SPH Notice - Forsyth Barr Investment Management Limited

1

Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To: NZX Limited
and
To: Investore Property Limited (NS)
Date this disclosure made: 29 September 2025
Date on which substantial holding began: 29 September 2025
Substantial product holder(s) giving
disclosure:
Full name(s):

Forsyth Barr Investment Management Limited
(FBIM)

Summary of substantial holding
Class of quoted voting products: Investore Property Limited Convertible Notes
(IPL 26/09/2029 6.25%)
Summary for FBIM
For this disclosure,—
(a) total number held in class: 26,908,000
(b) total in class: 62,500,000
(c) total percentage held in class:

43.05%
Details of relevant interests
Details for FBIM
Nature of relevant interest(s):

The relevant interest arises under various
investment management agreements to which
FBIM and/or Forsyth Barr Limited are a party in
their capacity as providers of discretionary
investment management services (DIMS). The
relevant interest arises only from the powers of
investment contained in the relevant agreement
documents, including the power to control the
exercise of the right to vote attached to the
notes (if converted) and to control the disposal
of the notes.
Pursuant to regulation 142, the relevant
agreement documents need not be attached
under regulation 139.


For that relevant interest,—

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(a) number held in class: 26,908,000
(b) percentage held in class: 43.05%
(c) current registered holder(s): Not applicable
(d) registered holder(s) once transfers are
registered:
Forsyth Barr Custodians Limited (FBCL)
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
Allotment on 23 September 2025 of Notes under the Priority Offer and General Offer at the issue
price of $1 per note.

Additional information
Address of substantial product holder: Forsyth Barr House, The Octagon, Dunedin
Contact details: Jeremiah Craig
T: +64 9 363 9232
E: compliance@forsythbarr.co.nz
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, Jeremiah Craig, 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.