Completion of Civic Waste, Conv Note, SPP & Board changes

19 December 2024

WASTECO GROUP CONFIRMS COMPLETION OF CIVIC WASTE ACQUISITION,
CONVERTIBLE NOTE INVESTMENT AND SPP, AND BOARD CHANGES
Summary
Acquisition of Civic Waste Limited by WasteCo Group Limited
WasteCo Group Limited (NZX: WCO) is pleased to confirm it has completed the purchase
of 100% of the shares in Civic Waste Limited, a leading North Island-based waste
management company.
The acquisition of Civic Waste provides WasteCo with an expanded geographic footprint
and additional operational scale, contributing approximately NZD $20 million in revenue
over the next 12 months.
Convertible Note Investment by Empire Waste Technology Limited
WasteCo has issued a $15 million convertible note (“Notes”) to Empire Waste Technology
Limited, an investment vehicle of Simon and Paula Herbert.
The funds from the issue of the Notes were applied to the completion payment for the Civic
Waste acquisition and provide working capital for WasteCo to fund further acquisitions and
strengthen its balance sheet.
The Notes have a five-year term, bearing 6% annual interest, and provide Empire with the
option to convert the Notes into equity at $0.02 per share at any time during the term.
Share Purchase Plan
WasteCo is also pleased to advise the Share Purchase Plan (SPP) to allow existing
shareholders to purchase new equity at $0.02 cents per share has closed with strong
investor support. Existing shareholders subscribed $1.38 million in the SPP offer and
directors have exercised their discretion to place the shortfall, to raise a total of $5 million
in new equity.
The new shares will be issued early next week.

Acquisition of Civic Waste
Civic Waste provides a range of services including:
• Waste collection & disposal
• Litter management
• Kerbside rubbish & recycling collection
• Mechanical sweeping & scrubbing
• Catchpit and sump cleaning, hydro-excavation
• Waste processing
Civic Waste operates a fleet of more than 150 vehicles, including EVs, and employs 150
staff across its three main centres. The acquisition represents WasteCo’s first North Island
investment, enabling future growth and alignment with its national corporate agreements.
Civic Waste’s managing director, Bjorn Revfeim, and the rest of the Civic Waste
management team remain actively involved in the business.
Appointment of New Directors and Chair
WasteCo is pleased to announce the appointment of two additional non-independent
directors, Simon Herbert and Sean Joyce, to the board with effect from 19 December 2024.
Simon and Sean were nominated by Empire and will add considerable strength to the
WasteCo board. Rodney Malam is appointed as an alternate director for Simon and Sean.
The board of WasteCo has elected Roger Gower, an existing independent director, to be the
independent Chair of WasteCo from 19 December 2024
WasteCo Chair, Roger Gower says “This capital investment and business acquisition
represents an exciting inflection point for WasteCo, illustrating the company’s previously
advised intention to aggressively grow its commercial operations through strategic
acquisitions, and to expand its geographical commercial footprint beyond the South
Island.
“Outgoing Chair Shane Edmond will remain as a director of WasteCo and we thank him for
his valuable contribution to the company, leading WasteCo from private ownership into the
listing in December 2022, serving as Chair the past four years.”

These strategic transactions reflect WasteCo’s commitment to enhancing shareholder
value, expanding its geographic and operational footprint, and pursuing sustainable growth
through acquisitions.
About WasteCo
WasteCo is a leading South Island waste solution company, processing and diverting liquid
and solid waste from landfill. It provides comprehensive solutions for household,
commercial, industrial and local authority customers.
WasteCo is a diamond certified Toitū Enviromark waste solutions provider and delivers
outcomes that ensure its customers are at the leading edge of the sustainability frontier.
The company provides waste and sorting options as well as waste remediation, sweeping
and industrial cleaning services – all delivered using leading edge technology and highly
trained customer-focussed staff. The Christchurch-based business was established in
2013.
New director bio’s:
Simon Herbert
Simon brings more than 25 years of experience in business and property investment,
combined with an 18 year legal career in major New Zealand law firms.
As principal of Empire Capital, Simon has spearheaded transformative projects, including
acquisitions across marine, residential, industrial and commercial property, and
technology sectors. Notable achievements include the acquisition of three of Auckland’s
privately owned marinas and associated waterfront land holdings and businesses into
thriving enterprises. Lesser known is his investment in technological infrastructure,
reflecting his strategic vision and entrepreneurial leadership.
A passionate family man, yachtsman and aviation enthusiast, Simon is recognised for his
dynamic approach to investment and commitment to sustainable business practices,
underscored by the substantial committed interest in WasteCo. Simon holds law and
commerce degrees from the University of Auckland. His proven expertise, experience, and
forward-thinking leadership will be valuable as WasteCo continues on its aggressive growth
trajectory.

Sean Joyce
Sean has more than 30 years’ experience in the corporate sector as a corporate lawyer and
a market participant. Sean started his legal career at Phillips Fox (now DLA Piper) in 1993.
He was then a founding member of a boutique corporate law firm for more than 10 years. In
2010, Sean set up his own corporate law practice Sean Joyce – Corporate Counsel.
Sean has a particular focus on the capital markets and securities laws in New
Zealand. This includes regulatory compliance, initial public offerings, compliance listings,
reverse listings, takeovers, fundraising and offerings of various types of securities in New
Zealand. Sean is also a principal of Auckland based capital markets advisory firm, CM
Partners Limited, which has been involved in a significant number of capital markets
transactions since its formation in 2014.
Sean is a Chartered Member of the Institute of Directors (CMinstD) and holds a Bachelor of
Arts and a Bachelor of Laws (Hons) from Auckland University. Sean is a director of a
number of private and listed companies.
-Ends-
For further information
Erin Jamieson | 021 743 237 | erin@conv.co.nz