Vulcan completes Institutional Entitlement Offer

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Vulcan Steel Limited (ASX: VSL, NZX: VSL)
ASX/NZX/Media release
28 August 2025
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES
Vulcan completes Institutional Entitlement Offer
Vulcan Steel Limited (Vulcan) advises that it has successfully completed the institutional
component (Institutional Entitlement Offer) of its fully underwritten 1 for 9 pro rata
accelerated renounceable entitlement offer (Entitlement Offer). The Entitlement Offer,
announced on Tuesday, 26 August 2025, will raise approximately A$87.1 million
(approximately NZ$96.3 million) through the issue of 14.6 million new Vulcan shares (New
Shares).
Summary of the Institutional Entitlement Offer
 The Institutional Entitlement Offer raised gross proceeds of approximately
A$59.4 million and will result in the issue of approximately 10.0 million New Shares.
 The Institutional Entitlement Offer was well supported by Vulcan’s institutional
shareholders with approximately 45% of entitlements available to institutional
shareholders taken up (being 75% of entitlements available to institutional
shareholders excluding interests associated with four large pre-IPO shareholders
who did not take up their rights, thereby facilitating the entry of new shareholders
onto the register).
 The institutional shortfall bookbuild (Institutional Shortfall Bookbuild) was also well
supported by eligible institutional shareholders and new investors.
 Entitlements not taken up by eligible institutional shareholders and entitlements of
ineligible institutional shareholders (totalling 5.5 million New Shares)) were sold and
cleared in the Institutional Shortfall Bookbuild at A$6.45 per New Share, which was
A$0.50 above the offer price of A$5.95 per share (Offer Price).
The Institutional Shortfall Bookbuild was completed on Wednesday, 27 August 2025. Eligible
institutional shareholders who elected not to take up their entitlements, along with ineligible
institutional shareholders, will receive A$0.50 for each entitlement sold for their benefit in
the Institutional Shortfall Bookbuild (less any withholding tax).
Vulcan’s Managing Director and Chief Executive Officer, Rhys Jones, said: “We are very
encouraged with the strong level of support for the Institutional Entitlement Offer,
particularly from our existing shareholders. We are also excited to welcome several new
high-quality investors to the register. We look forward to our retail shareholders also having
the opportunity to participate in the equity raising through the retail entitlement offer,
which opens on Tuesday, 2 September 2025.”

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Allotment of New Shares
The New Shares to be issued as part of the Institutional Entitlement Offer will be allotted and
commence trading on the ASX and NZX on Thursday, 4 September 2025. Those New Shares
will rank equally with existing Vulcan shares from the date of issue and will be entitled to
any future dividends paid by Vulcan after the relevant allotment date.
Commencement of the Retail Entitlement Offer
The retail component of the Entitlement Offer (Retail Entitlement Offer) will open at 8.00am
(AEST) on Tuesday, 2 September 2025. Eligible retail shareholders with registered addresses
in Australia and New Zealand will have the opportunity to participate in the Retail
Entitlement Offer at the same Offer Price and offer ratio as the Institutional Entitlement Offer.
Under the Retail Entitlement Offer, eligible retail shareholders may:
 elect to take-up all, part or none of their entitlement before the Retail Entitlement
Offer closes at 5.00pm (AEST) on Thursday, 11 September 2025; or
 do nothing, in which case their entitlements will be sold under the retail shortfall
bookbuild (Retail Shortfall Bookbuild).
In addition, eligible retail shareholders who have taken up their full entitlement can apply
for additional New Shares (i.e., shares in excess of their pro rata entitlement) that will be
offered for sale in the Retail Shortfall Bookbuild. The price for these additional New Shares
issued to such eligible retail shareholders will be the clearing price of the Retail Shortfall
Bookbuild, which may be equal to or above the Offer Price.
Retail entitlements that are not taken up by the close of the Retail Entitlement Offer, and
retail entitlements that would otherwise have been offered to ineligible retail shareholders,
will be sold under the Retail Shortfall Bookbuild, to be conducted on or about Tuesday, 16
September 2025, with any premium received above the Offer Price (less any withholding
tax) paid to the relevant shareholders. There is no guarantee that there will be any premium.
The ability to sell entitlements under the Retail Shortfall Bookbuild and the ability to obtain
any premium will be dependent upon various factors, including market conditions.
The New Shares issued as part of the Retail Entitlement Offer will rank equally with existing
Vulcan shares from the date of issue and will be entitled to any future dividends declared
by Vulcan after the relevant allotment date.
On 29 August 2025, every eligible retail shareholder will receive by email (if they have
elected to receive electronic communications) or post a letter regarding the opening of the
Retail Entitlement Offer and information on how to apply.
Eligible retail shareholders may also access the Retail Offer Booklet and their personalised
payment details at vulcan.capitalraisings.com from 29 August 2025. To access that
website, eligible retail shareholders will need their shareholder reference number (SRN),
holding identification number (HIN) or CSN/Holder Number, and their Validation Number
provided in the email/letter. Before deciding whether to participate in the Retail Entitlement
Offer, eligible retail shareholders should read the Retail Offer Booklet carefully and in full.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Retail shareholders outside of Australia and New Zealand, or who do not satisfy the other
eligibility criteria, are ineligible to participate in the Retail Entitlement Offer.
In particular, shareholders in the United States are not eligible to participate in the Retail
Entitlement Offer, and those who are acting for the account or benefit of persons in the
United States (including custodians and nominees) are not eligible to participate on behalf
of those persons.
Further details on the eligibility criteria for the Retail Entitlement Offer will be set out in the
Retail Offer Booklet.
Recommencement of trading
Vulcan shares are expected to resume trading on the ASX and NZX today.
Use of proceeds
Proceeds received from the Institutional Entitlement Offer and Retail Entitlement Offer will
be used to fund the acquisition of all of the shares in Roofing Industries Limited and its
interests in three related roofing products businesses
1
and non-wholly owned branch
companies, for NZ$88 million
2
. See Vulcan’s announcement about the acquisition released
on Tuesday, 26 August 2025 for more information.
Further information and shareholder enquiries
Shareholders can call 1800 502 914 (within Australia) between 8.30am to 5.00pm (AEST)
weekdays or +64 9 375 5998 (within New Zealand) 8.30am to 5.00pm (NZST) weekdays for
more information.
Key dates related to the Entitlement Offer are appended.
ENDS

Kar Yue Yeo and Sarah-Jane Lawson
Investor and media contacts
Email: karyue.yeo@vulcan.co
Email: sarah-jane.lawson@vulcan.co
Phone: +64 9 273 7214

This announcement was authorised by Vulcan’s Board of Directors.





1
These related roofing products businesses are currently owned (in whole or in part) by associates of the vendor
of Roofing Industries Limited and will sell their business and assets to Roofing Industries Limited prior to completion
of the acquisition of Roofing Industries Limited by Vulcan.
2
Acquisition price on a cash-free, debt-free basis, subject to completion adjustments including movements in net
working capital and fixed assets.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and value-
added processor with 66 logistics and processing facilities employing approximately 1,350
employees across the company’s Steel and Metals divisions.

This announcement has been prepared for publication in Australia and New Zealand and
may not be released to US wire services or distributed in the United States. This
announcement does not constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or any other jurisdiction. Any securities described in this
announcement have not been, and will not be, registered under the US Securities Act of 1933
and may not be offered or sold in the United States except in transactions exempt from, or
not subject to, the registration requirements of the US Securities Act and applicable US state
securities laws.

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

Key dates for the Entitlement Offer

Institutional Entitlement Offer

Trading halt lifted Thursday, 28 August
2025
ASX settlement of New Shares issued under the
Institutional Entitlement Offer
Wednesday,
3 September 2025
ASX allotment and trading of New Shares issued under
the Institutional Entitlement Offer on the ASX
Thursday,
4 September 2025
NZX settlement, allotment and trading of New Shares
issued under the Institutional Entitlement Offer on the
NZX
Thursday,
4 September 2025
Holding statements in respect of New Shares issued
under the Institutional Entitlement Offer dispatched
Friday, 5 September
2025
Institutional Premium expected to be paid to eligible
institutional shareholders who elected not to take-up
their entitlements and ineligible shareholders
On or about Thursday,
11 September 2025

Retail Entitlement Offer
Record Date for the Entitlement Offer (7.00pm AEST) Thursday, 28 August
2025
Retail Entitlement Offer opens (8.00am AEST) Tuesday, 2 September
2025
Retail Entitlement Offer closes (5.00pm AEST) Thursday, 11
September 2025
Announcement of results of Retail Entitlement Offer Tuesday, 16
September 2025
Retail Shortfall Bookbuild (for Retail Entitlements not
taken up and Retail Entitlements of Ineligible Retail
Shareholders)
Tuesday, 16
September 2025
Announcement of results of Retail Shortfall Bookbuild Wednesday,
17 September 2025
ASX settlement of New Shares issued under the Retail
Entitlement Offer
Friday, 19 September
2025
ASX allotment and trading of New Shares issued under
the Retail Entitlement Offer on the ASX
Monday,
22 September 2025

Vulcan Steel Limited 29 Neales Road, East Tamaki, Auckland 2013, New Zealand P +64 9 273 7214 E investor@vulcan.co V U L C A N. C O

NZX settlement, allotment and trading of New Shares
issued under the Retail Entitlement Offer on the NZX
Monday,
22 September 2025
Holding statements in respect of New Shares issued
under the Retail Entitlement Offer dispatched
Tuesday, 23
September 2025
Retail Premium expected to be paid to eligible retail
shareholders who elected not to take-up their
entitlements and ineligible shareholders
On or about Monday,
29 September 2025

These dates are indicative only and are subject to change without notice. All times and
dates refer to the time and date in Australian Eastern Standard Time (AEST). Subject to
applicable laws and the ASX Listing Rules, Vulcan has the right to amend the timetable with
the consent of the underwriters.