Rights Issue

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.


27 May 2026
Market Announcement for Immediate Release

AoFrio Limited
Rights Issue
On 19 May 2026, AoFrio (AOF) announced a placement of 65,134,806 fully paid ordinary shares to Wairahi
Investments Limited at an issue price of NZ$0.07 per share (the Placement Price) raising $4.559 million,
This was the first part of a staged approach to securing the additional growth capital required for the
Company to pursue its aspirational growth targets set out at the Investor Day in December 2025. The
Investor Day presentation can be found here.
The Board committed to shareholders, that in the event of a placement, current shareholders would be
provided with the opportunity to purchase additional AoFrio ordinary shares at the placement price. Today
AOF is announcing that it is to give eligible shareholders the opportunity to acquire additional shares in AOF
by way of a 1 for 7 pro-rata renounceable rights offer at NZ$0.07 per share. This pro-rata offer delivers on
that commitment.
The offer opens 5 June 2026 and closes 18 June 2026. Shareholders may apply for additional shares in
excess of their rights through an oversubscription facility. The rights will be quoted on the NZX Main Board
and can be traded until 12 June 2026. The offer price is a 3.14% discount to the VWAP for the 10 days to 22
May 2026. The offer is not underwritten.


Contact

John Scott Greg Balla
Chair Chief Executive Officer
Phone +64 21727156 Phone + 64 21938601


















A0329

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Corporate Action Notice
(Other than for a Distribution)
Updated May 2026
Page 1 of 3

Section 1: Issuer information (mandatory)
Name of issuer AoFrio Limited
Class of Financial Product Ordinary Shares
NZX ticker code AOF
ISIN (If unknown, check on NZX
website)
NZWDTE0002S1
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
X
Capital
reconstruction
Non-
Renounceable
Rights issue or
Accelerated
Offer

Call Bonus issue
Placement
Record date Thursday 04/06/2026
Ex Date (one business day before the
Record Date)
Wednesday 03/06/2026
Currency NZD
External approvals required before
offer can proceed on an unconditional
basis?
No
Details of approvals required N/A
Section 2: Rights issue or Accelerated Offer

If Accelerated Offer, structure N/A
Number of Rights to be issued or
entitlements available for security
holders in the Accelerated Offer
71,338,121
Maximum number of Equity Securities
to be issued if offer is fully subscribed
71,338.121
ISIN of Rights (if applicable)
NZAOFE0001S5
Oversubscription facility Y
Details of scaling arrangements for
oversubscriptions
Eligible shareholder who take up all of their rights may
apply for an additional number of New Shares

2 of 3
(Additional New Shares) through an oversubscription
facility.
If the application for Additional New Shares exceeds
the number of new shares attributable to rights not
taken up by eligible shareholders or rights of ineligible
shareholders (Shortfall), each applicant for Additional
New Shares will be allocated the lesser of:
(i) the number of Additional New Shares they
applied for; and
(ii) the Shortfall, multiplied by the proportion that the
number of Ordinary Shares they hold as at the
Record Date bears to the number of Ordinary
Shares held as at the Record Date by all
applicants for Additional New Shares; and
Any remaining Shortfall following the above allocations
will be allocated among the remaining unsatisfied
applicants on the same basis, until the entire Shortfall
has been allocated.
Notwithstanding the above, the Board retains the
absolute right to determine the allocation of Additional
New Shares, and it may decline, scale or otherwise
allocate individual applications for Additional New
Shares on a differential basis.
Entitlement ratio (for example 1 for 3)
Please contact NZX ahead of announcing the offer if
each Right will be exercisable for more or less than
one Equity Security (i.e unless prior arrangement is
made, Rights will be exercisable on a one for one
basis)
New
1
Existing
7

Treatment of fractions
Fractional Rights will be rounded down to the nearest
share
Subscription price
(per Equity Security)
$0.07
Letters of entitlement mailed Friday 05/06/2026
Offer open Friday 05/06/2026
Offer close Thursday 18/06/2026
Quotation date (if Rights will be
quoted)
Wednesday 03/06/2026
Allotment date Thursday 25/06/2026
Section 8: Lead Manager and Underwriter (mandatory)
Lead Manager(s) appointed No
Name of Lead Manager(s) N/A
Fees, commission or other
consideration payable to Lead
Manager(s) for acting as lead
manager(s)
N/A
Underwritten No

3 of 3
Name of Underwriter(s) N/A
Extent of underwriting (i.e.
amount or proportion of the offer
that is underwritten)
N/A
Fees, commission or other
consideration payable to
Underwriter(s) for acting as
underwriter(s)
N/A
Summary of significant events
that could lead to the underwriting
being terminated
N/A
Section 9: Authority for this announcement (mandatory)
Name of person authorised to make
this announcement
Howard Milliner
Contact person for this announcement Howard Milliner
Contact phone number +64 27 5870455
Contact email address howard.milliner@aofrio.com
Date of release through MAP Wednesday 27/05/2026

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AO328

27 May 2026

NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington 6011
New Zealand

Cleansing Notice: AoFrio Rights Offer
Notice Pursuant to Clause 20(1)(a) of Schedule 8 to the Financial Markets Conduct
Regulations 2014

1. AoFrio Limited (NZX: AOF) (AoFrio) intends to raise up to $4,993,668 in capital by way of a pro-
rata 1 for 7 renounceable rights offer (Rights Offer).

2. The Rights Offer is of new fully paid ordinary shares in AoFrio (New Shares) of the same class as
already quoted on the NZX Main Board operated by NZX Limited.

3. The Rights Offer will be made pursuant to NZX Main Board Listing Rules 4.3.1(a) and 4.4 at a price
of NZD 0.07 per share payable in cash on application.

4. Pursuant to clause 20(1)(a) of Schedule 8 to the Financial Markets Conduct Regulations 2014
(FMC Regulations) and the Financial Markets Conduct Act 2013 (FMCA), AoFrio states that:

4.1 AoFrio is making the Rights Offer in reliance upon the exclusion in clause 19 of Schedule
1 to the FMCA and is giving this notice under clause 20(1)(a) of Schedule 8 to the FMC
Regulations.

4.2 As at the date of this notice, AoFrio is in compliance with the continuous disclosure
obligations that apply to it in relation to the ordinary shares in AoFrio, and there is no
information that is “excluded information” as defined in clause 20(5) of Schedule 8 to the
FMC Regulations

4.3 As at the date of the notice, AoFrio is in compliance with its “financial reporting obligations”
as defined in clause 20(5) of Schedule 8 to the FMC Regulations.

5. The Rights Offer is not expected to have any material effect or consequence on the “control” (within
the meaning of clause 48 of Schedule 1 to the FMCA) of AoFrio.

Authorised for release by:
Howard Milliner
Chief Financial Officer