Z Energy announces opening of NZ$60m Share Purchase Plan

Z Energy Share Purchase Plan Z Energy Limited (NZX/ASX:ZEL) (Z Energy) announced today the opening of its NZ$60 million non underwritten share purchase plan (SPP). The SPP is part of Z Energy's equity raising announced on 11 May 2020, whereby Z Energy also undertook a fully underwritten NZ$290 million placement of new shares to existing institutional and other select investors in both local and offshore markets (the Placement). Z Energy announced the successful completion of the Placement on 12 May 2020, which was strongly supported and fully subscribed at a price of NZ$2.90 per share. The SPP is open to Z Energy shareholders who were recorded as having a registered address in New Zealand or Australia on Z Energy's register as at 7.00pm (NZST) / 5.00pm (AEST) on 8 May 2020 (Eligible Shareholders). Eligible Shareholders will receive their application forms to apply for up to a maximum of NZ$50,000 / AU$47,000 of new shares per shareholder. The price of these shares will be the lower of the Placement share price, being NZ$2.90 per share, or a 2.5% discount to the five-day volume weighted average price of Z Energy shares traded on the NZX during the last five days of the SPP offer period (including the closing date). Z Energy may accept oversubscriptions at its discretion, and if scaling of the SPP is required, it will be done so having regard to existing shareholder holdings at the record date (being 8 May 2020), and otherwise at Z Energy's discretion. End CA:00353190 For:ZEL Type:OFFER Time:2020-05-15 09:30:06