Capital Change Notice – Share Buyback

Capital Change Notice

Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer New Zealand Rural Land
Company Limited
NZX ticker code NZL
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZNZLE0001S2
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 6,594
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $0.89
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Paid in full
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)
1

0.005%
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)
N/A
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Acquisition under Board
approved On-Market Share
Buy-Back Programme
announced to the market on
26 May 2023.
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.
139,819,818 ordinary shares in
NZL (Shares).
No Shares held as Treasury
Stock.
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
No
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
NZX Listing Rule 4.14.1(a)

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The total number of Shares
that may be bought back shall
not exceed 5,350,000 Shares.
Shares will only be acquired if
the acquisition price represents
90% or less of NZL’s prevailing
net asset value per share.
Shares will be cancelled upon
acquisition and the number of
shares on issue in NZL will
reduce accordingly.
The buyback programme will
not run during any “Blackout
Periods” (as described in
NZL’s Securities Trading
Policy).
Further terms outlined in NZL’s
Capital Management Policy.
Date of issue/acquisition/redemption
2
01/05/2024
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Christopher Swasbrook
Contact person for this announcement Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP

30/04/2024




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).