Apple Land Acquisition

Capital Change Notice

Updated as at June 2023


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 2,215,190
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $1.58
Nature of the payment (for example, cash or other
consideration)
Issued as part consideration
for the purchase of horticultural
land
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)
1

1.57%
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)
As part consideration for the
purchase of horticultural land
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.
142,978,801
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
Board Resolutions and NZX
Listing Rule 4.5.1
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
Issue of new ordinary shares in
NZL which rank equally with all
other fully paid ordinary shares
in NZL.

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

Date of issue/acquisition/redemption
2
8/11/2024
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Richard Milsom
Contact person for this announcement Richard Milsom
Contact phone number 021 274 2476
Contact email address richard@nzrlm.co.nz
Date of release through MAP

8/11/2024




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).

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E: info@nzrlc.co.nz | T: +64 9 217 2905
www.nzrlc.co.nz
8 November 2024
Apple Land Acquisition
New Zealand Rural Land Company (NZL.NZX) has settled the first of two contiguous horticultural land acquisitions
announced to the market on 29 August 2024. www.nzx.com/announcements/437146.
The orchards are located near Roxburgh East in Central Otago and feature high quality soils well suited to intensive
horticulture. They also offer a range of alternative uses.
This initial purchase consists of approximately 47 hectares, with an annualised year one income of $635k. Settlement
of the property includes consideration of $3.5m worth of NZL shares issued at $1.58 per share - 2,215,190 shares.
The next property is scheduled for settlement in September 2025.
Following the settlement of both properties, NZL will own a total of approximately 126 hectares of prime horticultural
land in Central Otago, of which 83 hectares are planted in a range of apple varieties. The land will be leased to SI
Orchards for a period of 30 years with a total year one income of ~$1.13m.
This acquisition builds on NZL’s recent entry into the horticultural sector and serves to diversify the portfolio by
geography and asset type, while partnering with an experienced and well capitalised tenant. The 30-year lease
materially increases NZL’s weighted average lease term, the frequency of rental reviews and the portfolio’s gross
yield.
For further information please contact:
Richard Milsom - Director, NZRLM
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz