Chorus Limited Issues 473,962 CIP1 Warrants to National Infrastructure Funding and Financing

Manish Choudhary

04 November 2026 10:15 AM AEDT

Chorus Limited Issues 473,962 CIP1 Warrants to National Infrastructure Funding and Financing

Image Source: Krish Capital Pty Ltd

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Chorus Limited (ASX:CNU) has issued 473,962 CIP1 Warrants (unquoted) to National Infrastructure Funding and Financing Limited, formerly known as Crown Infrastructure Partners Limited, with the warrants issued for no consideration and dated 3 November 2026.

Key Points

473,962 CIP1 Warrants (unquoted) were issued on 3 November 2026 at nil consideration per warrant
The issue represents 4.50% of the total class of CIP1 Warrants, calculated immediately before the issue
Total CIP1 Warrants on issue following the transaction stands at 11,017,348 (unquoted), with no warrants held as treasury stock
The warrants were issued pursuant to a UFB1 Subscription Agreement and a Chorus Board resolution passed on 3 April 2012
Exercise dates for the warrants correspond to repayment dates for CIP1 Debt Securities and will fall between 2030 and 2036

CIP1 Warrant Issuance Details

Chorus Limited disclosed the issue of 473,962 CIP1 Warrants (unquoted) to National Infrastructure Funding and Financing Limited on 3 November 2026. The warrants were issued for no consideration and carry no nominal value. The issue was authorised under NZX listing rule 4.2, pursuant to a waiver dated 3 April 2020, and under a Chorus Board resolution passed on 3 April 2012. The filing was released through the exchange on 4 November 2026 and was authorised by Drew Davies, Chief Operating Officer of Chorus Limited.

Terms and Exercise Conditions of CIP1 Warrants

Each CIP1 Warrant gives the holder the right to purchase one ordinary Chorus share on a specified exercise date at a set strike price. According to the filing, the strike price is based on a total shareholder return of 16% per annum on ordinary Chorus shares over the relevant period. The filing states that a holder of a CIP1 Warrant is only likely to exercise the warrant if total shareholder return on ordinary Chorus shares has exceeded 16% per annum over that period. The exercise dates fall between 2030 and 2036, corresponding to repayment dates for CIP1 Debt Securities and dates on which dividends become payable on an increased proportion of CIP1 Equity Securities.

Authority and Subscription Agreement Background

The CIP1 Warrants were issued pursuant to the terms of the subscription agreement between Chorus and CIP dated 9 November 2011, as subsequently amended by agreements dated 18 September 2016 and 26 January 2017, collectively referred to in the filing as the UFB1 Subscription Agreement. The issue was also made pursuant to a Chorus Board resolution passed on 3 April 2012. No CIP1 Warrants are held as treasury stock following the transaction, and the total number of CIP1 Warrants on issue now stands at 11,017,348 (unquoted).

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