SPH Notice - Wilson Asset Management

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
Relevant event being disclosed: Movement of 1% or more
Date of relevant event: 06/05/2025
Date this disclosure made: 08/05/2025
Date last disclosure made: 04/02/2025
Substantial product holder(s) giving disclosure
Full name(s): Wilson Asset Management International Pty Limited and its Associates (Wilson
Asset Management Group) as defined in Annexure A
Summary of substantial holding
Class of quoted voting products: Ordinary Shares, ISIN: NZNZXE0001S7
Summary for Wilson Asset Management Group
For this disclosure,—
(a) total number held in class: 20,333,226
(b) total in class: 328,535,448
(c) total percentage held in class: 6.19%
For last disclosure,—
(a) total number held in class: 16,435,452
(b) total in class: 327,022,314
(c) total percentage held in class: 5.03%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: Refer to Annexure B
Details after relevant event
Details for: WAM Capital Limited
Nature of relevant interest(s): Beneficial owner
For that relevant interest,—
(a) number held in class: 11,892,974
(b) percentage held in class: 3.62%
(c) current registered holder(s): Citigroup Pty Limited
(d) registered holder(s) once transfers are registered: WAM Capital Limited
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 for: WAM Research Limited
Nature of relevant interest(s): Beneficial owner
For that relevant interest,—
(a) number held in class: 3,081,561
(b) percentage held in class: 0.94%
(c) current registered holder(s): Citigroup Pty Limited
(d) registered holder(s) once transfers are registered: WAM Research Limited
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 for: WAM Microcap Limited
Nature of relevant interest(s): Beneficial owner
For that relevant interest,—
(a) number held in class: 5,005,473
(b) percentage held in class: 1.52%
(c) current registered holder(s): Citigroup Pty Limited
(d) registered holder(s) once transfers are registered: WAM Microcap Limited
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 for: Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund
Nature of relevant interest(s): Beneficial owner
For that relevant interest,—
(a) number held in class: 353,218
(b) percentage held in class: 0.11%
(c) current registered holder(s): Citigroup Pty Limited
(d) registered holder(s) once transfers are registered: Botanical Nominees Pty Limited ATF
Wilson Asset Management Equity Fund
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
Address(es) of substantial product holder(s): Refer to Annexure A
Contact details:
Kim Heng
email: operations@wilsonassetmanagement.com.au
Nature of connection between substantial product holders:
WAM Capital Limited:
WAM Microcap Limited:
WAM Research Limited:
Botanical Nominees Pty Limited:
Related body corporate
Related body corporate
Related body corporate
Related body corporate
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, Kim Heng, 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.
Kim Heng
Chief Operating Officer
_________________ Date: 08/05/2025

Page 1
Annexure A
1. Details of Wilson Asset Management Group
Wilson Asset Management Group
NameACN / ARSN
Wilson Asset Management (International) Pty Limited
(ACN 081 047 118)
MAM Pty Limited
(ACN 100 276 542)
WAM Capital Limited
(ACN 086 587 395)
WAM Research Limited
(ACN 100 504 541)
WAM Active Limited
(ACN 126 420 719)
Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund
(ACN 081 032 000)
WAM Leaders Limited
(ACN 611 053 751)
WAM Microcap Limited
(ACN 617 838 418)
WAM Global Limited
(ACN 624 572 925)
WAM Strategic Value Limited
(ACN 649 096 220)
WAM Alternative Assets Limited
(ACN 168 941 704)
Wilson Asset Management Leaders Fund
(ARSN 663 806 228)
Wilson Asset Management Founders Fund
(ARSN 682 673 678)
WAM Income Maximiser Limited
(ACN 683 776 954)
6. Addresses
Name
Address
Wilson Asset Management (International) Pty Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
MAM Pty Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Capital Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Research Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Active Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Leaders Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Microcap Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Alternative Assets Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Strategic Value Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Global Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
Wilson Asset Management Leaders Fund
Level 26, 1 Farrer Place, Sydney, NSW 2000
Wilson Asset Management Founders Fund
Level 26, 1 Farrer Place, Sydney, NSW 2000
WAM Income Maximiser Limited
Level 26, 1 Farrer Place, Sydney, NSW 2000
Citigroup Pty Limited
Level 21, 2 Park Street, Sydney, NSW 2000
Signed: _______________________
Date: 08/05/2025

Page 1
ANNEXURE B
Refer to Annexure A for the name and ACN's of the Wilson Asset Management Group members.
3. Changes in relevant interests
Date of changePerson whose relevant interest changedNature of change (6)
Consideration given in
relation to change (7)
Class of securities Number of securities Person's votes affected
05/02/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 3,448.06 Ordinary shares2,284 2,284
05/02/25WAM Capital LimitedOn market purchase- 87,184.44 Ordinary shares57,751 57,751
05/02/25WAM Research LimitedOn market purchase- 24,343.29 Ordinary shares16,125 16,125
21/02/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 3,448.75 Ordinary shares2,100 2,100
21/02/25WAM Capital LimitedOn market purchase- 126,961.46 Ordinary shares77,309 77,309
21/02/25WAM Research LimitedOn market purchase- 33,815.77 Ordinary shares20,591 20,591
26/02/25WAM Microcap LimitedOn market sell334,388.92 Ordinary shares- 206,723 206,723
13/03/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 1,694.51 Ordinary shares1,050 1,050
13/03/25WAM Capital LimitedOn market purchase- 62,380.49 Ordinary shares38,654 38,654
13/03/25WAM Research LimitedOn market purchase- 16,615.86 Ordinary shares10,296 10,296
18/03/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 3,189.92 Ordinary shares2,100 2,100
18/03/25WAM Capital LimitedOn market purchase- 117,433.02 Ordinary shares77,309 77,309
18/03/25WAM Microcap LimitedOn market purchase- 75,950.41 Ordinary shares50,000 50,000
18/03/25WAM Research LimitedOn market purchase- 31,277.91 Ordinary shares20,591 20,591
19/03/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 9,773.23 Ordinary shares6,534 6,534
19/03/25WAM Capital LimitedOn market purchase- 120,943.39 Ordinary shares80,858 80,858
19/03/25WAM Research LimitedOn market purchase- 18,949.66 Ordinary shares12,669 12,669
02/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 3,417.37 Ordinary shares2,138 2,138
02/04/25WAM Capital LimitedOn market purchase- 123,616.60 Ordinary shares77,338 77,338
02/04/25WAM Research LimitedOn market purchase- 32,805.43 Ordinary shares20,524 20,524
07/04/25WAM Microcap LimitedOn market purchase- 27,022.32 Ordinary shares18,355 18,355
08/04/25WAM Microcap LimitedOn market purchase- 408,551.91 Ordinary shares275,000 275,000
09/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 1,582.57 Ordinary shares1,069 1,069
09/04/25WAM Capital LimitedOn market purchase- 57,246.26 Ordinary shares38,669 38,669
09/04/25WAM Research LimitedOn market purchase- 15,192.04 Ordinary shares10,262 10,262
10/04/25WAM Microcap LimitedOn market purchase- 263,208.36 Ordinary shares172,779 172,779
11/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 1,623.84 Ordinary shares1,103 1,103
11/04/25WAM Capital LimitedOn market purchase- 57,009.67 Ordinary shares38,724 38,724
11/04/25WAM Research LimitedOn market purchase- 14,976.74 Ordinary shares10,173 10,173
15/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 11,303.39 Ordinary shares7,552 7,552
15/04/25WAM Capital LimitedOn market purchase- 403,627.84 Ordinary shares269,671 269,671
15/04/25WAM Research LimitedOn market purchase- 108,928.38 Ordinary shares72,777 72,777
16/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 27,730.73 Ordinary shares19,096 19,096
16/04/25WAM Capital LimitedOn market purchase- 986,565.58 Ordinary shares679,371 679,371
16/04/25WAM Microcap LimitedOn market purchase- 173,803.56 Ordinary shares119,685 119,685
16/04/25WAM Research LimitedOn market purchase- 264,075.12 Ordinary shares181,848 181,848
22/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 3,238.00 Ordinary shares2,189 2,189
22/04/25WAM Capital LimitedOn market purchase- 114,078.58 Ordinary shares77,121 77,121
22/04/25WAM Research LimitedOn market purchase- 30,604.97 Ordinary shares20,690 20,690
23/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 2,239.69 Ordinary shares1,522 1,522
23/04/25WAM Capital LimitedOn market purchase- 79,162.83 Ordinary shares53,796 53,796
23/04/25WAM Microcap LimitedOn market purchase- 9,331.01 Ordinary shares6,341 6,341
23/04/25WAM Research LimitedOn market purchase- 19,631.79 Ordinary shares13,341 13,341
28/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 1,683.06 Ordinary shares1,130 1,130
28/04/25WAM Capital LimitedOn market purchase- 59,192.96 Ordinary shares39,742 39,742
28/04/25WAM Research LimitedOn market purchase- 14,280.66 Ordinary shares9,588 9,588
29/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 19,479.48 Ordinary shares12,858 12,858

Page 2
Date of changePerson whose relevant interest changedNature of change (6)
Consideration given in
relation to change (7)
Class of securities Number of securities Person's votes affected
29/04/25WAM Capital LimitedOn market purchase- 685,202.32 Ordinary shares452,288 452,288
29/04/25WAM Research LimitedOn market purchase- 149,886.49 Ordinary shares98,937 98,937
30/04/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 6,533.21 Ordinary shares4,319 4,319
30/04/25WAM Capital LimitedOn market purchase- 70,396.44 Ordinary shares46,538 46,538
30/04/25WAM Research LimitedOn market purchase- 25,325.05 Ordinary shares16,742 16,742
02/05/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 2,598.02 Ordinary shares1,669 1,669
02/05/25WAM Capital LimitedOn market purchase- 90,471.42 Ordinary shares58,120 58,120
02/05/25WAM Research LimitedOn market purchase- 23,677.92 Ordinary shares15,211 15,211
05/05/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 9,218.71 Ordinary shares6,036 6,036
05/05/25WAM Capital LimitedOn market purchase- 156,010.90 Ordinary shares102,149 102,149
05/05/25WAM Research LimitedOn market purchase- 33,317.78 Ordinary shares21,815 21,815
06/05/25
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase- 31,573.84 Ordinary shares21,230 21,230
06/05/25WAM Capital LimitedOn market purchase- 653,977.07 Ordinary shares439,729 439,729
06/05/25WAM Research LimitedOn market purchase- 132,424.23 Ordinary shares89,041 89,041
Signed: _______________________
Date: 08/05/2025