SPH Notice – Forager Funds Management Pty Ltd

1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To NZME Limited
Relevant event being disclosed: Disclosure of movement of 1% or more in
substantial holding
Date of relevant event: 20 / 01 / 2020
Date this disclosure made: 23 / 01 / 2020
Date last disclosure made: 19/ 09 / 2017
Substantial product holder(s) giving disclosure
Full name(s): Forager Funds Management Pty Ltd
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for Forager Funds Management Pty Ltd
For this disclosure,—
(a) total number held in class: 15,088,976
(b) total in class: 196,555,998
(c) total percentage held in class: 7.68%
For last disclosure,—
(a) total number held in class: 12,408,486
(b) total in class: 196,011,282
(c) total percentage held in class: 6.33%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Set out in the table below
Person
whose
relevant
interest
changed
Nature of
change
Date
Consideratio
n given in
relation to
change
Class and number of
securities affected
Person's votes
affected

2
Forager
Funds
Management
Pty Ltd
On Market
Purchase
20-Jan-20 740,000
2,000,000 ordinary
shares
2,000,000
15-Aug-19 83,125 175,000 ordinary shares 175,000
11-Jul-19 189,375 375,000 ordinary shares 375,000
21-Jun-19 9,390 19,979 ordinary shares 19,979
20-Jun-19 24,692 52,536 ordinary shares 52,536
18-Jun-19 188,000 400,000 ordinary shares 400,000
13-Jun-19 84,443 182,975 ordinary shares 182,975
On Market
Sale
29-Sep-17 55,035 68,945 ordinary shares 68,945
28-Sep-17 13,281 16,638 ordinary shares 16,638
27-Sep-17 19,956 24,417 ordinary shares 24,417
26-Sep-17 87,924 107,763 ordinary shares 107,763
25-Sep-17 47,172 57,471 ordinary shares 57,471
22-Sep-17 66,214 80,799 ordinary shares 80,799
21-Sep-17 36,342 43,967 ordinary shares 43,967
20-Sep-17 102,437 125,000 ordinary shares 125,000

Details after relevant event
Details for Forager Funds Management Pty Ltd.
Nature of relevant interest(s): Forager Funds Management Pty Ltd in its capacity as
investment manager has the power to control voting and / or disposal of securities.
For that relevant interest:
Holder of
relevant
interest
Registered holder of
securities
Person entitled
to be registered
as holder
Nature of relevant
interest
Class and
number
of
securities
Person'
s votes
Forager Funds
Management
Pty Ltd
JP Morgan Nominees
Australia Limited as
custodian of the
Forager Australian
Shares Fund ARSN
139 641 491
The Trust
Company
Limited as
responsible
entity of the
Forager
Australian
Power to (or to
control) exercise
vote on 15,088,976
fully paid ordinary
shares and/or
dispose of the
securities as
15,088,9
76
ordinary
shares
7.68%

3

Shares Fund
ARSN 139 641
491

investment
manager of the
Forager Australian
Shares Fund

For a derivative relevant interest,— N/A
Additional information
Address(es) of substantial product holder(s): Forager Funds Management Pty Ltd
Address: Level 14, 56 Pitt St, Sydney, NSW, Australia, 2000
Contact Details: Alex Shevelev
Email: Alex.Shevelev@foragerfunds.com
*Nature of connection between substantial product holders: N/A
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: N/A
*Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Steve Johnson is also a Director of Forager Funds Management Pty Ltd. This
disclosure also constitutes disclosure for the purposes of the directors’ and senior
managers’ disclosure obligations.
*Omit if inapplicable (see section 302 of the Financial Markets Conduct Act 2013).
Certification
I, Steve Johnson, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.

Steven Johnson
Director