Refining NZ successfully completes placement

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. Record Date - 26 November 2021 Announcement of capital raising - 29 November 2021 Share Purchase Plan Opening Date - 2 December 2021 Entitlement communications sent to eligible shareholders - 2 December 2021 Share Purchase Plan Closing Date - 5.00pm NZ time, 13 December 2021 Share Purchase Plan issue price announced - 14 December 2021 Allotment of new shares under the Share Purchase Plan and commencement of trading and quotation - 17 December 2021 These dates are subject to change and are indicative only. Refining NZ reserves the right to alter these dates, subject to applicable laws and the NZX Listing Rules. Refining NZ reserves the right to withdraw the SPP at any time prior to the issue of the shares under the SPP at its absolute discretion. For further information in respect of the Placement and SPP, please refer to the investor presentation released to the NZX on 29 November 2021. The Explanatory Booklet, dated 5 July 2021, as updated by the investor presentation, also contains details of Refining NZ's conversion to an import terminal and the risks associated with it. - ENDS- Authorised by: Chris Bougen General Counsel and Company Secretary Media contact Laura Malcolm communications@refiningnz.com +6421 02363 297 End CA:00383806 For:NZR Type:OFFER Time:2021-11-30 08:38:28