of the Share Acquisition Resolution. If Korama votes as it
states it will, then the Share Acquisition Resolution is certain to be passed.
2.9 Implications if the Share Acquisition Resolution is not Approved
If the Share Acquisition Resolution is not approved, the Share Acquisition cannot
proceed and Akarua and Wanaka Partners will remain as 19.99% and 7.03%
shareholders in the Company respectively.
Wanaka Partners would likely continue to evaluate other options to sell the shares.
However, as stated above, on the basis that Korama votes in favour of the Share
Acquisition Resolution as it states it will, then the Share Acquisition is certain to
proceed.
2.10 Voting For or Against the Share Acquisition Resolution
Voting for or against the Share Acquisition Resolution is a matter for individual
shareholders based on their own views as to value and future market conditions, risk
profile and other factors. Non-associated Shareholders will need to consider these
consequences and consult their own professional adviser if appropriate.

Winton Land Limited Page 13 Independent Adviser’s Report
3. Profile of Winton Land Limited
3.1 Background
The Winton business was founded by Chris Meehan and Michaela Meehan in 2009
as a property-based investment business. In response to New Zealand’s housing
shortage, the Company shifted its focus to residential land development in 2014,
becoming one of New Zealand’s largest residential land developers.
The Company was incorporated on 19 June 2017 as Winton Partners Land Limited.
It changed its name to Winton Property Limited on 16 October 2018 and to Winton
Land Limited on 18 November 2021.
Winton’s shares were listed on the NZX Main Board and ASX (as a foreign exempt
entity) on 17 December 2021 following a $350 million IPO.
The Company’s key events are set out below.

3.2 Overview of Winton’s Operations
Winton is a residential land developer that specialises in developing integrated and
fully masterplanned neighbourhoods.
The Company acquires large parcels of land not currently zoned for residential
development adjacent to growth corridors, water and transportation, which have
strong prospects for rezoning. A significant part of Winton’s value-creation is
securing zoning and resource consents on land acquired.
Winton operates across the entire development value creation chain:
• land acquisition
• zoning approval
• consent approval
• civil works
• develop lots
• develop units
• sale of retirement units
• operate retirement villages.

Winton Land Limited Page 14 Independent Adviser’s Report
Across its 14 masterplanned communities, Winton has a portfolio of 26 projects
expected to yield a combined total of 6,407 residential lots, dwellings, apartment
units, retirement village units and commercial lots.
13 of the communities are located in New Zealand and one is located in Australia.
80% of the portfolio (by units) are residential lots (5,136 units). The largest
masterplanned community is Sunfield, Auckland with 3,643 residential units, followed
by Lakeside, Te Kauwhata with 930 residential units.
In 2018, Winton launched the retirement luxury living brand Northbrook to leverage
existing expertise and capability in residential land acquisition and development to
build and operate a premium retirement living business. Winton is currently
developing 5 retirement village projects in Auckland, Christchurch, Arrowtown and
Wanaka comprising 741 independent and serviced retirement units and 161 care
suites. The first retirement properties are expected to be completed during 2024.
Winton currently has 7 commercial projects expected to yield a total of 369 units.
3.3 Key Business Risks
The key business risks that Winton faces are:
• land acquisition risk – Winton’s continued growth is dependent on its ability to
acquire attractive sites for the development of new masterplanned
communities. Winton competes with other acquirers of that land and may not
always be able to secure its preferred sites or may have to pay more for those
sites than anticipated
• consenting risk – Winton’s development activities typically require it to achieve
rezoning or resource consents to allow development of its masterplanned
communities. Rezoning and consents may be granted on terms which are less
favourable than Winton originally anticipated
• project development risk – when developing sites, Winton needs to complete
works within projected budget and timetable in order to generate the returns it
expects. Winton’s ability to do so is subject to various uncertainties, including
risk arising from unexpected cost increases (including those caused by labour
shortages and / or increased labour rates) and delays in the completion of its
developments (including due to inclement weather)
• retirement village development and operation risk – the retirement village and
aged care market is an established market with a number of large existing
operators. The sector also carries regulatory risk, being exposed to health,
consumer and land development regulatory frameworks. Future regulatory
change for the industry may have an adverse impact on Winton
• housing market and sales risk – Winton’s ability to achieve the forecast sales
and / or forecast sales prices within each of its developments is dependent on
the housing market conditions in each of the areas in which its developments
are located. Lower demand for housing may affect Winton’s ability to achieve
anticipated sales volumes or prices.

Winton Land Limited Page 15 Independent Adviser’s Report
3.4 Directors and Senior Management
The Board consists of 9 directors:
• Julian Cook, executive director (director of retirement)
• Guy Fergusson, non-independent non-executive director
• Steven Joyce, independent non-executive director
• James Kemp, non-independent non-executive director (Akarua representative)
• Chris Meehan, executive chair (chief executive officer)
• Michaela Meehan, non-executive director
• David Liptak, non-independent non-executive director (Wanaka Partners
representative)
• Glen Tupuhi, independent non-executive director
• Jelte Bakker is an alternate director for James Kemp.
Mr Liptak has notified the Board that he intends to retire as a director from the Board
immediately following the completion of the Share Acquisition.
The Company’s senior management team consists of:
• Chris Meehan, chief executive officer
• Simon Ash, chief operating officer
• Jean McMahon, chief financial officer
• Justine Hollows, general manager, corporate services
• Duncan Elley, general manager, project delivery.
3.5 Capital Structure and Shareholders
Winton currently has 296,613,736 fully paid ordinary shares on issue held by 477
shareholders.
The names, number of shares and percentage holding of Winton’s 10 largest
shareholders as at 8 December 2023 are set out below.

Winton’s 10 Largest Shareholders

Shareholder No. of Shares %

Korama 163,329,448 55.06%
Perpetual (on behalf of Akarua) 59,293,085 19.99%
JWAJ Limited 20,972,418 7.07%
Wanaka Partners 20,843,479 7.03%
0TO60 Nominee Limited 5,145,356 1.73%
Peter Huljich and John Irving 3,573,512 1.21%
Christopher Huljich, Constance Huljich and Elizabeth Ferguson 2,967,294 1.00%
New Zealand Central Securities Depository Limited 2,355,798 0.79%
HWM (NZ) Holdings Limited 2,091,025 0.70%
FNZ Custodians Limited 1,570,710 0.53%

Top 10 shareholders 282,142,125 95.12%
Others (467 shareholders) 14,471,611 4.88%

Total
296,613,736 100.00%

Source: NZX Company Research

Winton Land Limited Page 16 Independent Adviser’s Report
3.6 Financial Performance
A summary of Winton’s recent financial performance is set out below.

Summary of Winton Financial Performance

Year to
30 Jun 21
(Audited)
$000
Year to
30 Jun 22
(Audited)
$000
Year to
30 Jun 23
(Audited)
$000

Revenue 176,980 159,523 211,421

Gross profit 57,426 72,427 108,732

EBITDA 70,434 44,966 95,573

EBIT 69,789 44,248 94,209

NPBT 63,733 44,618 95,207

NPAT 46,094 31,657 64,638

EBITDA: Earnings before interest, taxation, depreciation and amortisation
EBIT: Earnings before interest and taxation
NPBT: Net profit before tax
NPAT: Net profit after tax

Source: Winton annual reports


Revenue consists of residential land and property sales. Revenue levels are driven
by the volume and value of land and property settled.
Cost of sales represent the cost of land and the costs associated with the
development of the land and property.
The Company’s main operating expenses are:
• selling expenses
• employee benefits
• administrative expenses.
Winton recorded NPAT of $32 million in the 2022 financial year:
• revenue of $160 million was 10% lower than the 2021 financial year, arising
from the settlement of 449 units (compared with 553 units in 2021)
• gross profit was $72 million at a gross margin of 45%, compared with
$57 million and 32% in 2021
• EBITDA decreased by 36% from $70 million in 2021 to $45 million. 2021
EBITDA included $28 million of development management fees
• NPAT of $32 million was 31% lower than 2021 NPAT of $46 million.
Winton recorded NPAT of $65 million in the 2023 financial year:
• revenue of $211 million was 33% higher than the 2022 financial year, arising
from the settlement of 565 units
• gross profit was $109 million at a gross margin of 51%, compared with
$72 million and 45% in 2022
• EBITDA increased by 113% from $45 million in 2022 to $96 million
• NPAT of $65 million was 104% higher than 2022 NPAT of $32 million.

Winton Land Limited Page 17 Independent Adviser’s Report
3.7 Financial Position
A summary of Winton’s recent financial position is set out below.

Summary of Winton Financial Position

As at
30 Jun 21
(Audited)
$000
As at
30 Jun 22
(Audited)
$000
As at
30 Jun 23
(Audited)
$000

Current assets 121,588 306,173 174,311

Non current assets 131,841 190,699 416,303


Total assets 253,429 496,872 590,614

Current liabilities (31,664) (32,858) (54,816)

Non current liabilities (137,970) (9,924) (25,384)


Total liabilities (169,634) (42,782) (80,200)


Total equity
83,795 454,090 510,414

Source: Winton annual reports

Winton’s current assets as at 30 June 2023 consisted mainly of:
• inventories – $91 million
• cash – $76 million.
Non current assets as at 30 June 2023 consisted mainly of:
• investment properties – $208 million
• inventories – $166 million
• property, plant and equipment – $40 million.
Current liabilities as at 30 June 2023 comprised mainly:
• accounts payable, accruals and other payables – $30 million
• taxation payable – $23 million.
Non current liabilities as at 30 June 2023 consisted mainly of deferred tax liabilities.
The Company had equity of $510 million as at 30 June 2023, comprising:
• share capital – $386 million
• retained earnings – $122 million
• reserves – $2 million.

Winton Land Limited Page 18 Independent Adviser’s Report
3.8 Cash Flows
A summary of Winton’s recent cash flows is set out below.

Summary of Winton Cash Flows

Year to
30 Jun 21
(Audited)
$000
Year to
30 Jun 22
(Audited)
$000
Year to
30 Jun 23
(Audited)
$000

Net cash inflow / (outflow) from operating activities 84,083 (8,620) 11,853

Net cash (outflow) from investing activities (307) (65,901) (128,914)

Net cash inflow / (outflow) from financing activities
(65,730) 244,319 (11,453)

Net increase / (decrease) in cash held 18,046 169,798 (128,514)


Opening cash balance 16,980 35,026 204,824

Closing cash balance
35,026 204,824 76,310

Source: Winton audited annual reports

Winton’s financing activities in the 2022 financial year included $350 million raised
from the IPO and the repayment of the $130 million project finance debt facility
relating to the Lakeside development.

3.9 Share Price History
Winton’s shares listed on the NZX Main Board and ASX on 17 December 2021 at an
initial price of $3.887 following the issue of 90,000,000 new shares at an issue price
of $3.887 per share under the Company’s $350 million IPO.
Set out below is a summary of Winton’s daily closing share price and monthly
volumes of shares traded from 17 December 2021 to 18 December 2023.

Source: NZX Company Research
During the period, Winton’s shares traded between $1.600 and $3.887 at a VWAP of
$2.435.

Winton Land Limited Page 19 Independent Adviser’s Report
An analysis of Winton’s recent VWAP, traded volumes and liquidity (measured as
traded volumes as a percentage of shares outstanding) up to 18 December 2023 is
set out below.

Share Trading up to 18 December 2023

Period
Low

($)
High

($)
VWAP

($)
Volume
Traded
(000)
Liquidity

1 month 2.40 2.48 2.407 282 0.1%

3 months 2.25 2.48 2.383 495 0.2%

6 months 1.80 2.60 2.301 1,047 0.4%

12 months 1.60 2.60 2.012 3,136 1.1%

Source: NZX Company Research

The analysis highlights the extremely thin trading in the Company’s shares, reflecting
that Korama holds 55.06% of the Company’s shares and the top 10 shareholders
collectively hold 95.12% of the shares. Only 1.1% of the Company’s shares traded
in the past year on 244 days.

Winton Land Limited Page 20 Independent Adviser’s Report
4. Sources of Information, Reliance on Information, Disclaimer
and Indemnity
4.1 Sources of Information
The statements and opinions expressed in this report are based on the following main
sources of information:
• the draft notice of special meeting
• the ASP dated 17 November 2023
• the Winton annual reports for the years ended 30 June, 2022 and 2023
• the Winton product disclosure statement dated 1 December 2021
• data in respect of Winton from NZX Company Research and S&P Capital IQ.
During the course of preparing this report, we have had discussions with and / or
received information from the Non-associated Directors.
The Non-associated Directors have confirmed that we have been provided for the
purpose of this Independent Adviser’s Report with all information relevant to the
Share Acquisition that is known to them and that all the information is true and
accurate in all material aspects and is not misleading by reason of omission or
otherwise.
Including this confirmation, we have obtained all the information that we believe is
desirable for the purpose of preparing this Independent Adviser’s Report.
In our opinion, the information to be provided by Winton to the Non-associated
Shareholders is sufficient to enable the Non-associated Directors and the
Non-associated Shareholders to understand all the relevant factors and to make an
informed decision in respect of the Share Acquisition.
4.2 Reliance on Information
In preparing this report we have relied upon and assumed, without independent
verification, the accuracy and completeness of all information that was available from
public sources and all information that was furnished to us by Winton and its advisers.
We have evaluated that information through analysis, enquiry and examination for
the purposes of preparing this report but we have not verified the accuracy or
completeness of any such information or conducted an appraisal of any assets. We
have not carried out any form of due diligence or audit on the accounting or other
records of Winton. We do not warrant that our enquiries would reveal any matter
which an audit, due diligence review or extensive examination might disclose.

Winton Land Limited Page 21 Independent Adviser’s Report
4.3 Disclaimer
We have prepared this report with care and diligence and the statements in the report
are given in good faith and in the belief, on reasonable grounds, that such statements
are not false or misleading. However, in no way do we guarantee or otherwise
warrant that any forecasts of future profits, cash flows or financial position of Winton
will be achieved. Forecasts are inherently uncertain. They are predictions of future
events that cannot be assured. They are based upon assumptions, many of which
are beyond the control of Winton and its directors and management. Actual results
will vary from the forecasts and these variations may be significantly more or less
favourable.
We assume no responsibility arising in any way whatsoever for errors or omissions
(including responsibility to any person for negligence) for the preparation of the report
to the extent that such errors or omissions result from our reasonable reliance on
information provided by others or assumptions disclosed in the report or assumptions
reasonably taken as implicit, provided that this shall not absolve Simmons Corporate
Finance from liability arising from an opinion expressed recklessly or in bad faith.
Our evaluation has been arrived at based on economic, exchange rate, market and
other conditions prevailing at the date of this report. Such conditions may change
significantly over relatively short periods of time. We have no obligation or
undertaking to advise any person of any change in circumstances which comes to
our attention after the date of this report or to review, revise or update this report.
We have had no involvement in the preparation of the notice of special meeting
issued by Winton and have not verified or approved the contents of the notice of
special meeting. We do not accept any responsibility for the contents of the notice
of special meeting except for this report.
4.4 Indemnity
Winton has agreed that, to the extent permitted by law, it will indemnify Simmons
Corporate Finance and its directors and employees in respect of any liability suffered
or incurred as a result of or in connection with the preparation of the report. This
indemnity does not apply in respect of any negligence, wilful misconduct or breach
of law. Winton has also agreed to indemnify Simmons Corporate Finance and its
directors and employees for time incurred and any costs in relation to any inquiry or
proceeding initiated by any person. Where Simmons Corporate Finance or its
directors and employees are found liable for or guilty of negligence, wilful misconduct
or breach of law or term of reference, Simmons Corporate Finance shall reimburse
such costs.

Winton Land Limited Page 22 Independent Adviser’s Report
5. Qualifications and Expertise, Independence, Declarations and
Consents
5.1 Qualifications and Expertise
Simmons Corporate Finance is a New Zealand owned specialist corporate finance
advisory practice. It advises on mergers and acquisitions, prepares independent
expert's reports and provides valuation advice.
The person in the company responsible for issuing this report is Peter Simmons,
B.Com, DipBus (Finance), INFINZ (Cert).
Simmons Corporate Finance and Mr Simmons have significant experience in the
independent investigation of transactions and issuing opinions on the merits and
fairness of the terms and financial conditions of the transactions.
5.2 Independence
Simmons Corporate Finance does not have at the date of this report, and has not
had, any shareholding in or other relationship with Winton, Akarua or Wanaka
Partners or any conflicts of interest that could affect our ability to provide an unbiased
opinion in relation to the Share Acquisition.
Simmons Corporate Finance has not had any part in the formulation of the Share
Acquisition or any aspects thereof. Our sole involvement has been the preparation
of this report.
Simmons Corporate Finance will receive a fixed fee for the preparation of this report.
This fee is not contingent on the conclusions of this report or the outcome of the
voting in respect of the Share Acquisition Resolution. We will receive no other benefit
from the preparation of this report.
5.3 Declarations
An advance draft of this report was provided to the Non-associated Directors for their
comments as to the factual accuracy of the contents of the report. Changes made to
the report as a result of the circulation of the draft have not changed the methodology
or our conclusions.
Our terms of reference for this engagement did not contain any term which materially
restricted the scope of the report.
5.4 Consents
We consent to the issuing of this report in the form and context in which it is to be
included in the notice of special meeting to be sent to the Non-associated
Shareholders. Neither the whole nor any part of this report, nor any reference thereto
may be included in any other document without our prior written consent as to the
form and context in which it appears.


Peter Simmons
Director
Simmons Corporate Finance Limited
19 December 2023