Ceasing to be SPH Notice - Partitio Trustee Limited

Page 1 of 2


Disclosure
of ceas
i
ng
t
o have subs
t
an
ti
a
l
ho
l
d
i
ng

Section

279
,
Financial

Ma
r
kets

Conduct

Act

2013

To

NZX

Limited

and
To

Vulcan

Steel

Limited

(VSL)

Date

this

disclosu
r
e

made: 23 Septembe
r
2025
Date

last

disclosu
r
e

made: 8

Novembe
r
2021
Date

on

which

substantial

holding

ceased: 22 September

2025

Subs
t
an
ti
a
l
produc
t
ho
l
der(s)

g
i
v
i
ng

d
i
sc
l
osure
Full

name(s):
Partitio

Trustee

Limited

as

trustee

of

the

Aoraki

Partnership

Trust;

Wayne
Ro
bert

Boyd;

Ann

Lorraine

Clarke

Summa
r
y

o
f
p
r
evious

substantial

holding
Class

o
f
quoted

voting

p
r
oducts:
O
r
dina
r
y

sha
r
es

in

Vulcan

Steel

Limited

(NZX:

VSL)
Summa
r
y
f
or:
Partitio

Trustee

Limited

as

trustee

of

the

Aoraki

Partnership

Trust,

Wayne Robert

Boyd

and

Ann

Lorraine

Clarke

Fo
r l
as
t
disclosu
r
e
,
—
(a)

total

numbe
r
held

in

class:


7
,
303
,
688
(b)

total

in

class:


131
,
408
,
572
(c)

total pe
r
centage

held

in

class: 5
.
558%

Fo
r
cu
rr
ent

holding

af
t
er

ceasing

to

have

substantial
h
olding
,
—


(a)

total

numbe
r
held

in

class:


7
,
303
,
688

(Shares)
(b)

total

in

class:
146,428,905
(c)

total

pe
r
centage

held

in

class:

4.9879%

De
t
a
il
s

of
t
ransac
ti
ons

and

even
t
s

g
i
v
i
ng

r
i
se
t
o

ceas
i
ng

of

subs
t
an
ti
a
l
ho
l
d
i
ng

Details

o
f
the

t
r
ansactions

o
r
othe
r e
vents

r
equi
r
ing

disclosu
r
e:

Completion

o
f
Vulcan

Steel

Limited's

fully
underwritten

1

fo
r
9

p
r
o
r
ata

accele
r
ated

r
enounceable

entitlement

o
ff
e
r
(AREO)
,
which
r
esulted

in

the

issue (under both the
institutional and retail components of the
AREO) of a total of 14,643,513 new shares in VSL.


Pa
r
tition

T
r
ustee

Limited

elected

not

to

take

up

its

entitlement

unde
r
the

AREO
,
and

as a
r
esult

it's

percentage

shareholding

in

VSL

has

decreased

to

4.9879%.

Page 2 of 2

Add
iti
ona
l i
nforma
ti
on

Add
r
ess(es)

o
f
substantial

p
r
oduct

holde
r
(s): Partitio

Trustee

Limited

c/o

TGT

Legal
Level 7,

3-13

Shortland

Street
Auckland

Central
Auckland,

1010
New

Zealand

Contact

details: Wayne

Boyd
Email: wayne@teawatea.net.nz
Mob: +64

27

590

2007
Nature

of

connection

between

substantial

product

holders:
Partitio Trustee Limited is the trustee of the
Aoraki Partnership Trust and holds the Shares in
VSL. Wayne Robert Boyd and Ann Lorraine
Clarke have the power to control the exercise of
the right to vote attaching to the Shares and
the power to control the acquisition or disposal
of the Shares held by Partitio Trustee Limited as
trustee of the Aoraki Partnership Trust by virtue
of having the power to appoint and remove
trustees of the Aoraki Partnership Trust.
Name

o
f
any

othe
r
pe
r
son

believed

to

have

given
,
o
r
believed

to

be
r
equi
r
ed

to

give
,
a

disclosu
r
e

unde
r
the

Financial

Ma
r
kets

Conduct

Act

2013

in
r
elation

to

the
f
inancial

p
r
oducts

to

which

this

disclosu
r
e
r
elates:
None




Cer
ti
f
i
ca
ti
on
I,
Wayne

Boyd
,
ce
r
ti
f
y

that
,
to

the

best

o
f
my

knowledge

and

belie
f,
the in
f
o
r
mation

contained

in

this

disclosu
r
e

is

co
rr
ect

and

that
I
am

duly

autho
r
ised

to

make

this

disclosu
r
e

by

all

pe
r
sons
f
o
r
whom

it

is

made
.