Ann: GENERAL: PLE: Pulse Announces Several Milestones

• Release Date: 12/06/15 16:53
• Summary: GENERAL: PLE: Pulse Announces Several Milestones
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					PLE
12/06/2015 16:52
GENERAL
PRICE SENSITIVE
REL: 1652 HRS Pulse Energy Limited

GENERAL: PLE: Pulse Announces Several Milestones

Pulse Energy is pleased to announce today the achievement of some major
milestones, including the imminent addition of a new Deputy Chairman.

At the AGM in September 2014, the company declared it was expecting positive
results in the second half of the year.  For the year to 31 March 2015 the
company has surpassed $100 million in annual revenue, had positive EBITDAF
for the second half of the year and delivered a significant reduction in the
full year EBITDAF loss from the prior year.  The company will release its
full preliminary announcement in relation to the year to 31 March 2015 later
today.

"We are reaching the point where the hard work put in over the past few years
is starting to provide the sustainable platform for profit our shareholders
have been expecting", said CEO Gary Holden. "Our relationship with Grey Power
and the popularity of our Pulse Freedom Plan continues to provide the basis
for future growth. We expect that the positive results in the second half of
the year will translate to positive results in the next year as well."

The company is also pleased to report that it has signed a new banking deal
with the Bank of New Zealand. It is expected that completion of the security
arrangements (being the core outstanding conditions) and implementation of
the new banking arrangement will be completed next week. The new facility is
based around a receivables financing structure and the available facility is
linked to the level of receivables of the Group with a maximum available
facility of $10,000,000. Subsequent to balance date the Group also entered
into an additional $2,000,000 peak funding agreement which matures in July
2016 with Buller Electricity Limited, the parent of the Group. On
implementation these new facilities will replace the Westpac facility and the
Buller Electricity Limited guarantee of the Westpac facility. The Westpac
general security over the assets of the Group will be replaced by a Bank of
New Zealand general security. The new arrangements are expected to increase
the total funding available to the Group during the winter peak and to reduce
funding costs relative to the existing arrangements.

 "The BNZ designed a financing arrangement that recognises the value of
Pulse's receivables and can grow as we grow our revenues." Mr Holden stated.
"Our growth was limited under the former arrangement and we now have the
financial capacity to return to previously established levels of expansion.
We are very pleased with the innovation BNZ has brought to the table."

To further assist the company in its growth plans, the company recently
announced it had entered into an agreement with Contact Energy to purchase
contracts for difference (CFDs) for a significant proportion of its forecast
demand over the next four years. This non-exclusive agreement will allow
Pulse to complement its use of ASX exchange traded products to provide
forward cover. Mr Holden noted that "any deal where an independent retailer
and a large generator can find a win-win scenario is an excellent advancement
of the market. With a new banking arrangement and increased flexibility in
its energy supply arrangements, Pulse can continue to serve its customer base
with greater certainty."

The company is also pleased to announce that Mr Trevor Janes will be joining
the Board of Directors and will become the company's Deputy Chairman. Mr
Janes will bring to Pulse a wide variety of energy industry and related
experience and will strengthen Pulse in many areas as it continues its goal
of becoming a successful participant in the retail energy market in New
Zealand.

Current roles held by Mr Janes include, Chairman of Abano Healthcare Ltd and
Certus Solutions Ltd, Deputy Chair of the Accident Compensation Corporation,
Director of ProCare Health, Issuer Member of the NZ Markets Disciplinary
Tribunal, Member of the International Development Advisory and Selection
Panel and Member of the NZ Post Network Access Committee. Previous positions
held include Deputy Chair of Might River Power and Chair of Public Trust.

"We are very pleased about the addition of Mr Janes to our Board of
Directors," says company Chairman, Frank Dooley.  "He brings a wealth of
knowledge, experience and leadership at an important time in our development
as a company."

Trevor holds a BCA from Victoria University of Wellington, is a Fellow of the
New Zealand Institute of Chartered Accountants, a Chartered Fellow of the
Institute of Directors, a Fellow of Institute of Financial Professionals NZ
and a member of the CFA Society of New Zealand. Mr Janes' appointment will
take effect later in the month.

For further information please contact:
NZX Enquiries
Shane Sampson
Chief Financial Officer
P: +64 9 304 1173
E: [email protected]
End CA:00265638 For:PLE    Type:GENERAL    Time:2015-06-12 16:53:00