SPH Notice - Wilson Asset Management International Ltd

1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Black Pearl Group Limited
Date this disclosure made: 03/03/2026
Date last disclosure made: 14/10/2025
Date on which substantial holding ceased: 26/02/2026
Substantial product holder(s) givi ng disclosure
Full name(s): Wilson Asset Management International Pty Limited and its Associates
(Wilson Asset Management Group) as defined i n Appendix A
Summary of previous substantial holding
Class of quoted voting products: Ordinary Shares, ISIN: NZBPGE0004S2
Summary fo r Wilson Asset Management Group
For last disclosure,—
(a)total number held in class:4,471,984
(b)total in class:83,025,786
(c)total percentage held in class: 5.39%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 4,828,053
(b) total in class: 96,951,417
(c) total percentage held in class: 4.98%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: Decrease in voting power
as a consequence of the issuance of 1,847,000 new shares upon the exercise of unquoted
warrants set out in BPG’s Capital Change notice dated 26/02/26. Also, Refer to Annexure
B
Addi
tional information
Address(es) of substantial product holder(s): Refer to Annexure A
Contact details: Kim Heng
Email: operations@wilsonassetmanagement.com.au

2
Na
ture of connection between substantial product holders:
WAM Microcap 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: 03/03/26
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
This is Annexure A of 1 pages referred to in Form 605 - Notice of ceasing to be a substantial holder
Signed: _______________________
Date: 03/03/2026

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
23/10/2025WAM Microcap LimitedOn market sell58,661.87 Ordinary shares- 50,000 50,000
29/10/2025WAM Microcap LimitedOn market sell282,076.25 Ordinary shares- 250,000 250,000
21/11/2025WAM Microcap LimitedOn market purchase- 1,151,328.16 Ordinary shares 1,156,069 1,156,069
5/02/2026WAM Microcap LimitedOn market sell481,950.00 Ordinary shares- 500,000 500,000
This i s Annexure B of 1 pages referred to in Form 605 - Notice of ceasing to be a substantial holder
Signed: _______________________
Date: 03/03/2026