The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement

Tuesday 30th November 2021

The New Zealand Refining Company Limited (Refining NZ) (NZX: NZR ) advises that it has successfully completed a $39.0 million underwritten placement (Placement), which forms part of the equity raising to fund growth through private storage services announced on 29 November 2021.

The Placement was underwritten at a floor price of $0.82 per share. The bookbuild was very well supported and as a result the final placement price was set at $0.83 per share, representing a 5.7% discount to the closing price of $0.88 on 26 November 2021. Through the allocation process, existing institutional shareholders and large retail shareholders that participated through their financial advisers were given priority to obtain a pro rata allocation. All other retail shareholders will have the opportunity to take up additional shares through the Share Purchase Plan.

Naomi James, Refining NZ CEO, said “We are delighted with the outcome of the placement, which was well supported by existing institutional and retail shareholders and we are also pleased to welcome a number of new investors onto the register. This capital raising and support for the company provides the funding for us to pursue complementary growth through private storage services which we expect to deliver value for shareholders.”

Settlement and allotment of the new shares issued under the Placement is expected to occur on 2 December 2021.

The Placement was underwritten by Forsyth Barr Group Limited.

The Share Purchase Plan opens on 2 December 2021

The $5 million share purchase plan (SPP) component of the capital raising will open on 2 December 2021. The SPP is not underwritten. Eligible shareholders with a registered address in New Zealand on the record date can apply for up to NZ$15,000 of new shares in Refining NZ. Shareholders can apply online at www.shareoffer.co.nz/refiningnz until 5.00pm (NZ time) on 13 December 2021.

Please see the link below for details

Placement completion

Source: The New Zealand Refining Company Limited

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