Heartland completes Retail Entitlement Offer (81% take up)

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info
NZX/ASX release
24 April 2024

Heartland completes Retail Entitlement Offer (81% take up)
and NZ$210m equity raise

Heartland Group Holdings Limited (NZX/ASX: HGH) (Heartland) is pleased to announce that it has
successfully completed the retail entitlement offer component (Retail Entitlement Offer) of its
NZ$105 million underwritten 1 for 6.85 pro-rata accelerated non-renounceable entitlement offer
(Entitlement Offer).

Heartland is pleased to confirm it has raised a total of NZ$210 million under the Placement and
Entitlement Offer announced on 8 April 2024. This includes gross proceeds of approximately NZ$131
million received under the institutional component of the Entitlement Offer and Placement.

Heartland received strong support from its Eligible Retail Shareholders for the Retail Entitlement
Offer, in line with Heartland’s expectations. The Retail Entitlement Offer raised gross proceeds of
approximately NZ$79 million. Heartland’s Eligible Retail Shareholders subscribed for approximately
64 million new fully paid ordinary shares in Heartland (New Shares) (including approximately $14
million of oversubscriptions).

Eligible Retail Shareholders who took up their entitlements in full and applied for New Shares in
excess of their entitlements received all of the New Shares for which they applied. The effective take
up rate by Eligible Retail Shareholders was therefore approximately 81%.

The approximately 15 million New Shares not taken up under the Retail Entitlement Offer have been
allocated to the underwriter and/or to sub-underwriters procured by the underwriter, including
institutional investors who participated in the Placement and wished to purchase more shares.

The Placement and Entitlement Offer structure utilised by Heartland has met Heartland’s key
objectives, including:
1. ensuring all Eligible Retail Shareholders were treated fairly – all applications for shares by
Eligible Retail Shareholders were accepted, meaning they could maintain their existing
percentage shareholding through the offer; and
2. introducing and encouraging institutional participation (including in particular by investors in
Australia) – institutional demand through the equity raise exceeded the total NZ$210 million
raised.

The New Shares to be issued under the Retail Entitlement Offer are expected to commence trading
on the NZX Main Board on Friday 26 April 2024 and on the ASX on Monday 29 April 2024 and will
rank equally with existing Heartland shares.

Heartland wishes to thank all existing and new shareholders who participated in the equity raise for
their continued support.

– ENDS –

The person(s) who authorised this announcement:
Jeff Greenslade, Chief Executive Officer
Andrew Dixson, Chief Financial Officer

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info
2
For further information, please contact:
Nicola Foley
Group Head of Communications
+64 27 345 6809
nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand

Currency
Unless otherwise stated, all references to “$” are to the New Zealand dollar.

Not an offer of securities in the United States
This announcement has been prepared for publication in New Zealand and Australia and may not be
released to US wire services or distributed in the United States. This announcement does not
constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any
other jurisdiction. Any securities described in this announcement have not been, and will not be,
registered under the US Securities Act of 1933 or the securities laws of any state or other jurisdiction
of the United States and may not be offered or sold in the United States except in transactions
exempt from, or not subject to, the registration requirements of the US Securities Act and applicable
US state securities laws.