MOA Confirms IPO - Prospectus seeks $15m from shareholders and public

It’s confirmed: Kiwi investors will soon be able to own their own brewery.

Moa Group Limited today announced it will proceed with an issue of shares to institutions and the public to raise $15 million in an Initial Public Offering (“IPO”). Oversubscriptions of up to an additional $1 million are also being offered.

The Offer Price has been set at $1.25 per share following a bookbuild to institutional investors and NZX Firms on 9 October 2012. At this final price of $1.25, 12.8 million shares will be offered to the public (including oversubscriptions) with Moa expected to have a market capitalisation of approximately $38 million (including oversubscriptions) following conclusion of the IPO.

The Offer received strong support from brokers and a range of institutional investors together with further investment from the existing major shareholders the Business Bakery,
Pioneer Capital and Allan Scott Wines* as outlined in the Offer Document.

Moa CEO Geoff Ross, 42 Below founder and Ecoya Chairman, said the response from retail brokers and a range of New Zealand institutions had been extremely positive with the $15 million offer oversubscribed by 103% (just over twice the amount sought) at the bookbuild clearing price. Applications were scaled accordingly.

Ross states “this shows New Zealand investors believe in growing New Zealand businesses on the world stage. This is a vital component of growing greater export earnings.”

Moa directors have registered a prospectus, and approved an Investment Statement, each dated 11 October 2012 in relation to the IPO, a copy of which can be viewed at www.moabeer.com.

The Investment Statement is described by Mr Ross as being very ‘on brand’. It is also believed to be the first Investment Statement ever to contain paid third party advertisements with companies including Aston Martin, Working Style and Beretta taking advertising space.

Mr Ross stated the intention was to create a document people want to take the time to read properly and keep for years to come.

More than 1,500 New Zealand investors have pre-registered their interest in the issue on the website www.ownabrewery.co.nz. Joint Lead Managers Craigs Investment Partners and
Forsyth Barr have been fielding additional interest through their respective client bases and an 0800 number.

Moa is New Zealand’s first locally listed brewery since 2009 when Lion departed the bourse after being purchased by Japanese brewer Kirin. Moa plans to use the funds to build a bigger brewery and support increased working capital and marketing activities.

Alongside Geoff Ross, the Moa board includes chairman Grant Baker, chairman of
Dorchester Pacific and an executive director of listed fragrance and skincare company Ecoya Limited.

Pioneer Capital investment director Craig Styris is a non-executive director of Moa as is
Allan Scott, the founder of Allan Scott Wines and father of Moa founder and executive brewer Josh Scott.

Two independent directors are Alistair Ryan, a chartered accountant and former Sky City CFO, and Kim Ellis, a director on various boards including Freightways.

Mr Ross said “We have a very strong board, experienced in both the public markets and building growth companies along with a particularly skilled and motivated management team.”

The Offer will open on 19 October 2012 and close three weeks later on 8 November 2012.
Listing and quotation is anticipated to occur on the NZX five days later on Tuesday 13
November 2012.

Prospective investors can contact either of the Joint Lead Managers, Craigs Investment Partners or Forsyth Barr, or any NZX firm for further information.