Trade Window Holdings Limited – Trading Halt of Securities

NZX Limited
Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

Memorandum

To:
Market Participants
From:
NZX Product Operations
Date:
Friday, 21 November 2025
Subject
: Trade Window Holdings Limited (“TWL”) – Trading Halt of Securities


Message
:
NZ RegCo has approved a trading halt application from Trade Window Holdings Limited
(“TWL”). Trading in TWL equity was halted prior to market pre-open today.

TWL’s trading halt application is attached.

Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com
with any queries.

ENDS

---

20 November 2025
Private and Confidential
By email


NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
NEW ZEALAND


Attention: Issuer Regulation team


REQUEST FOR TRADING HALT – TRADE WINDOW HOLDINGS LIMITED (NZX: TWL)

1. Trade Window Holdings Limited ("TradeWindow") requests a trading halt to be applied
to its ordinary shares quoted on NZX ("Shares") under NZX Listing Rule 9.9.1(a) and set
out below details of the request as per the rules of NZX.
2. TradeWindow would like the trading halt to commence from pre-market open on 21
November 2025 (being 8.30am NZT) until the earlier of market open (being 10.00am NZT)
on 25 November 2025 or the time of the announcement that the Placement (defined
below) has completed, which is expected to occur during the course of 21 November 2025
or 24 November 2025. TradeWindow expects to be able to make an announcement that
the Placement has completed by close of 24 November 2025.
Reasons for trading halt
3. TradeWindow proposes to undertake an offer of approximately A$5 million (being
approximately NZ$5.76 million) with the ability to take oversubscriptions of up to A$7
million (being approximately NZ$8.05 million) of ordinary shares (being approximately 23
million ordinary shares, which is approximately 16.5% of TWL's total market capitalisation)
to institutional and other select investors (the "Placement") to be conducted by Bell Potter
Securities Limited.
4. The announcement of the Placement may be price sensitive for TradeWindow's Shares
and / or otherwise material for TradeWindow.
5. TradeWindow advises that the ordinary shares issued under the Placement will be issued
at approximately A$0.22/NZ$0.25 per share, representing a 27.8% discount to last close
of A$0.305/NZ$0.35) on 20 November 2025. The level of demand for the shares will not
be known until the Placement bookbuild has been completed, and consequently the
trading halt has been sought to facilitate an orderly market, consistent with what
TradeWindow understands to be normal practice.
How long we want the trading halt to last
6. Accordingly, TradeWindow requests a halt in the trading of TradeWindow's Shares from
pre-market open today (being 8.30am NZT on 21 November 2025) until the earlier of the
time of the announcement that the Placement has completed or market open (being
10.00am NZT) on 25 November 2025.

7. As soon as the trading halt is applied, TradeWindow expects to be in a position to
announce to the market via the NZX Market Announcement Platform that the Placement
is occurring (including an NZX cleansing notice). The halt should continue to apply
despite these announcements being made - it is only the announcement relating to
completion of the Placement that should lift the trading halt. TradeWindow will confirm
with you at the time that announcement is made that the halt should be lifted.
The event we expect to happen that will end the trading halt
8. TradeWindow expects the trading halt to end once it is in a position to announce the
outcome of the Placement on NZX. Trade Window expects this to occur on 24 November
2025.
9. TradeWindow confirms it has no other information necessary to inform the market about
the trading halt or that NZ RegCo have requested and that it is not aware of any reason
why the trading halt should not be granted.
10. TradeWindow will advise you upon becoming aware if the announcement referred to
above will not be made or if there is to be a change in timeframe.
11. Please contact TradeWindow if you require further information in relation to the above.

Yours sincerely



Andrew Balgarnie

Chief Strategy Officer, Trade Window Holdings Limited

+64 27 559 4133
andrew@tradewindow.io