Field : Transaction Specific Prospectus

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ASX ANNOUNCEMENT

ASX Market Announcements

ASX Limited

20 Bridge Street

Sydney NSW 2000

16 November 2021

TRANSACTION SPECIFIC PROSPECTUS

We refer to the announcement of Field Solutions Holdings Limited (ACN 111 460 121) (ASX:FSG) ("FSG" or "Company") dated 29 October 2021, advising of the Company's entry into a share sale agreement for the acquisition of 100% of the issued capital in TasmaNet Pty Ltd (ACN 111 240 978) ("TasmaNet") and its related group companies ("Transaction").

The Company has today lodged with the Australian Securities and Investments Commission a transaction specific prospectus pursuant to section 713 of the Corporations Act 2001 (Cth), the purpose of which is not to raise capital but to facilitate the issue of shares by the Company to TasmaNet shareholders as part consideration for the Transaction.

This announcement is authorised for release to the market by the Board of Directors of FSG.

Graham Henderson

Company Secretary

About FSG

FSG provides, builds, and operates "true broadband networks" specifically for rural, regional, and remove Australia. FSG is licensed Australia telecommunications carrier and a retail service provider (trading under the brands 'JustISP', TasmaNet and Ant Communications), and a NBN Co Retail and Business Service Provider.

FSG Contact Details

Andrew Robers - CEO [e-mail]

For personal use only

FIELD SOLUTIONS HOLDINGS LIMITED (ACN 111 460 121) (ASX:FSG)

Prospectus

For the Offer of:

1. up to 57,007,133 Consideration Shares to the vendors of TasmaNet Pty Ltd (ACN 111 240 978) (TasmaNet Vendors) (Consideration Offer); and
2. up to 14,251,783 Deferred Consideration Shares to the TasmaNet Vendors, (Deferred Consideration Offer),
   in part consideration for the acquisition of all of the issued shares in TasmaNet Pty Ltd.

IMPORTANT NOTICE

The Offer and issue of Consideration Shares and Deferred Consideration Shares under this Prospectus are strictly limited to the TasmaNet Vendors only. No offer is being made to existing shareholders and there is no general offer being made to the public.

This document is a transaction specific prospectus issued in accordance with section 713 of the Corporations Act. This Prospectus contains important information about the Offers. This Prospectus is an important document and requires immediate attention. It should be read in its entirety. If you do not understand it, or are in doubt as to how to act, you should consult your financial or other professional adviser. The securities offered by this Prospectus should be considered a speculative investment.

For personal use only

Prospectus

Table of Contents

Important Notices ......................................................................................................................................	4
Corporate Directory....................................................................................................................................	7
Indicative Timetable....................................................................................................................................	8
1.	Overview of the Acquisition ............................................................................................................	9
	1.1	TasmaNet ........................................................................................................................	9
	1.2	Acquisition of TasmaNet and its related group companies....................................................	9
2.	Details of the Offers .....................................................................................................................	10
	2.1	The Offers......................................................................................................................	10
	2.2	Consideration Offer ........................................................................................................	10
	2.3	Deferred Consideration Offer ..........................................................................................	11
	2.4	Conditional Offers ..........................................................................................................	11
	2.5	Overseas Shareholders ...................................................................................................	11
	2.6	Fractional entitlements ...................................................................................................	11
	2.7	ASX Quotation................................................................................................................	11
	2.8	Further Taxation implications ..........................................................................................	12
3.	Purpose and Effect of the Offers....................................................................................................	12
	3.1	Purpose of the Offers......................................................................................................	12
	3.2	Effect of the Offers .........................................................................................................	12
	3.3	Effect of the Offers on capital structure............................................................................	12
	3.4	Pro-formaBalance Sheet.................................................................................................	13
	3.5	Details of Substantial Holders ..........................................................................................	15
	3.6	Market price of Shares....................................................................................................	15
4.	How to accept the Offers..............................................................................................................	16
	4.1	How to take up the Offers ...............................................................................................	16
	4.2	Effect of application........................................................................................................	16
5.	Rights and Liabilities Attaching to New Shares.................................................................................	17
	5.1	Rank equally ..................................................................................................................	17
	5.2	Voting rights ..................................................................................................................	17
	5.3	Dividends.......................................................................................................................	17
	5.4	Meetings and notices......................................................................................................	17
	5.5	Winding up ....................................................................................................................	18
	5.6	Transfer of shares...........................................................................................................	18
	5.7	Future increases in Capital ..............................................................................................	18
	5.8	Variation of rights...........................................................................................................	18
6.	Risk Factors.................................................................................................................................	18
	6.1	Introduction...................................................................................................................	18

For personal use only

Prospectus

	6.2	Specific risks ..................................................................................................................	19
	6.3	General risks ..................................................................................................................	23
7.	Material Contracts .......................................................................................................................	25
	7.1	Share Sale Agreement.....................................................................................................	25
8.	Additional Information .................................................................................................................	26
	8.1	Continuous disclosure obligations ....................................................................................	26
	8.2	Litigation .......................................................................................................................	28
	8.3	No financial product advice .............................................................................................	28
	8.4	Authorised and unauthorised information and representations ..........................................	28
	8.5	Directors' interests .........................................................................................................	29
	8.6	Interests of experts and advisers......................................................................................	30
	8.7	Consents .......................................................................................................................	31
	8.8	Expenses of the Offers ....................................................................................................	31
	8.9	Further information........................................................................................................	31
9.	Directors' Authorisation ...............................................................................................................	32
10.	Defined Terms.............................................................................................................................	33

For personal use only

Prospectus

Important Notices

This Prospectus has been issued by Field Solutions Holdings Limited (ACN 111 460 121) (ASX:FSG) (FSG or the Company) and is dated 16 November 2021 and was lodged with ASIC and ASX on that date. Neither ASIC nor ASX takes any responsibility for the contents of this Prospectus or the merits of the investment to which this Prospectus relates.

Notification of the proposed issue of the New Shares will be made to ASX within 7 days of the date of this Prospectus. The fact that ASX may quote the New Shares is not to be taken in any way as an indication of the investment to which this Prospectus relates.

No New Shares will be allotted or issued on the basis of this Prospectus later than 13 months after the date of this Prospectus.

FSG is an ASX listed company whose securities are granted official quotation by ASX. In preparing this Prospectus, regard has been had to the fact that FSG is a disclosing entity for the purpose of the Corporations Act and that certain matters may reasonably be expected to be known to investors and professional advisers whom investors may consult.

You should read and understand the entire Prospectus and, in particular, you should consider the risk factors that could affect the Company's performance. You should carefully consider these factors in light of your personal circumstances (including financial and taxation issues) and seek advice from your professional adviser. Investing in FSG involves risks. Refer to the 'Risk Factors' in Section 6 for a discussion of certain risk factors that you should consider.

No person is authorised to give any information or to make any representation in connection with this Prospectus which is not contained in the Prospectus. Any information or representation not so contained may not be relied on as having been authorised by the Company in connection with this Prospectus.

Nature of this Prospectus

The New Shares to be issued under this Prospectus are continuously quoted securities (as defined in the Corporations Act). This Prospectus is a transaction specific prospectus to which the special content rules under section 713 of the Corporations Act apply. That provision allows for the issue of a more concise prospectus in relation to an offer of securities in a class that has been continuously quoted by ASX in the three (3) months prior to the date of the prospectus. In general terms transaction specific prospectuses are only required to contain information in relation to the effect of the issue of New Shares on the Company and the rights attaching to the New Shares. It is not necessary to include general information in relation to all of the assets and liabilities, financial position, profits and losses or prospects of the issuing company.

This Prospectus contains information only to the extent to which it is reasonable for investors and their professional advisers to expect to find the information in it. It does not include all of the information that would be included in a prospectus for an initial public offer.

This Prospectus provides general information to assist you with your own evaluation of the Company's assets. This Prospectus is not, and is not intended to be, advice on legal, financial, taxation or investment matters nor is it intended to be financial product advice from the Company or any of its directors, employees, agents or advisers.

16 November 2021

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