NZKS announces opening of rights issue

OPENING OF $60.1M RIGHTS OFFER

27 April 2022

New Zealand King Salmon Investments Limited (NZX / ASX: NZK) (NZ King Salmon) is pleased to announce the opening of its $60.1m underwritten pro rata 2.85 for 1 rights offer (Rights Offer). The proceeds of the equity raise will be used to deleverage NZ King Salmon’s balance sheet and provide liquidity and funding for medium term operating requirements.

The offer document for the Rights Offer was released to the market on 13 April 2022 and can be found online at either www.nzx.com or https://www2.asx.com.au/ using the ticker “NZK” or through this website: www.shareoffer.co.nz/nzks.

Under the Rights Offer, Eligible Shareholders may subscribe for 2.85 New Shares for every 1 existing share held as at 7.00pm (NZST) on 26 April 2022, at a price of NZ$0.15 per share (or the A$ Price). The Australian dollar offer price is A$0.14 for eligible Australian shareholders and was set using the prevailing AUD/NZD exchange rate on 26 April 2022.

Eligible shareholders have until 5.00pm (NZST) on 6 May 2022 to subscribe for new shares, unless the closing date is extended.

The rights will not be quoted on NZX or ASX and there will be no shortfall bookbuild for those rights not taken up by Eligible Shareholders or the rights of ineligible shareholders – Eligible Shareholders may be able to renounce their rights by transferring them off-market should they be able to find a buyer for their rights. Any transfer of rights should be notified to the Share Registrar. Shareholders who choose not to take up their rights, or who renounce their rights, will have their percentage shareholding diluted.

We are pleased to offer Eligible Retail Shareholders who take up their rights in full the opportunity to apply for additional New Shares attributable to any unexercised rights up to 100% of their entitlement.

Applications must be made (together with payment) online via this website www.shareoffer.co.nz/nzks.

Oregon Group has pre-committed to take up $23.8m of its rights (representing 100% of its entitlement), and the directors of NZ King Salmon have pre-committed to subscribe for a further $2.5m of shares, with the balance of the Rights Offer fully underwritten by Jarden Partners Limited on customary terms for an offer of this nature.

For further information in respect of the Rights Offer, please refer to the investor presentation and offer document released to the NZX and ASX on 13 April 2022.

Ends

Contact

Grant Rosewarne, Managing Director and CEO, New Zealand King Salmon Investments Ltd, [email protected]

Ben Rodgers, CFO and Company Secretary, New Zealand King Salmon Investments Ltd, [email protected]

About New Zealand King Salmon

New Zealand King Salmon is the world’s largest aquaculture producer of the premium King salmon species. We operate under our four key brands: Ōra King, Regal, Southern Ocean, and Omega Plus, as well as our New Zealand King Salmon label. We have been growing and selling King salmon to consumers for more than 30 years.

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

This announcement has been prepared for publication in New Zealand and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. Shares and rights under the Rights Offer will not be offered or sold to persons resident in the United States.

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Announcement PDF