BIF - FMA proceedings

The Financial Markets Authority (FMA) today filed civil proceedings against Booster Investment Management Limited (BIML) alleging breaches of the Financial Markets Conduct Act by Booster and some of its executive directors and senior managers. The proceedings do not relate to investments made by Booster in respect of BIF (the fund that is listed on the NZX), rather in respect of a different fund. BIML, in its capacity as manager of BIF, will register a replacement ‘Other Material Information’ document dated 12 June 2024 to note the FMA proceedings (as attached). As this is an update to an offer document for BIF this announcement has been marked as price sensitive, in accordance with the NZX listing rules. The proceedings relate to investments made by Booster in its capacity as manager of the Booster KiwiSaver Scheme, the Booster Super Scheme and the Booster Investment Scheme via an associated limited partnership the Booster Tahi Limited Partnership (Tahi). Tahi in turn invested less than 1.3% (as at 31 May 2024) of BIML's funds under management into the Booster Wine Group. The FMA allegations include that by making those investments Booster breached its duties and obligations as manager of those schemes. The FMA media release can be found here www.fma.govt.nz/news/all-releases/media-releases/fma-files-civil-proceedings-against-booster/ BIML strongly disputes FMA's allegations and will defend itself vigorously. BIML does not accept any wrongdoing and stands by its robust investment practices and its decision to invest in the wine sector. BIML continues to believe its investment structure and processes are appropriate and that investors' interests have not been compromised. BIML looks forward to the opportunity ahead to demonstrate that it acts in its customers best interests. For further information on Booster's position see our media statement here https://www.booster.co.nz/booster-press-release and attached. For media enquiries, please contact in the first instance: Esther Robinson Acumen NZ Phone: 027 3539 888 Email: erobinson@acumennz.com About Booster Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of the Booster Group which has been helping New Zealanders save since 1998. The group currently administers superannuation and investment funds of over $6 billion on behalf of more than 190,000 New Zealanders. BIF is a managed investment fund that invests in early-stage companies founded on intellectual property originated or developed in New Zealand. For more information, including a copy of the Product Disclosure Statement and the latest net asset value per unit, please visit www.booster.co.nz