SPH Notice – Tasman, Arden and Past

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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 (announce@nzx.com)
and
To Sanford Limited
Relevant event being disclosed: Disclosure of movement of 1% or more in substantial
holding
Date of relevant event: 6 November 2020
Date this disclosure made: 9 November 2020
Date last disclosure made: 18 September 2020
Substantial product holder(s) giving disclosure
Full name(s):
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: 8,426,320
(b) total in class: 93,506,137
(c) total percentage held in class: 9.012%
For last 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 transactions and events giving rise to relevant event
Tasman acquired on-market the following additional SAN shares to increase its holding to
4,069,740 shares in SAN:
On 12 October 2020: 210,000 SAN shares at a price of $5.50 per SAN share;
On 28 October 2020: 131,250 SAN shares at a price of $5.50 per SAN share;

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On 2 November 2020: 337,500 SAN shares at a price of $5.40 per SAN share; and
On 6 November 2020: 652,500 SAN shares at a price of $4.90 per SAN share.
Arden acquired on-market the following additional SAN shares to increase its holding to
1,356,580 shares in SAN:
On 12 October 2020: 70,000 SAN shares at a price of $5.50 per SAN share;
On 28 October 2020: 43,750 SAN shares at a price of $5.50 per SAN share;
On 2 November 2020: 112,500 SAN shares at a price of $5.40 per SAN share; and
On 6 November 2020: 217,500 SAN shares at a price of $4.90 per SAN share.
Tasman and Arden also have an arrangement/understanding to transfer a further 750,000
shares in aggregate to Past as described further below.
Details after relevant event
Nature of relevant interest(s): Undocumented arrangement/understanding to make
acquisitions of SAN shares in concert as described in the substantial product holder notice
of 18 September 2020 and further below.
As at 9 November 2020, prior to the above transfers to ASB Nominees Limited, Tasman
was the registered holder and beneficial owner of 4,069,740 shares, Arden the registered
holder and beneficial owner of 1,356,580 shares and Past the beneficial owner of
3,000,000 (held by ASB Nominees Limited on bare trust).
Tasman and Arden have reached an arrangement/understanding whereby the following
shares will be transferred to Past, a limited partnership of which Arden and Dresden
Holdings Limited (a related company of Tasman) are the limited partners:
Tasman will transfer 562,500 shares to Past at a price of $4.90 per SAN share; and
Arden will transfer 187,500 shares to Past at a price of $4.90 per SAN share.
The above transfers are expected to be completed on or about 9 November 2020. ASB
Nominees Limited will hold the above shareholdings on bare trust for Past.
For that relevant interest,—
(a) number held in class: 8,426,320
(b) percentage held in class: 9.012%
(c) current registered holder(s): Tasman as to 2,738,490 shares, Arden as to 912,830
and ASB Nominees Limited on bare trust for Past as to 3,000,000 shares.
(d) registered holder(s) once transfers are registered: ASB Nominees Limited on bare
trust for Past as to 3,750,000 shares, Tasman as to 3,507,240 shares and Arden as
to 1,169,080.

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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
Additional information
Tasman Equity Holdings Limited
Address: Level 9, 33 Federal Street, Auckland, 1010, NZ
Contact person: Annmarie Raffel, annmarie@osf.co.nz, 09 303 1255
Arden Capital Limited:
Address: Brown Webb Richardson Ltd, 111 Avenue Road East, Hastings, Hastings 4122, NZ
Contact person: Jonathan Forbes McHardy, jmchardy@outlook.com, 06 875 8409
Past Limited Partnership
Address: Level 9, 33 Federal Street, Auckland, 1010, NZ
Contact person: Annmarie Raffel, annmarie@osf.co.nz, 09 303 1255
Nature of connection between substantial product holders: 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.