Saturday, 30 March 2024

Announcement

APPNDX7: SPY: Share Consolidation

06 May 2011 11:16NZX
6 May 2011

Dear SmartPay Shareholder

Share Consolidation

Following the completion of SmartPay Limited''s ("SmartPay") rights issue in
2008 and various share placements throughout 2009 and 2010, SmartPay now has
a very large number of shares on issue.

As advised in recent press releases, and as part of SmartPay''s program for
dual listing on the ASX, the Board of SmartPay advises that it has resolved
to consolidate the existing ordinary shares ("Shares") on issue in SmartPay
("Consolidation").  Under the Consolidation, every 10 existing Shares held in
SmartPay on Friday, 20 May 2011 ("Record Date") will be consolidated into one
share. As a result of the Consolidation the number of shares on issue in
SmartPay will be reduced from 1,203,713,912 to approximately 120,371,391
Shares.

Fractional entitlements to Shares which arise as a result of the
Consolidation will be rounded as follows:

Entitlements to less than 0.5 of a Share will be rounded down to the nearest
Share; and

Entitlements to 0.5 of a Share or more will be rounded up to the nearest
share.

For this purpose, pre-Consolidation holdings in the same name will be
aggregated for calculation of entitlements to post-Consolidation Shares.
Where SmartPay considers that pre-Consolidation holdings have been split in
order to take advantage of rounding, SmartPay reserves the right to aggregate
holdings held by associated shareholders for the purposes of calculating
entitlements to post-Consolidation shares.

The Consolidation will take effect from 5.00pm (New Zealand Time) on Friday,
20 May 2011 and will be completed on the basis of SmartPay''s register as at
that date.  All Shares held by shareholders on the register at that time will
be consolidated on a 1 for ten basis as described above.  The precise number
of Shares then on issue will be announced on or shortly after this date.

The key dates are as follows:

Last day for trading in pre-Consolidation Shares on NZSX Tuesday, 17
May 2011
Last day for registration of transfers on a pre-Consolidation basis
Friday, 20 May 2011
Record Date - SmartPay Shares consolidated 5.00pm Friday, 20 May 2011
Commencement of trading in post-Consolidation Shares on NZSX Monday, 23
May 2011
Despatch of notices and shareholder statements By Friday, 27 May 2011

Shareholders will receive a statement from SmartPay''s share registrar,
Computershare, a few days after the Consolidation which will formally notify
you of your new shareholding.

It is important to note that while the Consolidation will reduce the number
of Shares you own in SmartPay by a factor of 10 it will not impact your
relative percentage shareholding in SmartPay. In addition, it is anticipated
that the price at which SmartPay Shares trade on the NZSX immediately
following the Consolidation should increase relative to the Consolidation
ratio.

Please note that all outstanding options and convertible securities on issue
by SmartPay will be consolidated in the same ratio, and the exercise price
amended in inverse proportion to that ratio, to ensure equitable treatment
with the holders of Shares.

If you have any questions about the Consolidation, please contact Mr Ian
Bailey on +64 9 442 2700.

Yours sincerely
SMARTPAY LIMITED

?

Wayne Johnson
Chairman of SmartPay
End CA:00208784 For:SPY    Type:APPNDX7    Time:2011-05-06 11:16:20
Views: 406
Smartpay Limited Ordinary Shares
 0.2000 Change:
0.00
0.00%
 
Open:0.2000 
High:0.2000 
Low:0.2000 
Volume:0 
Last Traded:07/02/18 00:20:50 
Bid:0.1750 
Ask:0.2000 
52-Wk High:0.2400 
52-Wk Low:0.1650