IPO UpdateThanks for your funded application for the Keytone...

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IPO Update​ Thanks for your funded application for the Keytone Dairy Ltd (KTD) IPO. We have been advised by the Company that the IPO has received strong support from both institutional and retail shareholders, with the book multiple times oversubscribed at the upper bound of the $12m - $15m raising range. The Company has also advised that the intended timeframe for listing has however been amended to facilitate the issuance of a Supplementary Prospectus. It is intended that the Supplementary Prospectus will address: 1. Consistent with the existing Keytone New Zealand shareholders’ long-term commitment to KTD, the parties will be amending the shares subject to escrow to be issued under the Exchange Agreement, with 100% of shares to be issued to the existing Keytone New Zealand shareholders to be subject to escrow for 24 months. The Prospectus had reflected that cash formula under the ASX Listing Rules would be applied to the shares to be issued to Long Hill Capital, which resulted in a portion of their holding (8,626,330 shares, or 5.75% post listing) being freely tradeable at IPO. These shares will now be escrowed for 24 months following the date of listing. 2. The company’s FY18 audit (being a March year-end) has progressed significantly and is nearing completion. As a function of this, the Company has determined that it is prudent to include in the Supplementary Prospectus the audited FY18 Financial Statements. It is expected that the audit will be completed by early June with the Supplementary Prospectus lodged shortly thereafter. Final allocations for OnMarket investors will not be advised until after the Supplementary Prospectus has been released. We apologies for any inconvenience, and please let us know if you have any questions. The OnMarket Team