ENERO GROUP LIMITED — Major Shareholding Notification 2017

May 8, 2017

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Date: 9 May 2017 To: Company Announcements Office Company: Australian Stock Exchange

From: Steven Johnson Contact number: 02 8305 6051

FORM 604 - NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

We attach a change of substantial holder notice with regards to our interest in shares in Enero Group Limited (EGG).

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Steven Johnson Director

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Form 604 Corporations Act 2001

Section 671B NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

To Enero Group Limited (ASX Code: EGG)

ACN/ARSN 127 897 689

1. Details of substantial holder (1)

Name Forager Funds Management Pty Ltd ABN 78 138 351 345

There was a change in the interests of the substantial holder on

The previous notice was given to the company on

The previous notice was dated

05/05/2017 14/02/2017 14/02/2017

2. Previous and present 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 relevant interest (3) in when last required, and when now required, to give a substantial holdingnotice to the company orscheme, are asfollows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Shares 10,217,107 11.94% 12,151,108 14.19%	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 relevant interest (3) in when last required, and when now required, to give a substantial holdingnotice to the company orscheme, are asfollows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Shares 10,217,107 11.94% 12,151,108 14.19%	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 relevant interest (3) in when last required, and when now required, to give a substantial holdingnotice to the company orscheme, are asfollows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Shares 10,217,107 11.94% 12,151,108 14.19%	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 relevant interest (3) in when last required, and when now required, to give a substantial holdingnotice to the company orscheme, are asfollows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Shares 10,217,107 11.94% 12,151,108 14.19%	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 relevant interest (3) in when last required, and when now required, to give a substantial holdingnotice to the company orscheme, are asfollows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Shares 10,217,107 11.94% 12,151,108 14.19%	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 relevant interest (3) in when last required, and when now required, to give a substantial holdingnotice to the company orscheme, are asfollows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary Shares 10,217,107 11.94% 12,151,108 14.19%
	Class of securities (4)	Previous notice		Present notice
		Person's votes	Voting power (5)	Person's votes	Voting power (5)
	Ordinary Shares	10,217,107	11.94%	12,151,108	14.19%

3. Details in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate 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:

Person whose relevant interest changed Nature of change (6) Date Consideration given in relation to change (7) Class and number of securities affected Person's votes affected Forager Funds Management PtyLtd On-market purchase 05/05/2017 $1,841,343 1,934,001 ordinary shares 1,934,001 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder(8) Nature of relevant interest (6) Class and number of securities Person's votes Forager Funds Management Pty Ltd JP Morgan Nominees Australia Limited as custodian of the Forager Australian Shares Fund ARSN 139 641 491 The Trust Company Limited as responsible entity of the Forager Australian Shares Fund ARSN 139 641 491 Power to (or to control) exercise vote 10,068,212 fully paid ordinary shares and/or dispose of the securities as investment manager of the Forager Australian Shares Fund and Forager Wholesale Value Fund 10,068,212 ordinary shares 11.76% Forager Funds Management Pty Ltd Bond Street Custodians Limited as custodian of the Forager Wholesale Value Fund ARSN 110 619 488 Macro Capital Limited as Responsible Entity of the Forager Wholesale Value Fund Power to (or to control) exercise vote 2,082,896 fully paid ordinary shares and/or dispose of the securities as investment manager of the Forager Wholesale Value Fund 2,082,896 ordinary shares 2.43%	Person whose relevant interest changed	Nature of change (6)	Nature of change (6)	Date	Consideration given in relation to change (7)	Class and number of securities affected	Class and number of securities affected	Person's votes affected	Person's votes affected
	Forager Funds Management PtyLtd	On-market purchase		05/05/2017	$1,841,343	1,934,001 ordinary shares		1,934,001
	Holder of relevant interest		Registered holder of securities		Person entitled to be registered as holder(8)	Nature of relevant interest (6)	Class and number of securities		Person's votes
	Forager Funds Management Pty Ltd		JP Morgan Nominees Australia Limited as custodian of the Forager Australian Shares Fund ARSN 139 641 491		The Trust Company Limited as responsible entity of the Forager Australian Shares Fund ARSN 139 641 491	Power to (or to control) exercise vote 10,068,212 fully paid ordinary shares and/or dispose of the securities as investment manager of the Forager Australian Shares Fund and Forager Wholesale Value Fund	10,068,212 ordinary shares		11.76%
	Forager Funds Management Pty Ltd		Bond Street Custodians Limited as custodian of the Forager Wholesale Value Fund ARSN 110 619 488		Macro Capital Limited as Responsible Entity of the Forager Wholesale Value Fund	Power to (or to control) exercise vote 2,082,896 fully paid ordinary shares and/or dispose of the securities as investment manager of the Forager Wholesale Value Fund	2,082,896 ordinary shares		2.43%

5. Changes in association

The person who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with , the substantial holder in relation to voting interests In the company or scheme are as follows: Name and ACN/ASRN (if applicable) Name of association

6. Addresses The addresses of persons named on this form are as follows: Name Address Enero Group Limited Level 3, 1 Buckingham Street, SURRY HILLS, NSW, Australia, 2010 The Trust Company Limited Angel Place, 123 Pitt Street, Sydney, NSW, Australia, 2000 Forager Funds Management Pty Ltd Suite 3.02, 66 King Street, Sydney, NSW, Australia, 2000 Macro Capital Limited Unit 2, 55 Salvado Road, Subiaco, WA, Australia, 6008	6. Addresses The addresses of persons named on this form are as follows: Name Address Enero Group Limited Level 3, 1 Buckingham Street, SURRY HILLS, NSW, Australia, 2010 The Trust Company Limited Angel Place, 123 Pitt Street, Sydney, NSW, Australia, 2000 Forager Funds Management Pty Ltd Suite 3.02, 66 King Street, Sydney, NSW, Australia, 2000 Macro Capital Limited Unit 2, 55 Salvado Road, Subiaco, WA, Australia, 6008	6. Addresses The addresses of persons named on this form are as follows: Name Address Enero Group Limited Level 3, 1 Buckingham Street, SURRY HILLS, NSW, Australia, 2010 The Trust Company Limited Angel Place, 123 Pitt Street, Sydney, NSW, Australia, 2000 Forager Funds Management Pty Ltd Suite 3.02, 66 King Street, Sydney, NSW, Australia, 2000 Macro Capital Limited Unit 2, 55 Salvado Road, Subiaco, WA, Australia, 6008
	Name	Address
	Enero Group Limited	Level 3, 1 Buckingham Street, SURRY HILLS, NSW, Australia, 2010
	The Trust Company Limited	Angel Place, 123 Pitt Street, Sydney, NSW, Australia, 2000
	Forager Funds Management Pty Ltd	Suite 3.02, 66 King Street, Sydney, NSW, Australia, 2000
	Macro Capital Limited	Unit 2, 55 Salvado Road, Subiaco, WA, Australia, 6008

Signature

Print name: Steven Johnson Capacity: Director Signature: Date: 9 May 2017

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 6 of the form.

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

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

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

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) 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.

(7) Details of the consideration must include any and all benefits, money 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.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

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