IKE completes Placement and Institutional Entitlement Offer

FOR IMMEDIATE RELEASE 30 July 2020 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Successful completion of Institutional Placement and Institutional Entitlement Offer Highlights o Oversubscribed institutional placement of NZ$9.8m ($A9.1m) ('Institutional Placement') with participation from new and existing investors including multiple new Australian institutional investors o The institutional entitlement offer component ('Institutional Entitlement Offer') of the fully underwritten 1 for 7 pro-rata accelerated entitlement offer ('Entitlement Offer') was strongly supported by institutional and sophisticated shareholders and directors. Eligible institutional shareholders elected to take up [100%] of their entitlements, raising approximately NZ$5.8m (A$5.4m) o The retail entitlement offer component of the Entitlement Offer ('Retail Entitlement Offer') of approximately NZ$4.1m (A$3.8m) will open on Friday 31 July 2020 and closes on 11 August 2020 (unless extended) o ikeGPS Group Limited ('IKE') will raise approximately NZ$19.7m (A$18.4m) total from the Placement and Entitlement Offer supporting recent customer wins, a growing sales pipeline, and providing capacity for potential growth opportunities Further to the announcement released on Tuesday 28 July 2020, IKE is pleased to announce that it has successfully completed the Institutional Placement and Institutional Entitlement Offer. Bell Potter Securities Limited acted as Lead Manager and bookrunner to the Institutional Placement and Entitlement Offer and as the underwriter to the Entitlement Offer. Forsyth Barr Limited acted as New Zealand Lead Manager. The new fully paid ordinary shares in IKE ('New Shares') offered under the Institutional Placement and Institutional Entitlement Offer are expected to be allotted and commence trading on NZX and ASX on Wednesday 5 August 2020, and will rank equally with existing fully paid ordinary shares. Retail Entitlement Offer Retail shareholders with a registered address in New Zealand on the Record Date of 7.00pm (NZST)/ 5.00pm (AEST), Thursday 30 July 2020 ('Eligible Retail Shareholders'), have the opportunity to invest in New Shares at the same price (NZ$0.68 per New Share) and same offer ratio (1 for 7) as those that participated in the Institutional Placement and Institutional Entitlement Offer. The terms and conditions for the Retail Entitlement will be outlined in the Offer Booklet to be sent to Eligible Retail Shareholders on Friday 31 July 2020. The Retail Entitlement Offer will open on Friday 31 July 2020, and closes on Tuesday 11 August 2020 (unless extended). Eligible Retail Shareholders can accept their entitlements by completing and returning the Entitlement and Acceptance Form accompanying the Offer Booklet, or applying online at www.ikeshareoffer.co.nz. Eligible Retail Shareholders may choose to take up their entitlements in whole, in part, or not at all. Those who have taken up all of their entitlements in full may apply for additional New Shares up to an additional 100% of their pro-rata entitlement by completing the appropriate section on the Entitlement and Acceptance Form, or as directed by the online application. Payment must be made for both your entitlements and any additional New Shares for which you wish to apply. If Eligible Retail Shareholders do not take up their full entitlements under the Retail Entitlement Offer, then their entitlements will lapse and they will receive no value for those lapsed entitlements. The entitlements that cannot be traded or sold on the NZX or ASX. Those shareholders who do not exercise their entitlements, or who are ineligible to do so, will have their shareholdings diluted. Please note that shareholders with a registered address in IKE's share register outside New Zealand on the Record Date are ineligible to participate in the Retail Entitlement Offer. Further details as to eligibility are set out in the Offer Booklet. Relating to the completion of the Institutional Placement and the Institutional Entitlement Offer, IKE CEO Glenn Milnes, commented: + We thank existing shareholders for their extensive support of this capital raising and welcome a number of new institutional investors from Australia to our share register. The funds raised will enable us to invest in expanding our team in light of substantial recent contract wins and our sales pipeline. It will also give us some balance sheet flexibility to pursue complementary opportunities if they are to arise. ENDS IKE seeks to be the standard for collecting, analysing and managing pole and overhead asset information for electric utilities, communications companies, and their engineering service providers. Contact: Glenn Milnes, CEO, +1 720-418-1936, glenn.milnes@ikegps.com End CA:00357098 For:IKE Type:OFFER Time:2020-07-30 08:30:41