IMPERIAL PACIFIC LIMITED — Capital/Financing Update 2020

Sep 30, 2020

Proposed issue of securities

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Announcement Summary

Entity name

IMPERIAL PACIFIC LIMITED

Announcement Type

New announcement

Date of this announcement

Wednesday September 30, 2020

The Proposed issue is:

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A standard pro rata issue (including non-renounceable or renounceable)

Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)

ASX +security code

+Security description

Maximum Number of +securities to be issued

IPC ORDINARY FULLY PAID 1,852,303

Ex date

Wednesday October 7, 2020

+Record date

Thursday October 8, 2020

Offer closing date

Thursday November 5, 2020

Issue date

Wednesday November 11, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

IMPERIAL PACIFIC LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

Registration Number

ABN 65000144561

1.3 ASX issuer code

IPC

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Wednesday September 30, 2020

1.6 The Proposed issue is:

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A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

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• Non-renounceable

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 - Are any of the following approvals required for the entitlement offer to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

IPC : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? No No

Details of +securities proposed to be issued

ASX +security code and description

IPC : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

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Proposed issue of securities
The quantity of additional +securities	For a given quantity of +securities
to be issued	held
3	5
What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	1,852,303
whole number
Offer price details for retail security holders
In what currency will the offer be	What is the offer price per +security
made?	for the retail offer?
AUD - Australian Dollar	AUD 1.00000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? No

Will a scale back be applied if the offer is over-subscribed? No

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 3C - Timetable

3C.1 +Record date

Thursday October 8, 2020

3C.2 Ex date

Wednesday October 7, 2020

3C.4 Record date

Thursday October 8, 2020

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3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue Tuesday October 13, 2020

3C.6 Offer closing date Thursday November 5, 2020

3C.7 Last day to extend the offer closing date

Monday November 2, 2020

3C.9 Trading in new +securities commences on a deferred settlement basis Friday November 6, 2020 3C.10 Last day for entity to announce the results of the offer to ASX, including the number and percentage of +securities taken up by existing +security holders and any shortfall taken up by underwriters or other investors Tuesday November 10, 2020

3C.11 +Issue date

Wednesday November 11, 2020

3C.12 Date trading starts on a normal T+2 basis Thursday November 12, 2020

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Monday November 16, 2020

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? No

3E.2 Is the proposed offer to be underwritten? Yes

3E.2a Who are the underwriter(s)?

Capel Court Corporation Pty Limited

3E.2b What is the extent of the underwriting (ie the amount or proportion of the offer that is underwritten)? 100%

3E.2c What fees, commissions or other consideration are payable to them for acting as underwriter(s)? Nil

3E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated Only one key event:

A fall in the ASX S&P 300 Index of more than 10% from the level at the close of business on 30 September 2020.

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3E.2e Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer? Yes

3E.2e (i) What is the name of that party?

Capel Court Corporation Pty Limited is a family company associated with Director and shareholder Mr Peter EJ Murray.

3E.2e (ii) What is the extent of their underwriting or sub-underwriting (ie the amount or proportion of the offer they have underwritten or sub-underwritten)?

100% of the issue.

3E.2e (iii) What fee, commission or other consideration is payable to them for acting as underwriter or sub-underwriter?

Nil

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Legal, Printing and Share Registry fees of $15,000.

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

(a) Repay Advances made to the Company over two years, (b) allow it to expand its share portfolio and (c) cover operating expenses,

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

United States of America.

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes

3F.5a Please provide further details of the offer to eligible beneficiaries

Underlying entitlements will be granted on evidence of the precise shareholding ownership.

3F.6 URL on the entity's website where investors can download information about the proposed issue www.imperialpacific.com.au

3F.7 Any other information the entity wishes to provide about the proposed issue

Nil

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3F.8 Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? No

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