BFG - CAPITAL RETURN TO SHAREHOLDERS - FINAL ORDERS RECEIVED

Burger Fuel Group Limited (BFG) has received final orders from the High Court on 27 May 2024 approving the return of approximately $4.077 million of capital to its shareholders via a pro-rata share cancellation by way of a scheme of arrangement under Part 15 of the Companies Act 1993 (Scheme).

On 31 October 2023 BFG announced that it had received initial orders from the High Court to seek shareholder approval of the Scheme. The return of capital was approved at a special meeting of shareholders on 14 December 2023 with 92.92% of the votes cast being cast in favour of the resolution, and 76.39% of the total number of BFG shares on issue voted in favour of the resolution.

On 26 January 2024, BFG published an updating announcement that following a notice of opposition filed by a shareholder, the hearing scheduled for 5 February 2024 was adjourned and scheduled for 8 May 2024.

The terms of the Scheme, approved by the High Court, are that:

(a) 30% of the shares held by each shareholder shall be cancelled (together with all rights attaching to those shares). If multiplying the number of shares owned by shareholders by 0.30 (being the decimal form of 30%) does not result in a whole number, then the resulting number will be rounded up or down to the nearest whole number of shares (with 0.5 rounded up).

(b) BFG shall pay NZ$0.27 to each shareholder for each share registered in the name of that shareholder which has been cancelled.

The Record Date for the Scheme is 5:00pm, Tuesday 4 June 2024. A summary of the key dates is set out below.

Event Date

Trading halt applied Thursday 30 May 2024 (close of trading day)

Record date - date for determining entitlement to participate in the Scheme 5:00pm, Tuesday 4 June 2024

Implementation date Wednesday 5 June 2024

Trading resumes By 12pm on Wednesday 5 June 2024

Payment date By Tuesday 18 June 2024 (Computershare to make payment and send new shareholding statements within 10 business days of the Record Date)

ENDS

•  Corporate Action Notice
•  Receipt of final orders

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