Directors not standing for election

Rakon Limited
T: +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New Zealand
Private Bag 99943, Newmarket, Auckland 1149, New Zealand


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13 August 2025
Directors not standing for election
Rakon Limited (NZX: RAK) announces that Independent Directors, Mr Jon Raby and Dr Lisbeth
Jacobs, have advised that they have chosen not to stand for election at the Annual Meeting on 22
August 2025. Accordingly, Resolutions 2 and 3 in the Notice of Meeting will not be put to the
meeting and any votes cast on those resolutions will not be counted.
Mr Raby and Dr Jacobs will remain as Directors on the Rakon Board until the conclusion of the ASM.
In their notice to the company, Mr Raby and Dr Jacobs jointly stated: “We were attracted to serve on
Rakon’s Board because of the exciting potential of the organisation, and the company’s commitment
to high-quality governance. However, given the influence now exhibited by Directors representing
the two largest shareholder groups, it has become untenable for us to work within this new
governance environment and its controlling interests.”

Rakon Chair, Dr Mark Bregman, said: “Over the last six months, the Board has undergone a refresh.
Rakon was privileged to welcome new Independent Directors who were industry-fluent,
internationally experienced and shared a vision of building a globally successful business. The
appointments of Jon and Lisbeth were unanimously supported by the full Board.

“It is with regret that we received Jon and Lisbeth’s decision not to stand for election. In their time
on the Board, they contributed valuable expertise and strategic oversight, and demonstrated the
highest standards of governance in the interests of all shareholders. We thank them and wish them
well in their future endeavours.”

The Board’s nominations committee has an active search for a new independent director to address
compliance with the Listing Rules post the Annual Meeting because absent one or more
independent directors being identified for appointment the company would be in breach of Listing
Rule 2.1.1 (c) regarding Board composition which requires that at all times at least two Directors
must be Independent Directors.

Ultimately, shareholders will determine the composition of the Board by voting on the various
resolutions at the Annual Meeting. Shareholders are encouraged to have their say and vote either by
proxy, or at the Meeting (in person or online).
-ENDS-
Contact:
Investor and media relations,
Nick Laurent, investors@rakon.com,
+64 21 240 7541

About Rakon

Rakon Limited
T: +64 9 573 5554
8 Sylvia Park Road, Mt Wellington, Auckland 1060, New Zealand
Private Bag 99943, Newmarket, Auckland 1149, New Zealand


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Rakon’s products help people to connect, explore and innovate. They are the ‘heartbeat’ for electronic
systems, delivering fast, precise and stable timing in everything from mobile networks and autonomous
vehicles to satellite constellations and AI data centres. Whether connecting to a 5G tower or to a rover
exploring Mars, our technology is relied on to deliver the highest performance in even the most extreme
conditions. Thanks to our constant drive to innovate, we continue to empower our customers to create the
next-generation of life-transforming technologies.
For more information, www.rakon.com