SPH Notice - Wilson Asset Management Group

Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013


To NZX Limited
and
To NZX Limited
Date this disclosure made: 26/08/2025
Date last disclosure made: 08/05/2025
Date on which substantial holding ceased: 22/08/2025


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 Appendix A

Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares, ISIN: NZNZXE0001S7
Summary for Wilson Asset Management Group

For last 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 current holding after ceasing to have substantial holding,—
(a) total number held in class: 9,862,760
(b) total in class: 328,535,448
(c) total percentage held in class: 3.00%


Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: Refer to Annexure B

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: Related Body Corporate
WAM Microcap Limited: Related Body Corporate
WAM Research Limited: Related Body Corporate
Botanical Nominees Pty Limited: 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.




Date: 26/08/2025

Kim Heng
Chief Operating Officer

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)
4. 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: 26/08/2025

Page 1
ANNEXURE B
Refer to Annexure A for the name and ACN's of the Wilson Asset Management Group members.
2.Changes in relevant interests
Date of
change
Person whose relevant interest changed Nature of change (4)
Consideration given in
relation to change (5)
Class of securities
(6)
Number of
securities
Person's votes
affected
8/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase -37,481.47 Ordinary shares 24,461 24,461
8/05/2025 WAM Capital LimitedOn market purchase - 1,246,641.50 Ordinary shares 813,578 813,578
8/05/2025 WAM Research LimitedOn market purchase - 326,807.88 Ordinary shares 213,280 213,280
9/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 3,607.83 Ordinary shares 2,327 2,327
9/05/2025 WAM Capital LimitedOn market purchase - 119,980.97 Ordinary shares 77,386 77,386
9/05/2025 WAM Research LimitedOn market purchase -31,453.41 Ordinary shares 20,287 20,287
12/05/2025 WAM Microcap LimitedOn market purchase - 123,145.88 Ordinary shares 80,283 80,283
16/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 4,608.86 Ordinary shares 3,038 3,038
16/05/2025 WAM Capital LimitedOn market purchase - 155,914.06 Ordinary shares 102,773 102,773
16/05/2025 WAM Research LimitedOn market purchase -41,355.39 Ordinary shares 27,260 27,260
19/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase -15,265.42 Ordinary shares 10,028 10,028
19/05/2025 WAM Capital LimitedOn market purchase - 517,164.18 Ordinary shares 339,730 339,730
19/05/2025 WAM Research LimitedOn market purchase - 136,448.05 Ordinary shares 89,634 89,634
23/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 4,680.87 Ordinary shares 2,925 2,925
23/05/2025 WAM Capital LimitedOn market purchase - 127,353.22 Ordinary shares 79,581 79,581
23/05/2025 WAM Research LimitedOn market purchase -27,995.59 Ordinary shares 17,494 17,494
26/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 5,834.41 Ordinary shares 3,652 3,652
26/05/2025 WAM Capital LimitedOn market purchase - 186,969.48 Ordinary shares 117,032 117,032
26/05/2025 WAM Research LimitedOn market purchase -46,835.03 Ordinary shares 29,316 29,316
27/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 5,745.54 Ordinary shares 3,652 3,652
27/05/2025 WAM Capital LimitedOn market purchase - 184,119.77 Ordinary shares 117,031 117,031
27/05/2025 WAM Research LimitedOn market purchase -46,123.16 Ordinary shares 29,317 29,317
28/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 6,849.69 Ordinary shares 4,406 4,406
28/05/2025 WAM Capital LimitedOn market purchase - 246,264.03 Ordinary shares 158,407 158,407
28/05/2025 WAM Research LimitedOn market purchase -57,811.97 Ordinary shares 37,187 37,187
29/05/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 8,435.51 Ordinary shares 5,484 5,484
29/05/2025 WAM Capital LimitedOn market purchase - 303,313.80 Ordinary shares 197,187 197,187
29/05/2025 WAM Research LimitedOn market purchase -71,205.00 Ordinary shares 46,291 46,291
10/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 7,103.12 Ordinary shares 4,616 4,616

Page 2
Date of
change
Person whose relevant interest changed Nature of change (4)
Consideration given in
relation to change (5)
Class of securities
(6)
Number of
securities
Person's votes
affected
10/06/2025 WAM Capital LimitedOn market purchase - 238,907.13 Ordinary shares 155,255 155,255
10/06/2025 WAM Research LimitedOn market purchase -61,750.71 Ordinary shares 40,129 40,129
11/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 4,296.03 Ordinary shares 2,786 2,786
11/06/2025 WAM Capital LimitedOn market purchase - 123,846.50 Ordinary shares 80,315 80,315
11/06/2025 WAM Research LimitedOn market purchase -26,058.42 Ordinary shares 16,899 16,899
12/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase -674.13 Ordinary shares 439 439
12/06/2025 WAM Capital LimitedOn market purchase - 22,538.00 Ordinary shares 14,677 14,677
12/06/2025 WAM Microcap LimitedOn market purchase - 7,839.24 Ordinary shares 5,105 5,105
12/06/2025 WAM Research LimitedOn market purchase - 5,783.07 Ordinary shares 3,766 3,766
16/06/2025 WAM Microcap LimitedOn market purchase -37,749.04 Ordinary shares 25,000 25,000
23/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 1,703.84 Ordinary shares 1,156 1,156
23/06/2025 WAM Capital LimitedOn market purchase - 57,218.57 Ordinary shares 38,821 38,821
23/06/2025 WAM Research LimitedOn market purchase -14,772.98 Ordinary shares 10,023 10,023
24/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 3,419.15 Ordinary shares 2,319 2,319
24/06/2025 WAM Capital LimitedOn market purchase - 49,602.04 Ordinary shares 33,642 33,642
24/06/2025 WAM Research LimitedOn market purchase -29,557.46 Ordinary shares 20,047 20,047
26/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 1,730.79 Ordinary shares 1,158 1,158
26/06/2025 WAM Capital LimitedOn market purchase - 57,983.01 Ordinary shares 38,794 38,794
26/06/2025 WAM Research LimitedOn market purchase -15,018.13 Ordinary shares 10,048 10,048
27/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 2,563.91 Ordinary shares 1,738 1,738
27/06/2025 WAM Capital LimitedOn market purchase - 85,843.91 Ordinary shares 58,191 58,191
27/06/2025 WAM Research LimitedOn market purchase -22,232.88 Ordinary shares 15,071 15,071
30/06/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 1,725.57 Ordinary shares 1,158 1,158
30/06/2025 WAM Capital LimitedOn market purchase - 57,808.17 Ordinary shares 38,794 38,794
30/06/2025 WAM Research LimitedOn market purchase -14,972.85 Ordinary shares 10,048 10,048
1/07/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market sell 3,331.59 Ordinary shares - 2,217 2,217
1/07/2025 WAM Capital LimitedOn market sell 328,005.11 Ordinary shares - 218,271 218,271
1/07/2025 WAM Microcap LimitedOn market sell 225,970.40 Ordinary shares - 150,372 150,372
1/07/2025 WAM Research LimitedOn market sell 133,231.65 Ordinary shares - 88,659 88,659
4/07/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 1,772.14 Ordinary shares 1,172 1,172
4/07/2025 WAM Capital LimitedOn market purchase -58,748.25 Ordinary shares 38,853 38,853
4/07/2025 WAM Research LimitedOn market purchase -15,082.85 Ordinary shares 9,975 9,975
10/07/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market sell 32,516.15 Ordinary shares - 21,710 21,710
10/07/2025 WAM Capital LimitedOn market sell 1,138,186.66 Ordinary shares - 759,931 759,931
10/07/2025 WAM Microcap LimitedOn market sell 765,958.34 Ordinary shares - 511,406 511,406
10/07/2025 WAM Research LimitedOn market sell 309,963.86 Ordinary shares - 206,953 206,953

Page 3
Date of
change
Person whose relevant interest changed Nature of change (4)
Consideration given in
relation to change (5)
Class of securities
(6)
Number of
securities
Person's votes
affected
30/07/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market purchase - 2,625.93 Ordinary shares 1,748 1,748
30/07/2025 WAM Capital LimitedOn market purchase - 86,813.53 Ordinary shares 57,789 57,789
30/07/2025 WAM Research LimitedOn market purchase -22,210.77 Ordinary shares 14,785 14,785
8/08/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market sell 27,463.91 Ordinary shares - 18,711 18,711
8/08/2025 WAM Capital LimitedOn market sell 907,900.19 Ordinary shares - 618,547 618,547
8/08/2025 WAM Microcap LimitedOn market sell 300,155.27 Ordinary shares - 204,494 204,494
8/08/2025 WAM Research LimitedOn market sell 232,275.62 Ordinary shares - 158,248 158,248
20/08/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market sell 95,570.35 Ordinary shares - 66,468 66,468
20/08/2025 WAM Capital LimitedOn market sell 3,159,289.63 Ordinary shares - 2,197,247 2,197,247
20/08/2025 WAM Microcap LimitedOn market sell 1,044,469.98 Ordinary shares - 726,416 726,416
20/08/2025 WAM Research LimitedOn market sell 808,267.38 Ordinary shares - 562,140 562,140
22/08/2025
Botanical Nominees Pty Limited ATF Wilson
Asset Management Equity Fund
On market sell 200,240.39 Ordinary shares - 137,829 137,829
22/08/2025 WAM Capital LimitedOn market sell 6,619,372.14 Ordinary shares - 4,556,231 4,556,231
22/08/2025 WAM Microcap LimitedOn market sell 2,188,383.36 Ordinary shares - 1,506,303 1,506,303
22/08/2025 WAM Research LimitedOn market sell 1,693,486.89 Ordinary shares - 1,165,657 1,165,657
Signed: _______________________
Date: 26/08/2025