New Warrant Issue for Barramundi

Barramundi Limited
Phone +64 9 489 7094
Private Bag 93502, Takapuna
Auckland, New Zealand




30 June 2025
New Warrant Issue for Barramundi

The directors of Barramundi Limited (Barramundi) are pleased to announce that the company will
undertake a pro rata offer of warrants to shareholders.
The issue of warrants is part of Barramundi’s ongoing capital management programme and provides
investors with the ability to purchase additional shares in Barramundi at a pre-determined Exercise
Price. The issue of warrants also aims to increase the size of the portfolio so as to improve operational
efficiency. The net proceeds from the warrant issue are expected to be used for further investment in
the Barramundi portfolio.
On the record date, eligible Barramundi shareholders will be issued one warrant for every four shares
held. The record date for the issue is 6 August 2025 and the warrants are expected to be allotted on
7 August 2025.

Each warrant gives shareholders the right, but not the obligation, to subscribe for one additional
ordinary share in Barramundi on the exercise date. The exercise date is 7 August 2026.

The exercise price will be $0.70 less any dividends declared (and the impact of any capital structure
changes, per clause 28 of the Warrant Terms Offer Document) with a record date during the period
commencing on the date of allotment of the warrants and up to the announcement of the final exercise
price. The final exercise price will be calculated and advised to warrant holders at least six weeks before
the exercise date.

The warrants are expected to be quoted on the NZX Main Board from 8 August 2025 under the issuer
code BRMWI.


Contact
Wayne Burns
Corporate Manager
Barramundi Limited

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BARRAMUNDI LIMITED
WARRANT TERMS
OFFER DOCUMENT
30 JUNE 202530 JUNE 2025

KEY TERMS
IssuerBarramundi Limited
The OfferThis is an offer of Warrants in Barramundi. Each Eligible
Shareholder will be issued one Warrant for every four Shares
held, subject to rounding, at 5.00pm (New Zealand time) on the
Record Date (6 August 2025).
Each Warrant gives the holder a right to buy one Share in
Barramundi upon payment of the Exercise Price on the Exercise
Date (7 August 2026).
Eligible
Shareholders
Warrants will be issued to Barramundi Shareholders with a
registered address in New Zealand recorded on the share register
at 5.00pm (New Zealand time) on the Record Date.
Issue price for
Warrants
Nil – Eligible Shareholders will not have to make any payment to
receive their entitlement of Warrants.
Approximate
number of
Warrants to be
issued
85.3 million (approximately). The exact number will depend on
rounding.
Quotation of
Warrants
Application has been made to NZX for permission to quote
the Warrants on the NZX Main Board and all the requirements
of NZX relating to the quotation of the Warrants that can be
complied with on or before the date of this document have
been complied with. However, the Warrants have not yet been
approved for trading and NZX accepts no responsibility for any
statement in this document. NZX is a licensed market operator,
and the NZX Main Board is a licensed market under the Financial
Markets Conduct Act 2013.
If approved for trading, initial quotation of the Warrants on the
NZX Main Board is expected to occur on 8 August 2025 under
the ticker code BRMWI, ISIN NZBRME0022S8.
Exercise of
Warrants
Warrant Holders may:
• exercise some or all of their Warrants by completing an online
Exercise Form with the Registrar (and making payment) by
the Exercise Date (if you choose to exercise only some of your
Warrants, it must be a number which ensures you will have a
minimum holding of Shares under the Listing Rules);
• sell some or all of their Warrants on the NZX Main Board; or
• allow their Warrants to lapse.
Any Warrants not exercised on the Exercise Date will lapse.
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Exercise of
Warrants
(continued)
If you do not exercise your Warrants, your shareholding in
Barramundi may be diluted by other Warrant Holders who
exercise their Warrants. This dilution will relate to your percentage
shareholding in Barramundi as the number of Shares that you hold
will not change as a result of not participating in the Offer.
The issue of new Shares on exercise of the Warrants may result in
a consequential reduction in the net asset value (NAV) per Share
once the new Shares are issued. The extent of the dilution effect
(if any) on the NAV per Share will depend upon the actual number
of Warrants exercised and the final Exercise Price in comparison to
the NAV per Share immediately prior to the issue of the new Shares.
In order to illustrate the potential reduction in NAV per Share for
those who do not exercise or sell their Warrants, the dilution effect
associated with prior Barramundi warrants over the last fifteen years
has ranged from a 0% to 5.3% reduction in NAV per Share. (Please
note that the dilution effect from future warrants has no correlation
with the dilution effect experienced from historical warrants).
Exercise Price $0.70 per Warrant, but with such amount to be adjusted down for
the aggregate amount per Share of any cash dividends declared
on the Shares with a record date during the period commencing
on the date of allotment of the Warrants and ending on the
last Business Day before the final Exercise Price is announced by
Barramundi.
The final Exercise Price per Warrant (following the adjustment
referred to above) will be calculated to the nearest one hundredth
of a cent and then rounded up or down to the nearest whole cent.
Announcement of
final Exercise Price
Barramundi will announce the final Exercise Price to the NZX at
least six weeks before the Exercise Date. Barramundi will also
provide confirmation of the final Exercise Price to Warrant Holders
through their recorded preferred method for receipt of company
communications.
How to Exercise
your Warrants
If you are a Warrant Holder and wish to exercise any of your
Warrants and subscribe for Shares, you must complete the online
Exercise Form (and make payment of the Exercise Price) by the
Exercise Date.
Barramundi will advise Warrant Holders how to access the online
Exercise Form as soon as reasonably practicable after the final
Exercise Price has been determined.
Warrant Holders must exercise their Warrants by completing
an online Exercise Form. Exercise Forms will not be provided to
Warrant Holders in hard-copy.
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IMPORTANT NOTICE
Warrants (and Shares to be issued on the
exercise of Warrants) are offered to Eligible
Shareholders pursuant to the exclusion in
clause 19(1A) of Schedule 1 of the Financial
Markets Conduct Act 2013.
This document is not a product disclosure
statement for the purposes of the Financial
Markets Conduct Act 2013 and does not
contain all of the information that an
investor would find in a product disclosure
statement, or which may be required to
make an informed decision about the
Warrants or an investment in Barramundi.
IMPORTANT DATES
Record Date6 August 2025
(5.00pm New Zealand time)
Allotment of Warrants7 August 2025
Quotation of Warrants commences on the NZX
Main Board
8 August 2025
Mailing of holding statements for Warrants11 August 2025
Expected date of announcement of final Exercise
Price
No later than 26 June 2026
Expected final date for trading Warrants on the
NZX Main Board
3 August 2026
Exercise Date7 August 2026
(5.00pm New Zealand time)
Allotment of Shares on exercise of Warrants12 August 2026
Mailing of holding statements for Shares17 August 2026
The dates shown above are subject to change and indicative only. Barramundi reserves
the right to vary or extend these dates subject to applicable law and the Listing Rules.
Changes will be advised by announcement to NZX.
Barramundi may decide not to proceed with the issue of Warrants at any time before the
allotment of Warrants at its absolute discretion. Shareholders will have no right to receive
Warrants or any compensation if Barramundi decides not to proceed.
The information in this document does
not constitute a recommendation to
exercise Warrants nor does it amount to
financial advice. This document has been
prepared without taking into account
the particular needs or circumstances of
any investor, including their investment
objectives, financial and/or tax position.
All investments carry risk. If you are in
any doubt about what action to take, you
should contact a financial advice provider,
an NZX Adviser Firm or your accountant
or other professional adviser. Please read
this document carefully and in full before
making any decision.
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This document does not constitute an
offer, advertisement or invitation in any
place in which, or to any person to whom,
it would not be lawful to make such an
offer, advertisement or invitation.
No guarantee is provided by any person
in relation to the Warrants or Shares.
Likewise, no warranty is provided with
regard to the future performance
of Barramundi, or any return on any
investments made pursuant to this
document.
ADDITIONAL INFORMATION
ABOUT BARRAMUNDI
LIMITED
Barramundi is subject to continuous
disclosure obligations under the Listing
Rules which require it to notify certain
material information to NZX. Market
releases by Barramundi, including the
most recent annual report (for the period
ended 30 June 2024) are available at nzx.
com under the ticker code BRM and on
Barramundi’s website, barramundi.co.nz.
Barramundi also releases through NZX
weekly and month end details of the NAV
of the portfolio and monthly updates and
quarterly newsletters.
Barramundi may, prior to the Exercise Date,
make additional market releases to NZX.
You should monitor Barramundi’s market
announcements before deciding whether
to exercise or sell your Warrants. No
market release by Barramundi will permit a
Warrant Holder to withdraw any previously
submitted online Exercise Form without
Barramundi’s prior consent.
MARKET RISK
The market price of Shares may increase
or decrease between the issue of this
document and the date of allotment
of new Shares upon exercise of the
Warrants. Because Barramundi invests in
shares of other companies, changes in
the market prices of those other shares
may affect Barramundi’s share price. Any
subsequent changes in the market price
of Shares will not affect the Exercise
Price, and the market price of Shares
following allotment may be higher or
lower than the Exercise Price.
Barramundi’s share price can trade at
either a premium to the NAV, or at a
discount to the NAV. Barramundi’s NAV
is calculated on a weekly and month
end basis, and released to the NZX and
disclosed on Barramundi’s website,
barramundi.co.nz.
The market price of Warrants may also
increase or decrease while they are
quoted on the NZX Main Board.
DEFINITIONS
Capitalised terms used in this document
have defined meanings which appear in
the Glossary.
All references in this document to
times are to times in New Zealand,
all references to currency are to New
Zealand dollars, and all references to
applicable statutes and regulations are
references to New Zealand statutes and
regulations.
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THE OFFER
1. Barramundi will issue one Warrant for
every four Shares held by an Eligible
Shareholder recorded on the share
register at 5.00pm (New Zealand time)
on the Record Date (6 August 2025).
2. The purpose of the issue of Warrants is
to raise capital as part of Barramundi’s
ongoing capital management
programme and provide investors with
the ability to purchase additional shares
in Barramundi at a pre-determined
Exercise Price. The issue of Warrants
also aims to increase the size of the
portfolio so as to improve operational
efficiency. The net proceeds are
expected to be used for further
investment in the Barramundi portfolio.
GR ANT OF WARR ANTS
3. Warrants will only be issued to
Shareholders with a registered address
in New Zealand recorded on the share
register at 5.00pm (New Zealand time)
on the Record Date. Warrants will not
be issued to Barramundi’s overseas
Shareholders as Barramundi considers
that the legal requirements of other
jurisdictions in which Shareholders
have a registered address are such
that it would be unduly onerous for
Barramundi to issue Warrants to
Shareholders in those jurisdictions,
having regard to the low number
of such Shareholders and the likely
costs of complying with the relevant
legal requirements. This document is
intended for use only in connection
with the issue of Warrants to Eligible
Shareholders.
4. Shareholders with a registered address
outside of New Zealand recorded on
the share register at 5.00pm (New
Zealand time) on the Record Date
will have the Warrants they would
have otherwise received, issued to
a separate registry account with the
Registrar. Barramundi will endeavour to
sell those Warrants on the NZX Main
Board and hold the proceeds on trust
and account to those Shareholders on
a pro rata basis for the proceeds (net of
costs). There is no guarantee that the
Warrants will be able to be sold or as
to the amount of proceeds that may be
received from the sale of the Warrants.
Any Warrants which cannot be sold
will lapse on the Exercise Date.
5. Warrant Holders who do not have a
registered address in New Zealand
and who have acquired Warrants on
the NZX Main Board will be entitled
to exercise those Warrants (subject to
compliance with all legal requirements
applicable to them). Individual overseas
Warrant Holders will be responsible
for ensuring they comply with all
applicable legal requirements in their
home jurisdiction.
ROUNDING OF WARR ANTS
6. If a Shareholder would receive a
fraction of a Warrant by applying the
1:4 ratio, the number of Warrants
to be issued to that Shareholder will
be rounded up to the nearest whole
number.
7. To ensure all Eligible Shareholders
receive Warrants on an equal basis,
no additional Warrants will be issued
by Barramundi to those Shareholders
whose existing holding, plus new
shares, would be less than the
minimum holding under the NZX
Listing Rules. You may hold less than a
minimum holding of Warrants, and you
may be able to buy further Warrants
on the NZX Main Board if you wish to
do so.
DETAILS OF THE OFFER
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NZX QUOTATION
8. Application has been made to NZX
for permission to quote the Warrants
on the NZX Main Board. All of
NZX’s requirements relating to that
application that can be complied with
on or before the date of this document
have been complied with. However,
the Warrants have not yet been
approved for trading and NZX accepts
no responsibility for any statement
in this document. NZX is a licensed
market operator and the NZX Main
Board is a licensed market under the
Financial Markets Conduct Act 2013.
9. In the event that the application to NZX
for permission to quote the Warrants is
declined, the issue of the Warrants will
not proceed.
10. Barramundi intends to take all
necessary steps to ensure that the
Shares issued on exercise of the
Warrants will, immediately after issue,
be quoted on the NZX Main Board.
TR ANSFER
11. A Warrant may be transferred in the
same manner, and subject to the same
restrictions, as a Share. The Directors
will have the same powers in respect
of the approval of registration of a
transfer of Warrants as they have in
respect of a transfer of Shares.
12. A Warrant Holder who sells their
Warrants on the NZX Main Board
may be liable to pay brokerage fees.
Following allotment, the sale of Shares
may be subject to brokerage fees.
13. If you wish to sell Shares you hold
directly on the NZX Main Board, you
should contact an NZX Adviser Firm and
have a Common Shareholder Number
(CSN) and an authorisation code, Faster
Identification Number (FIN).
RIGHTS OF WARR ANT
HOLDERS
14. Each Warrant entitles the Warrant
Holder to:
a. subscribe for one Share in
Barramundi credited as fully paid,
upon the payment of the Exercise
Price by the Exercise Date (7 August
2026);
b. all information provided by
Barramundi to Shareholders,
including its annual report and
notices of Shareholder meetings;
c. any other rights conferred on Warrant
Holders by Barramundi’s constitution,
the Companies Act 1993 or the
Listing Rules (except as provided
otherwise in this document); and
d. attend (but not vote at) any meeting
of Shareholders (or any group of
Shareholders).
15. A Warrant does not entitle the Warrant
Holder to:
a. vote at a meeting of Shareholders (or
any group of Shareholders);
b. receive any dividends on Shares
declared by the Directors; or
c. participate with Shareholders or the
holders of any other securities in the
residual assets of Barramundi upon
the liquidation of the company.
EXERCISE OF WARR ANTS
16. The Exercise Price is $0.70 per Warrant,
but with such amount to be adjusted
down for the aggregate amount per
Share of any cash dividends declared
on the Shares with a record date during
the period commencing on the date of
allotment of the Warrants and ending
on the last Business Day before the final
Exercise Price is announced by Barramundi.
The final Exercise Price per Warrant will be
calculated to the nearest one hundredth
of a cent and then rounded up or down to
the nearest whole cent.
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17. Warrant Holders may choose to
exercise only some or all of their
Warrants provided that they will
have, following the exercise of their
Warrants, a minimum holding of Shares
under the Listing Rules.
18. If you choose to exercise any Warrants,
you will be required to pay the Exercise
Price for those Warrants in full by the
Exercise Date. You will not be required
to pay brokerage or any other charges
in order to exercise your Warrants.
19. If you are a Warrant Holder and wish
to exercise any of your Warrants
and subscribe for Shares, you must
complete the online Exercise Form
by the Exercise Date. Barramundi will
direct Warrant Holders to the online
Exercise Form as soon as reasonably
practicable after the final Exercise Price
has been determined.
20. The online Exercise Form must be
completed and payment made (in a
manner prescribed by Barramundi in
the Exercise Letter) of an amount equal
to the Exercise Price multiplied by the
number of Warrants being exercised, in
time for the online Exercise Form and
payment to be received by the Registrar
no later than 5.00pm (New Zealand
time) on the Exercise Date. Applications
received after this time may not be
accepted. Further instructions for
completing the online Exercise Form
will be set out in the Exercise Letter.
21. Barramundi may accept or reject
any online Exercise Form which it
considers is incorrectly completed or
incomplete or otherwise determined
to be invalid. Barramundi may correct
any errors or omissions on any online
Exercise Form. If there is a discrepancy
between the amount of application
monies received by Barramundi and the
number of Warrants being exercised as
indicated on the online Exercise Form,
Barramundi will regard the Warrant
Holder as only exercising the number
of Warrants in respect of which it has
paid the Exercise Price in full.
22. A Warrant Holder will not be able to
withdraw or revoke the exercise of
their Warrants once an online Exercise
Form has been submitted, without the
consent of Barramundi.
23. Until the allotment of Shares, funds
received by Barramundi for the exercise
of Warrants will be held on trust in a
separate bank account by the Registrar
for the benefit of the relevant Warrant
Holders according to their respective
entitlements and for Barramundi. If the
allotment of Shares does not proceed,
Barramundi will refund application
monies within 10 Business Days. Any
interest on those funds will be paid to
Barramundi.
ALLOTMENT OF SHARES
24. All Shares issued on the exercise of
Warrants will be fully paid ordinary
Shares and rank equally with all
other Shares on issue at the date of
allotment (including on a liquidation
of Barramundi). Barramundi will allot
Shares to Warrant Holders who validly
exercise their Warrants within five
Business Days after the Exercise Date.
25. If you are an existing Shareholder who
chooses not to exercise your Warrants,
your shareholding in Barramundi may
be diluted if other Warrant Holders
exercise Warrants and the total number
of Shares on issue in Barramundi
increases as a result.
26. Shares issued on the exercise of
Warrants will be entitled to participate
in dividends declared on the Shares
which have a record date after the date
of allotment of the Shares.
27. Barramundi currently has a distribution
policy as at the date of this document
to pay Shareholders (but not Warrant
Holders) 2% of the company’s average
net asset value (NAV) per quarter.
Payments are usually made in March,
June, September and December of
each year. A copy of Barramundi’s
distribution policy, which could be
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changed at any time in the future, is
available at barramundi.co.nz/about-
barramundi/barramundi-policies under
the heading ‘Distribution Policy’.
A D J U S T M E N T S F O R
CHANGES TO CAPITAL
STRUCTURE
28. The Exercise Price may be varied before
the Exercise Date if Barramundi’s
capital is restructured, such as upon a
rights issue, bonus issue, convertible
securities issue, share consolidation
or subdivision or a cancellation or
buyback of Shares. The adjustment
process is described further below.
a. If Barramundi makes a rights issue
of Shares to Shareholders before
the Exercise Date (a “Rights Issue”),
then the Exercise Price of any
Warrants will (subject to alternative
adjustments in accordance with
paragraph b or c below) be adjusted
in accordance with the following
formula:
EP
new
= the new Exercise Price of
the Warrants
EP
old
= the old Exercise Price of the
Warrants
E = the number of Shares
into which one Warrant is
exercisable
AP = the average market price
per Share (weighted by
reference to volume) during
the five Business Days
ending on the day before
the ex-date for the rights
issue
S = the subscription price for a
Share under the rights issue
D = any dividend due but not
yet paid on the existing
Shares (except dividends to
be issued under the rights
issue)
N = the number of Shares with
rights or entitlements that
must be held to receive a
right to one new Share
The necessary adjustment will
be determined by the Board by
applying the formula set out above.
The Board’s determination will, in
the absence of manifest error, be
binding on all Warrant Holders and
other persons. Any adjustment so
determined will be made, and take
effect, on the Business Day following
the record date for the rights issue.
b. If Barramundi makes a bonus issue
to Shareholders, then the Board
may resolve that the number
of Shares over which a Warrant
is exercisable be increased (or
additional Shares may be reserved
for issue on exercise of the
Warrants) by the number of Shares
which the Warrant Holder would
have received if that Warrant had
been exercised before the record
date of the bonus issue.
c. If Barramundi makes a consolidation
or subdivision or similar
proportionate reconstruction of the
Shares, the number of Shares over
which a Warrant is exercisable may
be consolidated or subdivided in the
same ratio and the Exercise Price
amended in inverse proportion to
that ratio.
d. If, notwithstanding the adjustment
procedures permitted, Barramundi’s
capital is restructured (including a
rights issue, bonus issue, convertible
securities issue, consolidation,
subdivision, cancellation or Share
buyback) and the Board determines,
upon the advice of an Independent
Expert, that:
i. the application of the
formula under paragraph
a, an adjustment permitted
by paragraph b or the non-
applicability of both such
EP
new
= EP
old
–
E[AP – (S+D)]
N + 1
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clauses may produce a result
which is prejudicial or unduly
advantageous (based on
reasonable grounds) to Warrant
Holders; or
ii. an alternative adjustment that is
not envisaged in paragraph a, b
or c could be applied,
then the number of Warrants held,
the number of Shares over which
a Warrant is exercisable, and the
Exercise Price, or any combination
thereof, may, to the extent necessary,
be altered in a manner determined
by the Board, upon the advice of an
Independent Expert and subject always
to the Listing Rules or relief granted
from any applicable Listing Rule, to
ensure that Warrant Holders are not
prejudiced (nor unduly advantaged or
disadvantaged) by the reconstruction
of capital, and in all other respects
the terms of the Warrants will remain
unchanged. Any such adjustment will
be final and binding on all Warrant
Holders.
NO GUAR ANTEE
29. No person guarantees the Warrants
or the Shares that may be issued on
exercise of the Warrants. In addition,
no person guarantees the future
performance of Barramundi, the
Warrants, the Shares or any return
on an investment in Barramundi or a
holding of Warrants.
30. The issue of Warrants is not
underwritten.
BROKER STAMPING FEES
31. No Warrant Holder will pay brokerage
directly on exercising their Warrants.
Barramundi recognises there is an
administration cost and time involved
in the Warrant exercise process for
NZX adviser firms and, as such, pays
NZX adviser firms 0.4% of the total
consideration payable for Warrants
exercised per beneficial holder. Further
details of this arrangement will be set
out in the Exercise Letter.
AMENDMENT AND WAIVER
32. Barramundi may amend the terms of
the Warrants to the extent necessary
to comply with the Listing Rules or any
applicable law from time to time, by
notice in writing to Warrant Holders or
by announcement to NZX.
33. Barramundi reserves the right to waive
compliance with any provision of the
terms of the Warrants (which will be
done in accordance with New Zealand
law, including the Listing Rules).
P R I VA C Y
34. Any personal information provided by
Warrant Holders on the online Exercise
Form or otherwise in connection
with the Warrants will be held by
Barramundi and/or the Registrar at
their address set out in the Directory.
Barramundi and / or the Registrar may
store your personal information in
electronic format, including in online
storage on a server or servers which
may be located in New Zealand or
overseas. The information will be used
by Barramundi and / or the Registrar
for the purposes of administering
your investments in Barramundi. This
information will only be disclosed to
third parties with your consent or if
otherwise required by law. Under the
Privacy Act 2020, you have the right
to access and correct any personal
information held about you.
GOVERNING LAW
35. The terms of the Warrants and any
contract relating to or resulting from
receipt of the Warrants or their exercise
are governed by the laws of New
Zealand, and each Warrant Holder and
Shareholder submits to the exclusive
jurisdiction of the courts of New
Zealand.
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BarramundiBarramundi Limited
BoardThe board of Directors of Barramundi
Business DayA day on which NZX is open for trading
DirectorsThe directors of Barramundi
Eligible
Shareholder
A Shareholder, as at 5.00pm (New Zealand time) on the Record
Date, with a registered address in New Zealand
Exercise Date5.00pm (New Zealand time) on 7 August 2026
Exercise FormThe online form that must be completed by a Warrant Holder in
order to exercise any or all of their Warrants
Exercise LetterThe letter provided to Warrant Holders advising them of the final
Exercise Date in accordance with Listing Rule 3.15.1.
Exercise Price$0.70, per Warrant, but with such amount to be adjusted down for
the aggregate amount per Share of any cash dividends declared on
the Shares with a record date during the period commencing on the
date of allotment of the Warrants and ending on the last Business
Day before the final Exercise Price is announced by Barramundi
Independent
Expert
An actuary, investment banker, or other financial adviser selected
by the Board and, in each case, being appropriately qualified and
independent (having regard to the purpose of the appointment) in
the reasonable opinion of the Board
Listing RulesThe listing rules of the NZX Main Board as applicable to Barramundi
and in force from time to time
NZXNZX Limited
NZX Adviser FirmA company, firm, organisation or corporation designated or
authorised to trade shares on the NZX Main Board
NZX Main BoardThe main board equity security market operated by NZX
Record Date5.00pm (New Zealand time) on 6 August 2025
RegistrarThe share registrar of Barramundi, being Computershare Investor
Services Limited
ShareA fully paid ordinary share in Barramundi
ShareholderA registered holder of Shares
WarrantA right to subscribe for one Share issued by Barramundi on and
subject to the terms set out in this document
Warrant HolderAt any time, a person whose name is entered into the register
maintained by the Registrar as a holder of Warrants
GLOSSARY
Barramundi Limited
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Warrant Terms
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2025
11

DIRECTORY
ISSUER
Barramundi Limited
Level 1, 67-73 Hurstmere Road
Takapuna
Auckland 0622
Phone: +64 (9) 489 7074
Email: enquire@barramundi.co.nz
REGISTR AR
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Phone: +64 (9) 488 8777
Email: enquiry@computershare.co.nz

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Corporate Action Notice
(Other than for a Distribution)
Page 1 of 2


Section 1: Issuer information (mandatory)
Name of issuer Barramundi Limited
Class of Financial Product Ordinary Shares
NZX ticker code BRM
ISIN (If unknown, check on NZX
website)
NZBRME0001S2
Name of Registry Computershare
Type of corporate action
(Please mark with an X in the relevant
box/es)
Share Purchase
Plan/retail offer
Renounceable
Rights issue or
Accelerated
Offer

Capital
Reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue X
Placement
Record date 6/08/2025
Ex Date (one business day before the
Record Date)
5/08/2025
Currency NZD
External approvals required before offer
can proceed on an unconditional basis?
N/A
Details of approvals required N/A
Section 3: Bonus issue (delete full section if not applicable, or mark rows as N/A if not applicable)*
Number of Financial Products to be
issued
Approximately 85,300,000 new warrants
ISIN of security to be issued (if different
from Ordinary Shares)
NZBRME0022S8
Minimum entitlement N/A
Entitlement ratio (for example 1 for 2) New 1 Existing 4
Treatment of fractions
**
Rounded up
Allotment date 7/08/2025
Total number of Financial Products of
the Class after the bonus issue
(excluding Treasury Stock)
Approximately 85,300,000 new warrants
Total number of Financial Products of
the Class held as Treasury Stock after
the bonus issue
None

2 of 2
Section 9: Authority for this announcement (mandatory)
Name of person authorised to make this
announcement
Wayne Burns
Contact person for this announcement Wayne Burns
Contact phone number 09 489 7074
Contact email address enquire@barramundi.co.nz
Date of release through MAP 30/06/2025

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30 June 2025
NZX Limited

Notice of Offer
Barramundi Limited (NZX: KFL) (Barramundi) announced today that the company will undertake a pro
rata issue of warrants. Eligible shareholders will receive one warrant for every four shares held (Offer),
subject to rounding.
Pursuant to clause 19(1A) of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) and to
clause 20(1)(a) of Schedule 8 to the Financial Markets Conduct Regulations 2014 (FMC Regulations),
Barramundi advises that:
1. The Offer will be made in reliance upon the exclusion in clause 19 of Schedule 1 to the FMCA and is
giving notice under clause 20(1)(a) of Schedule 8 to the FMC Regulations.

2. As at the date of this notice, Barramundi is in compliance with:

a. the continuous disclosure obligations that apply to it in relation to Barramundi’s quoted
ordinary shares; and

b. its “financial reporting obligations” within the meaning set out in clause 20(5) of Schedule
8 of the FMC Regulations.

3. As at the date of this notice, there is no information that is “excluded information” as defined in
clause 20(5) of Schedule 8 of the FMC Regulations.

The Offer is not expected to have any effect or consequence on the control of Barramundi.

On behalf of
Barramundi Limited

Andy Coupe
Chair
Barramundi Limited
Phone +64 9 489 7074
Private Bag 93502 Takapuna
Auckland 0740

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30 June 2025

Dear Shareholder,
The Board of Barramundi Limited (NZX: BRM) (Barramundi) today announced an issue of warrants.
The issue of warrants is part of Barramundi’s ongoing capital management programme and provides investors with the
ability to purchase additional shares in Barramundi at a pre-determined Exercise Price. The issue of warrants also aims
to increase the size of the portfolio so as to improve operational efficiency. The net proceeds from the warrant issue
are expected to be used for further investment in the Barramundi portfolio.
What is a Barramundi warrant?
A warrant gives the holder a right to buy one share in Barramundi upon payment of the Exercise Price on the Exercise
Date (7 August 2026).
Who is eligible for the Barramundi warrants?
Warrants will be issued to Barramundi shareholders with a registered address in New Zealand recorded on the share
register as at 5.00pm (New Zealand time) on the Record Date (6 August 2025) (Eligible Shareholders). As long as you
hold Barramundi shares at that time, you will be entitled to receive one warrant for every four shares you hold. If you
are a Barramundi shareholder but do not have a registered address in New Zealand, your warrants will be issued to a
separate registry account with Barramundi's share registrar, and we will endeavour to sell the warrants on the NZX
Main Board on your behalf.
How many Barramundi warrants do I get?
Each Eligible Shareholder will be issued one warrant for every four shares held at 5.00pm (New Zealand time) on the
Record Date (6 August 2025), subject to rounding up where the Eligible Shareholder would receive a fraction of a
warrant by applying the 1:4 ratio.
What do I need to do to receive the Barramundi warrants?
You do not need to do anything to be issued warrants. Computershare will send a statement informing you of your
new warrant holding if you are an Eligible Shareholder. This is expected to be on or about 11 August 2025.
What can I do with the warrants?
• You can elect to exercise some or all of your warrants by 7 August 2026 by completing the online Exercise Form
and making payment of the final Exercise Price for those warrants. We will contact you again in June 2026 before
the Exercise Date, with details of the final Exercise Price and provide you with details of how to access and
complete the online Exercise Form.
• You can seek to sell or transfer some or all of your warrants on the NZX Main Board from 8 August 2025 until
5.00pm on 3 August 2026.
• You can elect to not exercise or sell any warrants and allow the warrants to lapse. If you do not exercise your
warrants, your shareholding in Barramundi may be diluted by other warrant holders who exercise their warrants.

If I want to exercise the warrants, how much will it cost?
The final Exercise Price will be determined closer to the Exercise Date. It will be $0.70 per warrant, but with such
amount to be adjusted down for the aggregate amount per share of any cash dividends declared on Barramundi shares
with a record date during the period commencing on the date of allotment of the warrants
(7 August 2025) and ending on the last business day before the final Exercise Price is announced by Barramundi.
Barramundi Limited
Phone +64 9 489 7074
Private Bag 93502 Takapuna
Auckland 0740

The full terms of the warrants are set out in the Warrant Terms Offer Document, which is available on Barramundi’s
website, barramundi.co.nz. The Board of Barramundi encourages you to read the document in its entirety and discuss
the terms with a financial advice provider if you have any questions. Barramundi will provide additional copies of the
Warrant Terms Offer Document on request.

Yours sincerely

Andy Coupe
Chair, Barramundi Limited