Capital Change Notice – Management Share Rights

Capital Change Notice

Updated as at 17 October 2019


Section 1: Issuer information
Name of issuer Channel Infrastructure NZ Limited
NZX ticker code CHI
Class of financial product Unquoted share rights (Share Rights)
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 312,559
Nominal value (if any) N/A
Issue/acquisition/redemption price per
security
Share Rights are issued for nil cash consideration.
Nature of the payment (for example,
cash or other consideration)
N/A
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)
92.48%
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)
Each Share Right converts on a 1:1 basis for nil cash
consideration into fully paid ordinary shares. This is
subject to a workplace safety condition being satisfied,
and, in respect of 50% of the Eligible Employee’s
award, the performance of CHI’s Total Shareholder
Return (TSR) relative to the NZX50 on a progressive
vesting scale, and, in respect of the remaining 50% of
the award, CHI’s TSR exceeding its cost of equity plus
0.5% compounding annually from 1 March 2024 to the
vesting date. Vesting is also subject to the Eligible
Employee remaining employed, except in certain “good
leaver” cessation of employment scenarios at the
discretion of the Board.
Shares will be issued (or transferred in accordance
with terms of the Channel Infrastructure Share Rights
Plan) in respect of vested Share Rights as soon as
reasonably practicable after vesting, being the date
that is 21 trading days after the release of the financial
results for CHI’s 2026 financial year.
Share Rights rank behind Channel Infrastructure’s
ordinary shares, are non-transferable, cannot be
encumbered, and have no voting or other share rights.
Share Rights are otherwise subject to the terms of the
individual offer letter and the rules of the Channel
Infrastructure Share Rights Plan, including that the
Eligible Employee’s Rights lapse automatically in the
event of fraud, dishonesty or wilful default.

Reason for issue/acquisition/redemption
and specific authority for
issue/acquisition/redemption/ (the reason
for change must be identified here)
Issue of Share Rights to Eligible Employees under
Channel Infrastructure’s Share Rights Plan.
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.
650,534
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
Resolution of the Board and Listing Rules 4.6.1 and
4.9.1(b).
Terms or details of the issue, acquisition,
or redemption (for example: restrictions,
escrow arrangements)
No cash consideration is payable by the Eligible
Employees on the grant of the Share Rights or on
the issue or delivery of fully paid ordinary shares
following vesting of Share Rights. As noted above,
vesting of Shares Rights is subject to continued
employment (subject to early vesting for no fault
terminations), together with other conditions noted
above.
Date of issue/acquisition/redemption 10 April 2024
Section 3: Authority for this announcement and contact person
Name of person authorised to make this
announcement
Chris Bougen
Contact person for this announcement Chris Bougen
Contact phone number +64 9 432 5100
Contact email address Chris.Bougen@channelnz.com
Date of release through MAP

10 April 2024