SPH Notice – Tasman, Arden and Past

1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited (announce@nzx.com) and

To Sanford Limited (NS)
Date this disclosure made: 18 September 2020
Date on which substantial holding began: 17 September 2020
Substantial product holders giving disclosure
Tasman Equity Holdings Limited (Tasman), Arden Capital Limited (Arden) and Past Limited
Partnership (Past)
Summary of substantial holding
Class of quoted voting products: Ordinary shares (SAN)
Summary for Tasman, Arden and Past
For this disclosure,—
(a) total number held in class: 6,651,320
(b) total in class: 93,506,137
(c) total percentage held in class: 7.113%
Details of relevant interests
Nature of relevant interest: Undocumented arrangement/understanding to make
acquisitions of SAN shares in concert as described further below.
As at 17 September 2020 Tasman was the registered holder and beneficial owner of
4,988,490 shares (75% of the shares acquired) and Arden the registered holder and
beneficial owner of 1,662,830 (25% of the shares acquired).
Tasman and Arden also have an arrangement/understanding to transfer 3,000,000 shares
in aggregate to Past as described further below.
For those relevant interests,—
(a) number held in class: 6,651,320 in aggregate
(b) percentage held in class: 7.113% in aggregate
(c) current registered holder(s): Tasman Equity Holdings Limited as to 4,988,490 shares
and Arden as to 1,662,830 shares.
(d) registered holder(s) once transfers are registered: ASB Nominees Limited on bare
trust for Past as to 3,000,000 shares; Tasman as to 2,738,490 shares and Arden
Capital Limited as to 912,830 shares.

2
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure:
Tasman and Arden have had an arrangement/understanding to acquire shares in SAN on-
market in concert, with Tasman acquiring 75% of the shares and Arden 25% of the shares.
On 17 September 2020 Tasman and Arden acquired further shares on-market that means
their aggregate holding exceeded 5% of SAN shares.
Details of the shares acquired by Tasman in the four months prior to 17 September 2020.
Date Shares acquired Price per share
15 June 2020 65,000 $6.50
16 June 2020 40,000 $6.50
26 June 2020 100,000 $6.40
8 July 2020 73,000 $6.30
7 August 2020 50,000 $6.19
20 August 2020 50,000 $6.01
3 September 2020 400,000 $5.80
4 September 2020 260,000 $5.80
8 September 2020 150,490 $5.93
17 September 2020 1,500,000 $5.50

Details of the shares acquired by Arden in the four months prior to 17 September 2020.
Date Shares acquired Price per share
8 September 2020 50,000 $5.93
17 September 2020 500,000 $5.50

3
Tasman and Arden have also reached an arrangement/understanding for Tasman to
transfer 2,250,000 SAN shares, and Arden to transfer 750,000 SAN shares, to Past, a
limited partnership of which Dresden Holdings Limited (a related company of Tasman)
(Dresden) is the limited partner of 75% of the limited partnership interests and Arden as to
25% of the limited partner interests, at a price of $5.50 per SAN share, which is expected
to be completed on or about 18 September 2020. Past General Partner Limited (a
company owned as to 75% by Dresden and 25% by Arden) is the general partner of Past.
ASB Nominees Limited will hold the 3,000,000 shares to be acquired on bare trust for Past
Limited Partnership.
Additional information
Tasman Equity Holdings Limited
Address: Level 9, 33 Federal Street, Auckland 1010
Contact details: Annmarie Raffel, annmarie@osf.co.nz, 09 303 1255
Arden Capital Limited:
Address: Brown Webb Richardson Ltd, 111 Avenue Road East, Hastings, Hastings 4122,
New Zealand
Contact details: Jonathan Forbes McHardy, jmchardy@outlook.com, 06 875 8409
Past Limited Partnership
Address: Level 9, 33 Federal Street, Auckland 1010
Contact details: Annmarie Raffel, annmarie@osf.co.nz, 09 303 1255
The nature of the connections between Tasman, Arden, and Past are as described above.
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, Arthur William Young, 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.