The New Zealand Refining Company Limited (NZX: NZR) Launches Share Purchase Plan

Thursday 2nd December 2021

The New Zealand Refining Company Limited (Refining NZ) (NZX: NZR ) is pleased to announce the opening of its $5 million Share Purchase Plan (SPP). The SPP is not underwritten. The SPP forms part of the the $43.5 million equity raising announced on 29 November 2021 to fund growth through private storage services.

The SPP is open to Refining NZ shareholders recorded on Refining NZ’s share register as at 5.00pm (NZ time) on 26 November 2021 that have an address in New Zealand and are not acting for the account or benefit of a person who resides outside New Zealand in making an application.

Eligible shareholders will be able to apply for up to a maximum of $15,000 of new shares per shareholder at an issue price equal to the lower of:

a) $0.83 per new share (being the same issue price as the placement undertaken on 29 November 2021; and

b) a 2.5% discount to the volume weighted average price of Refining NZ shares traded on the NZX during the five trading days up to, and including, the end of the SPP offer period.

Refining NZ has the ability to accept additional applications at its discretion and if scaling of the SPP is required, applications will be scaled having regard to existing shares held at 5.00pm NZ time on 26 November 2021 (being the Record Date for the SPP).

The new shares issued will rank equally with existing Refining NZ shares on issue.

Shareholders can apply online at www.shareoffer.co.nz/refiningnz until 5.00pm (NZ time) on 13 December 2021. The SPP offer document can be found at www.shareoffer.co.nz/refiningnz.

These dates are subject to change and are indicative only. Refining NZ reserves the right to alter these dates, subject to applicable laws and the NZX Listing Rules. Refining NZ reserves the right to withdraw the SPP at any time prior to the issue of the shares under the SPP at its absolute discretion.

For further information in respect of the Placement and SPP, please refer to the investor presentation released to the NZX on 29 November 2021. The Explanatory Booklet, dated 5 July 2021, as updated by the investor presentation, also contains details of Refining NZ’s conversion to an import terminal and, in Section 6, the risks associated with it.

Please see the links below for details

SPP opening announcement

Form of Entitlement Letter

SPP Offer Document

Source: The New Zealand Refining Company Limited

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