SPH Notice – Salt Funds Management Limited

100080615/3821102.1
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Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited
and
To Scales Corporation Limited
Date this disclosure made: 20 March 2020
Date on which substantial holding began: 17 March 2020
Substantial product holder(s) giving disclosure
Full name(s): Salt Funds Management Limited
Summary of substantial holding
Class of quoted voting products: Scales Corporation Limited Ordinary Shares (SCL)
Summary for Salt Funds Management Limited
For this disclosure,—
(a) total number held in class: 7,091,845
(b) total in class: 141,579,238
(c) total percentage held in class: 5.009%
Details of relevant interests
Details for Salt Funds Management Limited
Nature of relevant interest(s): Investment Manager
For that relevant interest,—
(a) number held in class: 7,091,845
(b) percentage held in class: 5.009%
(c) current registered holder(s):
(d) registered holder(s) once transfers are registered: See Annexure 1
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure:
Refer to the table below for the transactions undertaken since the last notice on the 11
March 2020. The transactions were part of normal on-market trading activities by Salt
Funds Management:

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Transaction Type Period Shares/Units Consideration
On-market purchases
10/03/2020 –
17/03/2020
192,745 $ (710,474.56)
On-market sale
10/03/2020 –
13/03/2020
(127,560) $ 538,958.31
-$ 171,516.26

Additional information
Address(es) of substantial product holder(s): Level 3, The Imperial Buildings, 44 Queen
Street, Auckland 1050
Contact details:
Kate Allen, Telephone: 09 869 7278, Email: kate.allen@saltfunds.co.nz
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: Not applicable.
Certification
I, Kate Allen, 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.

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ANNEXURE 1
SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD
DATED 20 March 2020
Name of type of shares
Scales Corporation Limited Ordinary Shares
(SCL)
Percentage held 5.009%

Registered holder:
Guardian Nominees No.2 Ltd (as custodian for
BT Funds Management (NZ) Ltd)
Holding: 3,622,964 (2.559%)
Registered holder:
National Nominees Ltd (as custodian for Salt
Investment Funds Ltd)
Holding: 1,197,829 (0.846%)
Registered holder:
Trustees Executors Limited (as custodian for
TGH Equities Ltd)
Holding: 191,900 (0.136%)
Registered holder:
BNP Paribas Nominees (NZ) Ltd (as custodian for
AMP Capital Investors (New Zealand) Ltd)
Holding: 2,079,152 (1.469%)