BUTN LIMITED — Major Shareholding Notification 2021

Jul 6, 2021

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme Butn Ltd (BTN)

ACN/ARSN 644 182 883 1. Details of substantial holder (1)

Name Regal Funds Management Pty Ltd (RFM)

ACN/ARSN (if applicable) 107 576 821

The holder became a substantial holder on 6/07/2021

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)
	Number of securities	Person's votes (5)	Voting power (6)
ORDINARY	17,527,166	17,527,166	10.95%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number ofiti
		secures
REGAL FUNDS MANAGEMENT PTYLIMITED	REGAL FUNDS MANAGEMENT PTY LIMITED HAS A RELEVANTINTEREST IN ITS CAPACITY AS INVESTMENT MANAGERAND/OR TRUSTEE	17,527,166 ORDINARY

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder ofsecurities	Person entitled to be registered as holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person'svotes
CREDIT SUISSE AG	CS THIRD NOMINEESPTY LIMITED	CREDIT SUISSE AG	HOLDER OFSHARES	17,527,166ORDINARY	17,527,166

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----- Start of picture text ----- 5. ConsiderationThe consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day thatthe substantial holder became a substantial holder is as follows:Class and number ofHolder of relevant interest Date of acquisition Consideration (9)securitiesSee Annexure 16. AssociatesThe reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:Name and ACN/ARSN (if applicable) Nature of associationNOT APPLICABLE7. AddressesThe addresses of persons named in this form are as follows:Name AddressLEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSWPHILIP KING2000Signatureprint name Kenny Ho capacity Company Secretarysign here date 7/07/2021Annexure 1 Consideration Number of PersonsPerson whose relevant interest Nature of Consideration given in securities Class of votesDate changed Change relation to change affected securities affected6/07/2021 Regal Funds Management Buy 3000000.00 6000000 Ordinary 6000000Conversion 3,000,0006/07/2021 Regal Funds Management Buy Converible Notes 11527166 Ordinary 115271660/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 00/01/1900 Regal Funds Management Sell 0.00 0 Ordinary 0----- End of picture text -----