ENERO GROUP LIMITED — Major Shareholding Notification 2021

May 30, 2021

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Enero Group Ltd (EGG) ACN/ARSN 127 897 689 1. Details of substantial holder (1) Name Regal Funds Management Pty Ltd (RFM) ACN/ARSN (if applicable) 107 576 821

There was a change in the interests of the substantial holder on 27/05/2021 The previous notice was given to the company on 27/08/2020 The previous notice was dated 25/08/2020

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 a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice	Previous notice	Current notice	Current notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY	11,250,691	13.07%	12,878,410	14.86%

3. Changes 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:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities
	See Annexure 1

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
UBS AG, AUSTRALIA BRANCH	UBS NOMINEES PTY LTD	UBS AG, AUSTRALIA BRANCH	HOLDER OF SHARES	8,256,967 ORDINARY	8,256,967
MORGAN STANLEY & CO INTL PLC	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED A/C 2	MORGAN STANLEY & CO INTL PLC	HOLDER OF SHARES	74,993 ORDINARY	74,993
MERRILL LYNCH INTERNATIONAL LIMITED	MERRILL LYNCH (AUS) NOMINEES PTY LTD	MERRILL LYNCH INTERNATIONAL LIMITED	HOLDER OF SHARES	1,999,219 ORDINARY	1,999,219
CREDIT SUISSE AG	CS THIRD NOMINEES PTY LIMITED	CREDIT SUISSE AG	HOLDER OF SHARES	2,547,231 ORDINARY	2,547,231

5. Changes in associati The persons who have bec with, the substantial holder	5. Changes in associati The persons who have bec with, the substantial holder	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:	on named in this form are as follows: print name capacity sign here date erests Nature of Change Consideration given in relation to change Number of securities affected Class of securities Persons votes affected Sell 35250.60 22000 Ordinary 22000 Sell 67748.89 42198 Ordinary 42198 Sell 288448.00 160000 Ordinary 160000 Sell 209280.00 120000 Ordinary 120000 Sell 64600.00 38000 Ordinary 38000 Buy 2210000.00 1300000 Ordinary 1300000 Buy 424864.92 234732 Ordinary 234732 Sell 1448000.00 800000 Ordinary 800000 Sell 41817.69 21955 Ordinary 21955 Sell 8225.24 4104 Ordinary 4104 Sell 5122.00 2561 Ordinary 2561 Sell 9914.00 5000 Ordinary 5000 Sell 23636.40 12000 Ordinary 12000 Sell 5125.00 2500 Ordinary 2500 Sell 8339.16 4165 Ordinary 4165 Sell 5043.30 2530 Ordinary 2530 Sell 81974.11 40294 Ordinary 40294 Sell 4144.35 2085 Ordinary 2085 Sell 25610.00 13000 Ordinary 13000 Sell 9692.40 4919 Ordinary 4919 Buy 197000.00 100000 Ordinary 100000 Sell 7263.29 3724 Ordinary 3724 31/05/2021 al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management al Funds Management se relevant interest changed al Funds Management al Funds Management al Funds Management CompanySecretary ARSN (if applicable) PPLICABLE Nature of association ame IP KING Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000 KennyHo ome associates (2) of, ceased to be associates of, or have changed the nature of their association (9) in relation to voting interests in the company or scheme are as follows:
Name and ACN/		ARSN (if applicable)		Nature of association
NOT A		PPLICABLE
6. Addresses The addresses of persons
N		ame		Address
PHIL		IP KING		LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY NSW 2000
Signature Annexure 1 Changes in relevant int
Date	Person who	se relevant interest changed		Nature of Change	Consideration given in relation to change	Number of securities affected	Class of securities	Persons votes affected
26/08/2020	Reg	al Funds Management		Sell	35250.60	22000	Ordinary	22000
31/08/2020	Reg	al Funds Management		Sell	67748.89	42198	Ordinary	42198
21/10/2020	Reg	al Funds Management		Sell	288448.00	160000	Ordinary	160000
23/10/2020	Reg	al Funds Management		Sell	209280.00	120000	Ordinary	120000
27/10/2020	Reg	al Funds Management		Sell	64600.00	38000	Ordinary	38000
27/10/2020	Reg	al Funds Management		Buy	2210000.00	1300000	Ordinary	1300000
9/11/2020	Reg	al Funds Management		Buy	424864.92	234732	Ordinary	234732
9/11/2020	Reg	al Funds Management		Sell	1448000.00	800000	Ordinary	800000
30/11/2020	Reg	al Funds Management		Sell	41817.69	21955	Ordinary	21955
7/12/2020	Reg	al Funds Management		Sell	8225.24	4104	Ordinary	4104
8/12/2020	Reg	al Funds Management		Sell	5122.00	2561	Ordinary	2561
10/12/2020	Reg	al Funds Management		Sell	9914.00	5000	Ordinary	5000
10/12/2020	Reg	al Funds Management		Sell	23636.40	12000	Ordinary	12000
14/12/2020	Reg	al Funds Management		Sell	5125.00	2500	Ordinary	2500
14/12/2020	Reg	al Funds Management		Sell	8339.16	4165	Ordinary	4165
15/12/2020	Reg	al Funds Management		Sell	5043.30	2530	Ordinary	2530
16/12/2020	Reg	al Funds Management		Sell	81974.11	40294	Ordinary	40294
17/12/2020	Reg	al Funds Management		Sell	4144.35	2085	Ordinary	2085
18/12/2020	Reg	al Funds Management		Sell	25610.00	13000	Ordinary	13000
18/12/2020	Reg	al Funds Management		Sell	9692.40	4919	Ordinary	4919
21/12/2020	Reg	al Funds Management		Buy	197000.00	100000	Ordinary	100000
21/12/2020	Reg	al Funds Management		Sell	7263.29	3724	Ordinary	3724

5. Changes in association

The persons 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/ARSN (if applicable) Nature of association NOT APPLICABLE

6. Addresses

The addresses of persons named in this form are as follows:

Name Address LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY PHILIP KING NSW 2000

Signature

Annexure 1

Changes in relevant interests

			Consideration
			given in	Number of		Persons
		Nature of	relation to	securities	Class of	votes
Date	Person whose relevant interest changed	Change	change	affected	securities	affected
26/08/2020	Regal Funds Management	Sell	35250.60	22000	Ordinary	22000
31/08/2020	Regal Funds Management	Sell	67748.89	42198	Ordinary	42198
21/10/2020	Regal Funds Management	Sell	288448.00	160000	Ordinary	160000
23/10/2020	Regal Funds Management	Sell	209280.00	120000	Ordinary	120000
27/10/2020	Regal Funds Management	Sell	64600.00	38000	Ordinary	38000
27/10/2020	Regal Funds Management	Buy	2210000.00	1300000	Ordinary	1300000
9/11/2020	Regal Funds Management	Buy	424864.92	234732	Ordinary	234732
9/11/2020	Regal Funds Management	Sell	1448000.00	800000	Ordinary	800000
30/11/2020	Regal Funds Management	Sell	41817.69	21955	Ordinary	21955
7/12/2020	Regal Funds Management	Sell	8225.24	4104	Ordinary	4104
8/12/2020	Regal Funds Management	Sell	5122.00	2561	Ordinary	2561
10/12/2020	Regal Funds Management	Sell	9914.00	5000	Ordinary	5000
10/12/2020	Regal Funds Management	Sell	23636.40	12000	Ordinary	12000
14/12/2020	Regal Funds Management	Sell	5125.00	2500	Ordinary	2500
14/12/2020	Regal Funds Management	Sell	8339.16	4165	Ordinary	4165
15/12/2020	Regal Funds Management	Sell	5043.30	2530	Ordinary	2530
16/12/2020	Regal Funds Management	Sell	81974.11	40294	Ordinary	40294
17/12/2020	Regal Funds Management	Sell	4144.35	2085	Ordinary	2085
18/12/2020	Regal Funds Management	Sell	25610.00	13000	Ordinary	13000
18/12/2020	Regal Funds Management	Sell	9692.40	4919	Ordinary	4919
21/12/2020	Regal Funds Management	Buy	197000.00	100000	Ordinary	100000
21/12/2020	Regal Funds Management	Sell	7263.29	3724	Ordinary	3724

23/12/2020	Regal Funds Management	Sell	73178.63	36582	Ordinary	36582
5/01/2021	Regal Funds Management	Sell	30618.00	15000	Ordinary	15000
6/01/2021	Regal Funds Management	Sell	20424.00	10000	Ordinary	10000
7/01/2021	Regal Funds Management	Buy	955466.40	454984	Ordinary	454984
3/02/2021	Regal Funds Management	Sell	82328.00	40000	Ordinary	40000
5/02/2021	Regal Funds Management	Sell	41000.00	20000	Ordinary	20000
11/02/2021	Regal Funds Management	Sell	67092.47	27715	Ordinary	27715
12/02/2021	Regal Funds Management	Buy	780000.00	300000	Ordinary	300000
12/02/2021	Regal Funds Management	Sell	368592.00	140000	Ordinary	140000
18/02/2021	Regal Funds Management	Buy	406000.00	140000	Ordinary	140000
19/02/2021	Regal Funds Management	Buy	7346.79	2536	Ordinary	2536
19/02/2021	Regal Funds Management	Sell	19009.87	6547	Ordinary	6547
25/02/2021	Regal Funds Management	Sell	113048.11	37565	Ordinary	37565
19/03/2021	Regal Funds Management	Sell	38883.95	13181	Ordinary	13181
20/04/2021	Regal Funds Management	Buy	310000.00	100000	Ordinary	100000
20/04/2021	Regal Funds Management	Sell	310000.00	100000	Ordinary	100000
30/04/2021	Regal Funds Management	Sell	205872.42	65319	Ordinary	65319
10/05/2021	Regal Funds Management	Buy	24018.45	8411	Ordinary	8411
27/05/2021	Regal Funds Management	Buy	2000000.00	800000	Ordinary	800000