Proposed Share Transaction Requiring Shareholder Approval

1 October 2026
Proposed Share Transaction Requiring Shareholder Approval
New Zealand King Salmon Investments Limited (NZX/ASX: NZK) notes that existing NZK shareholders
China Resources Asset Management Limited (CR Assets), Oregon Group Limited (Oregon) and the
trustees of the Porus Holdings Trust (PHT) have advised entry into an agreement. Pursuant to this, CR
Assets will sell 53,125,934 NZK shares (representing 9.87% of NZK's total issued shares) to Oregon
and PHT. Oregon and PHT would each acquire half of CR Assets’ holding of NZK shares for NZ$0.225
per share (the Transaction).
Oregon and PHT have also advised they have entered into a voting deed (the Voting Deed), which
would grant Oregon the right to control the exercise of voting rights attached to PHT’s increased
shareholding of 6.19%. This would give Oregon control of a total of 50.68% of the voting rights in NZK.
Oregon has advised NZK that the purpose of Oregon entering into the Voting Deed is to provide Oregon
with certainty that it can consolidate NZK for accounting purposes.

The Transaction is conditional on:

• the approval of NZK shareholders by ordinary resolution pursuant to Rule 7(c) of the Takeovers
Code given it will result in Oregon and PHT increasing their control of NZK's shares;
• the Takeovers Panel granting the Exemption (as defined below);
• the approval of NZK shareholders by ordinary resolution to the increase in Oregon’s control of
voting rights under the Voting Deed pursuant to the Exemption (as defined below); and
• Oregon and PHT receiving Overseas Investment Office consent.

Oregon has applied to the Takeovers Panel for an exemption from Rule 6(1) of the Takeovers Code in
respect of the increase in its voting control of NZK under the Voting Deed (the Exemption). If granted,
the Exemption will be conditional on the approval of NZK shareholders by ordinary resolution to the
increase in voting control under the Voting Deed. The increase in Oregon’s voting control under the
Voting Deed is also conditional on completion of the Transaction and any necessary Overseas
Investment Office consent.

A meeting of shareholders to approve both the Transaction and the increase in control under the Voting
Deed will be held in due course. The notice provided to shareholders ahead of this meeting will outline
additional detail of both the Transaction and the Voting Deed, including an Independent Adviser’s
Report. CR Assets, Oregon, PHT and their associates will not be permitted to vote on the resolutions.

Chiong Yong Tiong, Director of Oregon and NZK, said: “As a long-standing NZK shareholder, Oregon
is pleased to increase its investment in the company. We believe in NZK’s strategy and long-term
prospects, and this transaction reflects our confidence in the company and our commitment to
supporting its continued growth.”


Mark Dewdney, Chair of New Zealand King Salmon Investments said: “The Board recognises the
importance of shareholders being fully informed when considering matters of this nature. The
independent directors look forward to preparing a comprehensive notice of meeting and facilitating an
Independent Adviser’s Report to ensure shareholders have all of the information they need to make an
informed decision.”

Oregon has confirmed to NZK that it will pay NZK’s reasonable external costs in respect of preparing
for, and holding, the shareholder meeting to seek approval to the Transaction and the Voting Deed.

ENDS
For investor or analyst queries, please contact:
Carl Carrington, CEO, carl.carrington@kingsalmon.co.nz
Katie Bennett, CFO, katie.bennett@kingsalmon.co.nz

More information can be found at www.kingsalmon.co.nz