Notice of Financial Assistance – Employee Share Scheme

channelnz.com

NZX RELEASE
26 April 2024

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 CW 26C 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 $1,071 worth of shares in the Company.
• An employee contribution of $1 (deducted from their after-tax salary or wages) toward
the $1,071 offer amount is made.
• The Company has contributed the rest of the cost (i.e. $1,070) of acquiring the shares up
to the $1,071offer amount, by notifying the Trustee (as defined below) to use unallocated
shares already held by the Trustee up to the offer amount. As unallocated shares will be
used, no cash contribution will be required by the Company.
• 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 Trustee also holds unallocated shares from
time to time.
The details of the financial assistance provided by the Company are as follows:

Shares in respect of which the financial
assistance was provided
42,420 ordinary shares in the Company (Shares).

Consideration paid for the Shares

$1.5144 per Share.

Recipient of the financial assistance

The Trustee received the financial assistance noted
below to allocate 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).

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Nature of financial assistance
The financial assistance was given in the form of (a)
a notification to allocate to employees unallocated
Shares already held by the Trustee with a total
value of NZ$64,200; and (b) approximately
NZ$38,000 to cover the costs of operating the
Scheme.

Authorised by
Chris Bougen
General Counsel and Company Secretary
email: Chris.Bougen@channelnz.com

Contact details
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact
Laura Malcolm
communications@channelnz.com

About Channel Infrastructure
Channel Infrastructure’s vision is to be a world-class infrastructure company, delivering resilient infrastructure
solutions to help meet changing fuel and energy needs.
Channel Infrastructure’s assets are a critical part of the Northland and Auckland fuel supply chain, supporting the
delivery of around 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 will seek to support New Zealand’s decarbonisation ambitions, by utilising our
strategically-located assets and our expertise in supply chain infrastructure. The Company remains focused on its
future growth opportunities at the Marsden Point site and beyond, including additional fuel storage to support fuel
security and studies underway with partners on hydrogen and sustainable aviation fuel opportunities.
For more information on Channel Infrastructure, please visit: www.channelnz.com