ALLOT: PLU: Issue of Share Options to Employees

22 Jan 2010 4:57 pm

PLU 22/01/2010 ALLOT

REL: 1657 HRS Pulse Utilities New Zealand Limited

ALLOT: PLU: Issue of Share Options to Employees

21 January 2010

Further to the announcement of 14 September 2009, Pulse has now completed an allotment of share options to employees under its Employee Share Option Plan. In accordance with NZAX Listing Rule 7.11 particulars of the allotment are as follows:

Class of security: Share Options (unlisted) ISIN: N/A - Share Options are unlisted. Number issued: 717,500 Issue price: Nil - subject to vesting restrictions share options may be exercised into ordinary shares on a 1:1 basis through payment of an exercise price of $0.70 per share Payment in cash: No Fully paid: Yes Percentage of class: 36.47% Purpose of the issue: To incentivise employees and align their interests with those of shareholders. Authority for the issue: Board resolution Other Terms or details of the Issue: Share Options are subject to the restrictions Employee Share Option Plan prospectus and, in particular, are not transferable and cannot be exercised into ordinary shares until a period of two years has lapsed following allotment. Date of issue: 21 January 2010 Total number of securities on issue following allotment: 25,322,952 Ordinary Shares 1,967,500 Share Options

For and on behalf of the Board

Dene Biddlecombe Chief Executive and Director End CA:00190433 For:PLU Type:ALLOT Time:2010-01-22:16:57:31

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