Issue of Shares

A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


30
th
May 2025

Market Announcement
For immediate release

Issue of Shares

AoFrio Limited (AoFrio) implemented a new executive long-term incentive scheme (LTI Scheme) on 14
th

April 2025 designed to better encourage long term performance and promote employee retention. This LTI
Scheme replaced the previous performance share plan that operated until 2016, which involved partly paid
shares.

Today, AoFrio has issued 2,379,036 ordinary shares to the AoFrio Executive Team (excluding the CEO)
recognising LTI Scheme performance from 2016 through to the end of 2024.

A capital change notice in respect of the issue accompanies this announcement.



Ends

Contact

John Scott
Chairman
Phone + 64 21727156


AO247

---

Template
Capital Change Notice

Updated as at 8 May 2019


Section 1: Issuer information
Name of issuer AoFrio Limited
NZX ticker code AOF
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website)
NZWDTE0002S1
Currency N/A
Section 2: Capital change details
Number issued/acquired/redeemed 2,379,036
Nominal value (if any) Nil
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
The issue of the shares is in
settlement of agreed amounts
owing to certain employees.
The number of shares being
issued was determined using
the VWAP for AoFrio ordinary
shares over 10 business days
prior to the issue.
Amount paid up (if not in full) Credited as 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

0.551% of the ordinary shares
of AoFrio Limited on issue.
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)
The issue of the shares is in
settlement of agreed amounts
owing to certain employees.
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.
434,232,042
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 dated 28
th

May 2025

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)

Date of issue/acquisition/redemption
2
30
th
May 2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Howard Milliner
Contact person for this announcement Howard Milliner
Contact phone number 027 5870455
Contact email address Howard.milliner@aofrio.com
Date of release through MAP

30
th
May 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).