Pacific Edge Placement Upsized Following Strong Demand

Pacific Edge is pleased to announce it has successfully raised NZ$80 million (A$77.5 million¹) through its Placement.

The Placement was very well subscribed at the price determined in the bookbuild of NZ$1.35 (A$1.31) per share, resulting in Pacific Edge increasing the size of the Placement from NZ$60 million (A$58.1 million) to NZ$80 million (A$77.5 million).

The issue price of NZ$1.35 for the Placement was at the top of the bookbuild range and represents a 5.5% discount to the 20 trading day Volume Weighted Average Price (VWAP) of NZ$1.43 on the NZX up to 22 September 2021.

The Placement was very well supported, attracting bids well in excess of the up-sized NZ$80 million (A$77.5 million) total offer amount. Adopting a fair and balanced allocation policy, existing institutions bidding for more than their pro rata entitlements, were allocated their pro rata allocations, and some new long term international funds have entered the share register.

Chairman of Pacific Edge, Chris Gallaher, said: “We are very pleased with the demand shown for the Placement which we see as a strong endorsement of our strategy and growth plans. We are very pleased with the strong support we received from our long-term institutional investors and are delighted to welcome several high value global growth funds to the register. The funds raised will enable us to accelerate the growing out of our business and realising Pacific Edge’s potential.

We are looking forward to making our Retail Offer to Eligible Shareholders². This will provide our existing shareholders an opportunity to further their investment and participate in our growth.”

Approximately 59.3 million shares were sold in the Placement. Settlement is expected to occur on 29 September 2021 for the ASX and 30 September 2021 for the NZX, with allotment and commencement of trading of the Placement shares on both NZX and ASX expected to occur 30 September 2021.

Retail Offer

As announced, Eligible Shareholders in New Zealand are being offered the opportunity to participate in a Retail Offer, to raise up to a further NZ$20 million (A$19.4 million) (with the ability to accept oversubscriptions, subject to demand and at the discretion of the Board).

Each Eligible Shareholder will be entitled to apply for up to NZ$50,000 of new shares under the Retail Offer. Shares will be offered at the lower of NZ$1.35, being the price paid for shares under the Placement, and the volume weighted average price of Pacific Edge's shares on the NZX over the 5-day trading period up to and including the closing date of the retail offer (being 13 October 2021, unless extended).

The full terms of the Retail Offer will be contained in the Retail Offer document which will be distributed to all Eligible Shareholders on 28 September 2021, accompanied by a personalised Entitlement and Acceptance Form.

Key Dates

The record date for determining entitlements to participate in the Retail Offer was 5.00pm (NZST) on 22 September 2021.

All dates and times are indicative only and subject to change.

¹ Based on a NZD/AUD exchange rate of 0.9683 as at 22 September 2021.

² Eligible Shareholder means a person who, at 5.00pm on the Record Date, is registered as a PEB shareholder and whose address (as recorded on the share register) is in New Zealand.