SPH Notice - Forsyth Barr Investment Management Limited

1

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant
interest, or both
Section 277 and 278, Financial Markets Conduct Act 2013
To: NZX Limited
and
To: Tower Limited
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 31 July 2026
Date of this disclosure: 4 August 2026
Date last disclosure made: 1 October 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: Ordinary Shares
Summary for FBIM
For this disclosure, —
(a) total number held in class: 17,188,739
(b) total in class: 343,411,351
(c) total percentage held in class:

5.01%
For last disclosure, —
(a) total number held in class: 20,689,297
(b) total in class: 342,552,063
(c) total percentage held in class:

6.040%

2

Details of transactions and events giving rise to relevant event
Date of
event
Nature of
event
Consideration Number of
financial
products
Current
registered
holder(s)
Registered
holder(s) once
transfers are
registered
1 October
2025 – 31
July 2026
On-market
sales
$10,810,973 5,597,889
Forsyth Barr
Custodians
Limited (FBCL)
5,042,242 /
Adminis
Custodial
Nominees
Limited
(Adminis)
555,647
Unknown
On-market
purchases
$8,272,647 4,328,590 Unknown
FBCL 2,814,445 /
Adminis 1,514,145
Off-market
transfers out
of DIMS
Nil 292,740 FBCL Unknown
Off-market
transfers
into DIMS
Nil 786,808 Unknown FBCL
31 July
2026
Change in
manager of
managed
investment
scheme*
Nil 2,275,327 Adminis Adminis
* On 31 July 2026, under a deed of retirement and appointment of manager FBIM was replaced by Salt
Investment Funds Limited as the manager of the Octagon Investment Funds and ceased to have a relevant
interest in the financial products held by those funds.
Details after relevant event
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 shares and to control the disposal of the
shares.
Pursuant to regulation 142, the relevant
agreement documents need not be attached
under regulation 139.

3

For that relevant interest,—
(a) number held in class: 17,188,739
(b) percentage held in class: 5.01%
(c) current registered holder(s): See above
(d) registered holder(s) once transfers are
registered:
See above
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

Additional Information

Address(es) of substantial product holder(s): Forsyth Barr House, The Octagon, Dunedin
Contact details: Jeremiah Craig
T: 09 918 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.