Completion of Civic Waste, Conv Note, SPP & Board changes

WASTECO GROUP CONFIRMS COMPLETION OF CIVIC WASTE ACQUISITION, CONVERTIBLE NOTE INVESTMENT AND SPP, AND BOARD CHANGES

Summary

Acquisition of Civic Waste Limited by WasteCo Group Limited

WasteCo Group Limited (NZX: WCO) is pleased to confirm it has completed the purchase of 100% of the shares in Civic Waste Limited, a leading North Island-based waste management company. The acquisition of Civic Waste provides WasteCo with an expanded geographic footprint and additional operational scale, contributing approximately NZD $20 million in revenue over the next 12 months.

Convertible Note Investment by Empire Waste Technology Limited

WasteCo has issued a $15 million convertible note (“Notes”) to Empire Waste Technology Limited, an investment vehicle of Simon and Paula Herbert. The funds from the issue of the Notes were applied to the completion payment for the Civic Waste acquisition and provide working capital for WasteCo to fund further acquisitions and strengthen its balance sheet. The Notes have a five-year term, bearing 6% annual interest, and provide Empire with the option to convert the Notes into equity at $0.02 per share at any time during the term.

Share Purchase Plan

WasteCo is also pleased to advise the Share Purchase Plan (SPP) to allow existing shareholders to purchase new equity at $0.02 cents per share has closed with strong investor support. Existing shareholders subscribed $1.38 million in the SPP offer and directors have exercised their discretion to place the shortfall, to raise a total of $5 million in new equity.

The new shares will be issued early next week.

Refer to attachment for further information

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Announcement PDF