Our secondary auction for Matū Iramoe, the first ever for retail investors via the Catalist platform, has now been settled and confirmed. The Net Asset Value (NAV) was reported at $1.08 per share at the end of August 2022 – after one week of bids and offers, the market closed at $1.09 per share. The price was determined by the market and not set by us. While we had expected (and signalled) that the clearing price for the secondary auction may be below the NAV (due to there being a likely discount for liquidity), we saw much stronger demand for buying shares than there were existing investors willing to supply/sell shares. We are grateful to our existing investors for their demonstration of support and commitment to the vision of Matū, both through holding their shares and through those who bid for more shares.

There were a small number of shares that Matū Iramoe issued to existing and new investors who wanted to buy at the $1.09 price in order to fulfill that demand. The decision to issue those shares was only made after the auction closed and moved to a pre-settled state. The intent of a secondary auction is primarily to provide liquidity opportunities for our investors and first and foremost is an opportunity for investors to trade with each other. We will always clearly indicate whether or not we reserve the right to issue more shares or buyback shares in a secondary auction in the relevant Information Memorandum.

We are excited about the opportunities that having a listed entity on Catalist affords us – not just to raise more capital or to provide liquidity for investors, but to grow the Matū whānau, with 150 retail investors so far who otherwise likely would not have been able to join us on our journey.