Ceasing to be SPH Notice - Mayoral 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: 2 October

2025
Date

last

disclosu
r
e

made: 10 April 2024
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):
Mayoral Trust Limited as trustee of the Vulcan
Continuity Trust (VCT)
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:

Fo
r l
as
t
disclosu
r
e
,
—
(a)

total

numbe
r
held

in

class:


7,247,780
(b)

total

in

class:


131,408,572
(c)

total pe
r
centage

held

in

class: 5.515%
For current holding after ceasing to have substantial holding,—
(a)

total

numbe
r
held

in

class:


7,277,584

(b)

total

in

class:
146,428,905
(c)

total

pe
r
centage

held

in

class:

4.970%
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:

1.

On 4 September 2025, VSL completed the
institutional component of VSL’s fully
underwritten 1 for 9 pro rata accelerated
renounceable entitlement offer (AREO)
which resulted in the issue of a total of
9,969,007 new shares in VSL. VCT elected
to participate in the institutional
component under the AREO and as a result
subscribed for 89,412 shares for total
consideration of NZ$590,038.73, which
resulted in VCT holding 7,337,192 shares (of
a new total 141,754,399 shares in VSL),
being 5.176%.
2.

On 17 September 2025, VCT sold 59,608
shares off-market for total consideration
of NZ$393,359.16 which resulted in VCT
holding 7,277,584 shares (of a total
141,754,399 shares in VSL), being 5.134%.
3.

On 22 September 2025, VSL completed the
retail component of the AREO which
resulted in the issue of a total of 4,674,506

Page 2 of 2

new shares in VSL. VCT still held 7,277,584
shares (of a new total of 146,428,905
shares in VSL), being 4.970%.
Add
iti
ona
l i
nforma
ti
on

Add
r
ess(es)

o
f
substantial

p
r
oduct

holde
r
(s): C/- Duthie Whyte Lawyers,
1D Rangitira Avenue, Takapuna, Auckland 0622
Contact

details: Nigel Harrison / Manyi (Carol) Zhong
Email: nharrison@duthiewhyte.co.nz /
czhong@duthiewhyte.co.nz
Mob: 027 498 2478 (Nigel) / 021 025 35119 (Carol)
Nature

of

connection

between

substantial

product

holders:
Directors of trustee of Vulcan Continuity 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,
Manyi Zhong
,
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
.



____________________________
M Zhong
Dated 2 October 2025