South Port NZ Ltd - Capital Change Notice

Capital Change Notice

Updated as at 30 August 2024




Section 1: Issuer information
Name of issuer South Port New Zealand Limited (SPNZ)
NZX ticker code SPN
Class of financial product Unquoted share rights (Rights)
ISIN (If unknown, check on NZX website) N/A
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed 50,749
Nominal value (if any) N/A
Issue/acquisition/redemption price per security 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)
100%
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 Right converts on a 1:1 basis for nil
consideration into fully paid ordinary shares,
subject to certain performance hurdles being
met and provided the participants
(Participants) of the South Port New Zealand
Limited Performance Share Rights Plan (Plan)
remain employed during a 3-year vesting
period ending 30 June 2027 (subject to early
vesting for certain no-fault terminations, or on
a discretionary basis including for death or
incapacity).
The Participants’ entitlement to Rights and
shares on vesting (Shares) under any offer of
Rights under the Plan are calculated by
reference to, unless otherwise determined by
the Board, the 20-day volume weighted
average price of SPNZ’s shares on the NZX
up to and including 1 July 2024.
Shares will be issued (or transferred in
accordance with terms of the Plan) in respect
of vested Rights as soon as reasonably
practicable after vesting.
Rights rank behind SPNZ’s ordinary shares,
are non-transferable, cannot be encumbered,
and have no voting or other share rights.
Rights are otherwise subject to the terms of
individual offer letters and the rules of the
Plan, including that a participant’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 Rights under the Plan to the
Participants to assist in the reward, retention
and motivation of Participants and align the
interests of the Participants with the
shareholders of SPNZ.
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.
50,749
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)
The grant of Rights under the Plan to
Participants. No cash consideration is payable
by the participants of the Plan on the grant of
the Rights or on the issue of Shares following
vesting of Rights. As noted above, vesting of
Rights is subject to continued employment,
and certain performance hurdles being met by
SPNZ.
Date of issue/acquisition/redemption 30/08/2024
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Nigel Gear
Contact person for this announcement Nigel Gear
Contact phone number +64 3 212 8159

Contact email address ngear@southport.co.nz
Date of release through MAP

30/08/2024