Announcement

OFFER: PYS: 1 for 7 Renounceable Rights Offer of Ordinary Shares 08:30a.m. 
PYS  
31/01/2020 08:30  
OFFER  
NOT PRICE SENSITIVE  
REL: 0830 HRS PaySauce Limited  
 
OFFER: PYS: 1 for 7 Renounceable Rights Offer of Ordinary Shares  
 
Wellington, New Zealand - 31 January 2020  
 
SaaS employment solutions provider PaySauce (NZX:PYS) advised the market on  
21 January of a $5.8M capital raise via a 1 for 7 pro-rata renounceable  
rights offer of ordinary shares. PaySauce confirms that it is proceeding on  
the basis of the rights issue timetable indicated in that announcement (and  
is reproduced below). A corporate action notice accompanies this  
announcement.  
 
Quotation of rights remains subject to NZX approval. A Cleansing Notice and  
the Offer Document will be released on or around 10 February.  
 
The full terms and conditions of the rights issue will be contained in the  
Offer Document and to ensure the rights issue has the optimal chance of being  
fully subscribed, PaySauce will include an oversubscription facility where  
persons taking up rights can apply for shortfall shares, which will be  
subject to availability.  
 
Shareholder Feedback  
 
PaySauce has had advice from its largest outside shareholder Coulthard Barnes  
(PaySauce) Limited (CBPL) that CBPL intends to take up rights offered to it  
that maintain its 19.59% shareholding in PaySauce.  
 
PaySauce has also had discussions with a wide variety of shareholders and  
intending rights purchasers who together have indicated their intention to  
take up a substantial proportion of the rights offered. Based on these  
indications PaySauce is expecting the rights issue to be well supported.  
 
PaySauce confirms that co-founders Asantha Wijeyeratne and Troy Tarrant will  
not be taking up all of their rights. Together, Asantha and Troy's current  
shareholding amounts to 49.01% of PaySauce. Should no rights be taken up by  
Asantha and Troy, and the offer be fully subscribed to, their collective  
shareholding after allotment would be 42.88%.  
 
As co-founders, Asantha and Troy have invested significant personal capital  
into the future of PaySauce and also continue to receive salaries that are  
considerably lower than market rates. Neither Asantha nor Troy are in a  
personal financial position to take up all of their rights entitlements.  
Asantha and Troy also see the broadening of PaySauce's shareholder base as a  
result of the rights offer to in the best interests of PaySauce moving  
forward.  
 
Asantha and Troy are presently having discussions to arrange to sell a  
portion of their respective rights off-market. Both Asantha and Troy may also  
sell a portion of their respective rights on-market, which will provide  
liquidity for rights trading.  
 
Rights Issue Indicative Timetable  
 
Shares quoted "ex-rights" and Rights Trading commences on the NZX Main Board  
- Friday 7 February  
Record date - Monday 10 February  
Offer documents sent and Offer opens for acceptance - Tuesday 11 February  
Rights trading ceases - Tuesday 25 February  
Rights offer closes (and last date for receipt of renunciations) - Monday 2  
March  
New shares allotted and commence trading - Monday 9 March  
 
ENDS  
 
For further information, please contact investor@paysauce.com  
End CA:00347749 For:PYS Type:OFFER Time:2020-01-31 08:30:29  

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