ALLOT: PLU: Market Announcement - Notification of Allotments

11 Aug 2010 2:43 pm

PLU 11/08/2010 ALLOT

REL: 1443 HRS Pulse Utilities New Zealand Limited

ALLOT: PLU: Market Announcement - Notification of Allotments

Market Announcement - Notification of Allotments

Further to the pre break announcement of 26 July 2010, Pulse has now opened its $5 million convertible note offer and today allotted $675,000 of convertible notes. Particulars of this allotment are as follows:

Class of security: Convertible Notes - Series Two

ISIN: N/A - unlisted securities

Number issued: 675,000

Issue price: $1.00 face value per convertible note

Payment in cash: Yes

Fully paid: Yes

Percentage of class: 100%

Purpose of the issue: Funds raised will be applied towards general working capital requirements of the Company as more particularly described in the pre break announcement dated 26 July 2010.

Authority for the issue: Pre Break Announcement and Board resolutions

Date of issue: 11 August 2010

Total number of securities on issue following allotments: 27,374,952 Ordinary Shares 3,564,500 Convertible Notes - Series One 675,000 Convertible Notes - Series Two

In addition the following ordinary shares were allotted today:

Class of security: Ordinary Shares

ISIN: NZPLUE0001S8

Number issued: 74,866

Issue price: $0.405 per share in respect of 74,074 shares $0.45 per share in respect of 792 shares Payment in cash: Yes in respect of 792 shares 74,074 shares were issued upon conversion of series one convertible notes

Fully paid: Yes

Percentage of class: 0.27%

Purpose of the issue: A convertible note holder elected to convert 30,000 convertible notes at maturity to ordinary shares in accordance with the convertible note terms of issue. 792 shares were issued following a miscalculation in a previous allotment.

Authority for the issue: Board Resolutions

Date of issue: 11 August 2010

Total number of securities on issue following allotments: 27,449,818 ordinary shares 3,534,500 Convertible Notes - Series One 675,000 Convertible Notes - Series Two

In addition, Pulse has determined that it inadvertently omitted to advise the market of a placement of 50,000 Series 1 Convertible Notes on 29 June 2010 this year, particulars of this allotment are:

Class of security: Convertible Notes

ISIN: N/A - unlisted securities

Number issued: 50,000

Issue price: $1.00 per Note

Payment in cash: Yes

Fully paid: Yes

Percentage of class: 1.42%

Purpose of the issue: To raise funds for general working capital purposes.

Authority for the issue: Board resolutions.

Terms of Issue: As described in the notice of meeting for the shareholder meeting that was held on 15 April 2009.

Date of issue: 29 June 2010

Total number of securities on issue following allotments: 27,449,818 ordinary shares 3,584,500 Convertible Notes - Series One 675,000 Convertible Notes - Series Two

For and on behalf of the Board Dene Biddlecombe CEO & Director End CA:00198234 For:PLU Type:ALLOT Time:2010-08-11:14:43:19

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