ELDERS LIMITED — Major Shareholding Notification 2020

Nov 22, 2020

605 page 1/4 15 July 2001

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme ELDERS LIMITED

ACN/ARSN 004 336 636

1. Details of substantial holder (1)

YARRA FUNDS MANAGEMENT LIMITED ACN 005 885 567 ( YFM ); YARRA CAPITAL MANAGEMENT HOLDINGS PTY LTD ACN 614 782 795 ( YCMH ); YARRA MANAGEMENT NOMINEES PTY LTD ACN 616 681 068 ( YMN ); AA Name AUSTRALIA FINCO PTY LTD ACN 614 781 172 ( FINCO ); TA SP AUSTRALIA TOPCO PTY LTD ACN 612 486 452 (TOPCO); TA UNIVERSAL INVESTMENT HOLDINGS LTD ( UNIVERSAL )

ACN/ARSN (if applicable)

005 885 567

The holder ceased to be a substantial holder on 19/11/2020 The previous notice was given to the company on 08/10/2020 The previous notice was dated 08/10/2020

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or

scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Date ofchange	Person whoserelevant interestchanged	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change (5)	Considerationgiven in relationto change (5)	Class (6) andnumber ofsecuritiesaffected	Person’svotesaffected	Person’svotesaffected
7 October to 19November 2020				Phd	$5081167		4336	4,336
	7 October to 19	All substantial hold	ers	urcase		,.	+,	,
									4
	November 2020	named in 1 abov	e	Sold		$4,597,179.80	-410,274	410,27
									7
				Transfer		-	-116,247	116,24
	nges in association
	ons who have become associates (3) of, ceased		to be associates of, or have changed the nature			of their association (7) with, the substantial hol

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

	Name and ACN/ARSN(if applicable)	Nature of association
	N/A	N/A
4. Addresses
The addresses of persons named in this form are as follows:
	Name	Address
	YFM	LEVEL 19, 101 COLLINS STREET, MELBOURNE VICTORIA 3000
	YCMH	LEVEL 19, 101 COLLINS STREET, MELBOURNE VICTORIA 3000
	YMN	LEVEL 19, 101 COLLINS STREET, MELBOURNE VICTORIA 3000
	FINCO	58 GIPPS STREET, COLLINGWOOD VICTORIA 3066
	TOPCO	58 GIPPS STREET, COLLINGWOOD VICTORIA 3066
	UNIVERSAL	3RD FLOOR, DEVONSHIRE HOUSE 1 MAYFAIR PLACE, LONDON W1J8AJ, UNITED KINGDOM

Signature

print name GARVIN LOUIE

capacity COMPANY SECRETARY OF YFM

sign here

date 23 NOVEMBER 020

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (4) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

  • See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.