Kingfish Limited — Capital/Financing Update 2020

Feb 4, 2020

Kingfish Limited Phone +64 9 489 7094 Fax +64 9 489 7139 Private Bag 93502, Takapuna Auckland, New Zealand

==> picture [132 x 72] intentionally omitted <==

5 February 2020

New Warrant Issue for Kingfish

The directors of Kingfish Limited (“Kingfish”) are pleased to announce that the company will undertake a pro rata offer of warrants to shareholders.

The purpose of the offer is to raise capital as part of Kingfish’s ongoing capital management programme and provide investors the ability to purchase additional shares in Kingfish at a predetermined Exercise Price. The offer also aims to increase the size of the portfolio and improve operational efficiency. The net proceeds of the offer are expected to be used for further investment in the Kingfish portfolio.

On the record date, Kingfish shareholders will be issued one warrant for every four shares held. The record date for the issue is 6 March 2020 and the warrants are expected to be allotted on 9 March 2020.

Each warrant gives shareholders the right, but not the obligation, to subscribe for one additional ordinary share in Kingfish on the exercise date. The exercise date is 12 March 2021 .

The exercise price will be $1.64 less any dividends declared during the period up to the exercise date. The final exercise price will be calculated and advised to warrant holders at least six weeks before the exercise date.

The warrants are expected to be quoted on the NZX Main Board from 10 March 2020 under the issuer code KFLWF.

The Warrant Term Document will be sent to shareholders later this month.

Contact

Wayne Burns Corporate Manager Kingfish Limited