Ann: LISTING: IFT: Z Energy IPO priced at $3.50 p

• Release Date: 16/08/13 17:38
• Summary: LISTING: IFT: Z Energy IPO priced at $3.50 per share
• Price Sensitive: No
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IFT
16/08/2013 15:38
LISTING

REL: 1538 HRS Infratil Limited

LISTING: IFT: Z Energy IPO priced at $3.50 per share

Z Energy shareholders, Infratil Limited and NZSF Aotea Limited (on behalf of
the New Zealand Superannuation Fund) are pleased to announce that their joint
owned company Z Energy Holdings Limited has conditionally agreed to sell 60%
of Z Energy in its Initial Public Offer, realising gross proceeds of $840m
($420m each). The Final Price per Offer Share has been set at $3.50, in the
middle of the indicative price range of $3.25 - $3.75. Infratil Limited's
and NZSF Aotea Limited's (on behalf of the New Zealand Superannuation Fund)
retained shareholding in Z Energy (through Z Energy Holdings Limited) will be
40%.

Infratil CEO Marko Bogoievski said the market's response to the IPO was very
strong across the board.

"We received a strong response from the retail broker network, with their
allocations requiring significant scaling.  We have also been delighted with
the positive response from institutional investors, which we see as a
validation of the New Zealand economy, the transport fuels industry, and the
achievements of Z under our ownership. "

"Our feedback suggests investors have been attracted to Z Energy's cash
flows, dividend outlook and range of potential future growth areas."

"Z Energy has been a very good investment for Infratil and while we have
reduced our holding, we remain significant shareholders."

New Zealand Superannuation Fund spokesperson Matt Whineray said the Fund was
pleased to have been involved in Z's success over the last three years. "We
look forward to supporting Z's Board and management as a listed company
alongside new shareholders."

Mr Whineray said the Fund continues to hold a significant investment in Z.
"The Fund's remaining 20% stake is still one of our largest investments. We
look forward to continuing to share in the Z story."

Mr Whineray said the Fund would be reinvesting the proceeds of the sale in
other investment opportunities in New Zealand and internationally.

Z will be New Zealand's first listed transport fuels distribution company and
is expected to be among the largest 20 New Zealand companies on the NZX main
board. Shares in Z are expected to commence trading (initially on a
conditional settlement basis) on the NZX Main Board at 11am New Zealand time
on Monday 19 August and on the ASX (initially on a conditional and deferred
settlement basis) at 11am Australian Eastern Standard Time on Monday 19
August.

Z Energy was purchased by Infratil and the New Zealand Superannuation Fund
from global energy company Shell in 2010, with each party taking a 50% share.

As outlined in the combined investment statement and prospectus dated 25 July
2013, the remaining shares held by Infratil and the NZSF Aotea Limited will
be subject to transfer restrictions until after the release of Z's results
for the half year to 30 September 2014.

First NZ Capital, Goldman Sachs, Deutsche Bank/Craigs and Forsyth Barr acted
as Joint Lead Managers in the offer.
End CA:00239813 For:IFT    Type:LISTING    Time:2013-08-16 15:38:59