Whitefield Limited (Whitefield or the Company) is pleased to announce the terms of an offer to eligible

shareholders of the Company to subscribe for fully paid new ordinary shares in the capital of Whitefield (SPP Shares) at the lower of:

• A$4.51; or
• an amount equal to a 2.5% discount to the volume weighted average market price of 
  Whitefield's Shares traded on ASX over the five trading days up to, and including the Plan closing date (ie, 3 July 2020), rounded down to the nearest cent.

The offer price of A$4.51 equates to:

• a 2.5% discount to the volume weighted average market price over the last five trading days prior to the record date being the 9th June 2020.

Each Whitefield shareholder with a registered address in Australia and New Zealand who holds shares at the record date of 9 June 2020 will be eligible to acquire up to A$30,000 worth of SPP Shares in the Company.

The Plan will provide eligible shareholders with an opportunity to purchase shares in the Company without incurring brokerage or other transaction costs.

Whitefield intends to cap the Plan at A$45,100,000 (being 10,000,000 SPP Shares at an issue price of A$4.51 per SPP Share).

If subscriptions under the Plan exceed A$45,100,000, the Company may scale back applications received under the Plan. If applications are scaled back, any excess application monies will be refunded without interest.

If applications under the Plan are received in excess of A$45,100,000, the Board retains the discretion to issue more SPP Shares to satisfy all or part of such applications, subject to the maximum number of SPP Shares to be issued not exceeding 30% of the issued share capital of the Company immediately preceding the date of issue.

Proceeds raised from the Plan will be held in cash or cash equivalents and subsequently invested in ASX listed securities in accordance with Whitefield’s investment strategy as and when suitable opportunities arise.

SPP Shares issued under the Plan are fully paid ordinary shares in the Company and will rank equally with the existing fully paid ordinary shares of the Company at the time of issue, carrying the same voting rights and other entitlements, including entitlement to the dividend, due to be paid in December 2020.

Shareholder approval is not required for the issue of SPP Shares to shareholders under the Plan.

The Plan documentation will be posted to eligible shareholders on or around 16 June 2020 together with an> Application Form. Shareholders will need to complete and return the Application Form by 3 July 2020 in order to take up shares under the Plan. Shareholders should consider all of the Plan documentation, including the Plan Terms and Conditions, before deciding whether to participate in the offer.

Important Dates

Record date for determining entitlements under the Plan  7.00pm (Sydney time) on 9 June 2020
Plan documents despatched to eligible shareholders 16 June 2020
Plan offer Opens 19 June 2020
Plan offer closes 5.00pm (Sydney time) on 3 July 2020
Final issue price announced 8 July 2020
SPP Shares allotted 10 July 2020
Despatch of holding statements to shareholders 14 July 2020

The dates in the table above are indicative only and Whitefield may amend this timetable. Whitefield may also withdraw the offer of SPP Shares under the Plan at any time before the allotment date in its absolute discretion.

Comments from Whitefield

The Plan provides Whitefield’s shareholders with a convenient method to increase their exposure to Australian shares at a small discount to the market price of Whitefield’s ordinary shares.

For further information please contact:

Whitefield's share registry, Computershare Investor Services Pty Limited on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia).

Click here for the 2020 Share Purchase Plan Terms & Conditions