MOVE Appoints Paul Millward as CEO

Company Announcement
28 February 2025

MOVE APPOINTS PAUL MILLWARD AS CEO
Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), is pleased to
announce that Paul Millward has accepted the role of permanent Chief Executive Officer, effective
immediately.
Chair of MOVE, Julia Raue, said: “In the past six months as interim CEO, Paul has demonstrated his
passion for MOVE alongside strong leadership, and is making good progress on the transformation
programme and the shift to a high performance culture. His appointment reflects the Board’s
confidence in his ability to lead the organisation in achieving transformational change and delivering
value to stakeholders, as demonstrated by a significantly improved 1H25 result, announced today.”
Paul Millward commented: “MOVE is an iconic New Zealand business and I’m privileged to be
stepping into the CEO role on a permanent basis. While there is still work to be done, we are making
good progress. I’m looking forward to leading MOVE through its next phase and unlocking
sustainable value in our business for our team, our customers and our shareholders.”
The Board has approved a long term incentive plan for both Paul Millward and Lee Banks, MOVE’s
chief financial officer, for 1.3 million shares and 560,000 shares respectively, which vest in June
2028. This long term incentive plan is designed to further align the interests of senior leadership with
shareholders and encourage long term decision making and value creation. To this effect, restricted
share units have been issued to Paul Millward and Lee Banks. A capital change notice to this effect
accompanies this announcement.
ENDS
Approved for release on behalf of the board of MOVE Logistics Group.

For investor/media assistance, please contact: Jackie Ellis t: + 64 27 246 2505 e: jackie@ellisandco.co.nz

About MOVE Logistics Group Limited (MOV)
MOVE is one of the largest domestic freight and logistics businesses in New Zealand, with a
nationwide network of branches, depots and warehouses.

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Capital Change Notice



Section 1: Issuer information
Name of issuer Move Logistics Group Limited
NZX ticker code MOV
Class of financial product Unlisted Restricted Share Units
(RSUs) to subscribe for
ordinary shares in MOV under
the MOVE Logistics Group
Limited 2023 Long Term
Incentive Plan Rules (Long-
Term Incentive Plan Rules)
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 1,860,000 RSUs
Nominal value (if any) N/A
Issue/acquisition/redemption price per security RSUs were granted at a value
of $0.25 each. No cash
consideration is required to be
paid for the RSUs to vest (i.e.
for an equivalent number of
Ordinary Shares in MOV to be
issued).
Nature of the payment (for example, cash or other
consideration)
Non-cash consideration is
provided in the form of services
rendered and to be rendered by
the relevant senior managers of
MOV.
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

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)
Exercise: Upon the exercise of
the RSUs, MOV will issue one
Ordinary Share in MOV for
every RSU that vests.
Exercise Price: The exercise
price for a RSU is nil.
Ranking: Any Ordinary Shares
in MOV issued on the exercise
of the RSUs will rank equally in
all respects with all other

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

Ordinary Shares on issue in
MOV.
Vesting Date: 30 June 2028.
Lapse Date: The date on which
the relevant senior manager
ceases to be employed by MOV
(or any subsidiary of MOV).
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
Authorised by the Board of
MOV pursuant to the Long
Term Incentive Plan Rules.
The RSUs are issued to
incentivise the senior managers
in a manner aligned with the
interests of MOV shareholders.
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.
1,860,000
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 resolution and Listing
Rule 4.6.1
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
The RSUs issued in
accordance with the terms set
out in the Long-Term Incentive
Plan Rules. Other terms are
detailed above.
Date of issue/acquisition/redemption
2
28/2/2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Matt Yates
Contact person for this announcement Matt Yates
Contact phone number 021 277 9350
Contact email address matt.yates@duncancotterill.com
Date of release through MAP

28/02/2025




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).