Capital Change Notice - Issue of Performance Fee Shares

2 May 2025
Issue of Performance Fee Shares
New Zealand Rural Land Company (NZL.NZX) confirms it has issued 411,772 fully paid ordinary shares to satisfy the
Performance Fee for the period ending 31 December 2024 at an issue price of NZ$1.5986.
Total number of shares on issue is now 145,024,724. An NZX capital change notice was released on 2 May 2025.
Rob Campbell
Independent Chair
For further information please contact:
Richard Milsom - Director, NZRLM
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
E: info@nzrlc.co.nz | T: +64 9 217 2905

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
Please indicate your agreement to the above on behalf of NZRLM by signing below and returning a copy of this
letter at your earliest convenience.
Yours sincerely,
Rob Campbell
Chair
New Zealand Rural Land Company Limited
www.nzrlc.co.nz
NZRLM confirms its agreement to the calculation of the FY23 fee and to points 1 - 3 of this
letter.
Shelley Ruha
Chair
Allied Farmers Limited
Date: 04 March 2024
E: info@nzrlc.co.nz | T: +64 9 217 2905

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
E: info@nzrlc.co.nz | T: +64 9 217 2905

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Capital Change Notice




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 411,772
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $1.5986
Nature of the payment (for example, cash or other
consideration)
Consideration for services
provided under Management
Agreement – Performance Fee
Amount paid up (if not in full) Fully Paid
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

0.285%
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)
To satisfy the Performance
Fee payable under a
Management Agreement with
New Zealand Rural Land
Management Limited
Partnership for the period
ending 31 December 2024
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.
145,024,724 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
Board resolution and Listing
Rule 4.4.1(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)
50% of the shares issued are
subject to trading restrictions
for a period of 5 years
pursuant to a Restricted
Security Deed
Date of issue/acquisition/redemption
2
02/05/2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement R
ichard Milsom

Contact person for this announcement R
ichard Milsom

Contact phone number 021 274 2476
Contact email address richard@nzrlm.co.nz
Date of release through MAP

02/05/2025




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).