GWA GROUP LIMITED. — Major Shareholding Notification 2016

Dec 19, 2016

Z ELLERSTON CAPITAL

Ellerston Capital Limited ABN 34 110 397 674 AFSL No. 283 000

Level 11, 179 Elizabeth Street Sydney NSW 2000 Phone +612 9021 7797 Fax +612 9261 0528 www.ellerstoncapital.com

TO:	The Manager, Company Announcements, ASX
FAX No:
FROM:	Ellerston Capital Limited
DATE:	20/12/2016
	NO. OF PAGES (Including this page) 7
Dear Manager
RE:	GWA Group Limited - Form 604
	We attach our notice of a change in substantial holding (Form 604) in respect of GWA Group Limited.

We note that the shares reported in this Form are owned by third party accounts under the discretionary investment management of Ellerston Capital Limited.

None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest in any shares disclosed in this Form.

Yours sincerely,

Ellerston Capital Limited

Form 604 Corporations Act 2001
Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	GWA Group Limited
ACN/ARSN/ARBN 055 964 380
1. Details of substantial holder (1)
Name	Ellerston Capital Limited (Primary Person), and its associates being those persons listed in Annexure B
ACN/ARSN (if applicable)	ACN 110 397 674
There was a change in the interests of the
substantial holder on		19/12/2016
The previous notice was given to the company on		24/08/2016
The previous notice was dated		24/08/2016

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:

	Previous Notice			Present Notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	18,381,081	6.96%	14,338,750	5.43%

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:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A	See Annexure A

Note, all transactions took place on a prescribed financial market (ASX or ChiX)

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
Primary Person	BNP Paribas Nominees Pty Limited	BNP Paribas Nominees Pty Limited	In respect of 1,202,316 Ordinary Shares shares held by BNP Paribas Nominees Pty Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	1,202,316 Ordinary Shares	.46%
Primary Person	Citicorp Nominees Pty Limited	Citicorp Nominees Pty Limited	In respect of 4,557,671 Ordinary Shares shares held by Citicorp Nominees Pty Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	4.557.671 Ordinary Shares	1.73%
Primary Person	JP Morgan Nominees Australia Limited	JP Morgan Nominees Australia Limited	In respect of 7,146,881 Ordinary Shares shares held by JP Morgan Nominees Australia Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	7,146,881 Ordinary Shares	2.71%
Primary Person	National Nominees Limited	National Nominees Limited	In respect of 1,295,676 Ordinary Shares shares held by National Nominees Limited as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	1,295,676 Ordinary Shares	.49%
Primary Person	State Street (Australia) Ltd	State Street (Australia) Ltd	In respect of 136,206 Ordinary Shares shares held by State Street (Australia) Ltd as nominee under s608(1)(b) and (c) by having the power to control voting and disposal.	136,206 Ordinary Shares	.05%

The 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 association
N/A

6. Addresses

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

Name	Address
See annexures	The Substantial Shareholder - c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
	The entities listed in Annexure B - c/- Level 11, 179 Elizabeth Street, Sydney, NSW, 2000
GWA Group Limited	7 Eagleview Place, EAGLE FARM, QLD, AUSTRALIA, 4009

Signature

IAW KELLY print name capacity Company Secretary date sign here 20/12/2016

GWA Group Limited 055 964 380

This is Annexure A of 1 pages referred to in Form Form 604 - Notice of initial substantial holder.

Signature

print name

sign here

IAN KELLY
IMKelly. capacity Company Secretary 20/12/2016 date

Date of Change	Person whose relevant interest changed		Natures of change (4) relation to change (5) securities affected	Consideration give in (Class (6) and number of	Persons's votes affected
20/12/2016	Primary Person	Sell	\$2,617,248.00	903,465 Ordinary Shares	903,465
19/12/2016	Primary Person	Sell	\$6,610,300.00	2,279,100 Ordinary Shares	2,279,100
16/12/2016	Primary Person	Sell	\$896,872.00	309,298 Ordinary Shares	309,298
12/12/2016	Primary Person	Sell	\$663,868.00	231,450 Ordinary Shares	231,450
23/11/2016	Primary Person	Sell	\$1,056,125.00	373,585 Ordinary Shares	373,585
09/11/2016	Primary Person	Sell	\$283,838.00	102,959 Ordinary Shares	102,959
08/11/2016	Primary Person	Sell	\$1,402,050.00	500,000 Ordinary Shares	500,000
03/11/2016	Primary Person	Buy	\$2,023,575.00	750,000 Ordinary Shares	750,000
04/10/2016	Primary Person	Sell	\$99,036.00	33,000 Ordinary Shares	33,000
20/09/2016	Primary Person	Sell	\$171,903.00	59,474 Ordinary Shares	59,474

This is Annexure B of 3 pages referred to in Form Form 604 - Notice of initial substantial holder.

Signature

print name		capacity	Company Secretary
sign here		date	20/12/2016

The following entities represent the Passive Substantial Holders. Each is a related body corporate of the Principal Person or a person that controls a related body corporate of
the Principal Person and so an associate of t

PARTY/ENTITY NAME	AUSTRALIAN COMPANY NO.
Aidem Holdings Pty Limited	161 624 399
Arctic Asia GP general partner of the Arctic Asia
Opportunities Fund, L.P.
Arctic Capital Ltd
Arctic LES (Ireland) Limited
Arctic LES (Luxembourg) Sarl
Australian Financial Times Pty Ltd	003 993 682
Australian Fluorine Chemicals Pty Ltd	000 333 684
Bareage Pty Ltd	060 526 865
Cairnton Pty Ltd	001 735 075
Cairnton Holdings Limited	008 394 134
Captwo Pty Ltd	091 030 929
Casthree Pty Ltd	084 494 619
Castwo Pty Ltd	084 494 520
Catone Pty Ltd	091 030 910
Cavalane Holdings Pty Ltd	080 695 754
CBG Holding Company Pty Limited Chermon Pty Ltd	163 161 420
Conpress (Hong Kong) Ltd	123 039 305
Conpress (Malaysia) Sdn Bhd
Conpress Cayman, LDC
Conpress Cayman II, LDC
Conpress Cayman III, LDC
Conpress Christchurch Pty Ltd
Conpress Finance BV
Conpress Holdings Pty Ltd	088 047 974
Conpress International Finance
Conpress International (Netherlands Antilles) NV
Conpress International (Netherlands Antilles) II NV
Conpress Mauritius Limited
Conpress Securities Pty Limited	160 602 853
Consolidated Custodians International Ltd
Consolidated Custodians Pty Ltd	008 394 492
Consolidated Gaming Pty Ltd	071 513 409
Consolidated Press Entertainment Pty Ltd	070 506 606
Consolidated Press (Finance) Ltd	001 557 035
Consolidated Press Financial Services Pty Ltd	008 457 869
Consolidated Press (Finance) III Pty Ltd	604 881 030
Consolidated Press Holdings Pty Ltd Consolidated Press International Limited	008 394 509
Consolidated Press International Holdings Limited
Consolidated Press Investments Pty Ltd	000 089 118
Consolidated Press Property Pty Ltd	004 160 703
CPH Crown Holdings Pty Limited	603 296 804
CPH Crown Holdings II Pty Limited	608 867 036
Consolidated Press (Finance) Il Pty Limited	603 295 834
Consolidated Press (Finance) LLC (USA)
Cairnton Holdings Bahamas Limited (Bahamas)
CP International Investments Ltd
CP International Management Services Limited
CP International Resources Ltd CP International Securities Ltd
CPH Barbuda Holdings Limited (Bahamas)
CPH Capital Pty Ltd
CPH Direct Investments Pty Ltd	096 130 899 122 328 652
CPH Gaming I Pty Limited	603 295 674
CPH Gaming II Pty Limited	603 295 923

PARTY/ENTITY NAME	AUSTRALIAN COMPANY NO.
CPH Gaming III Pty Limited	603 296 162
CPH Gaming IVA Pty Limited	603 296 537
CPH Gaming IVB Pty Limited	603 296 546
CPH Investments Management Pty Limited	092 008 172
CPH Products Pty Limited	106 918 638
CPH Property Pty Limited	000 031 747
CPH Snow Investments Pty Limited	163 335 724
CPH WA Investment Co Pty Limited	129 011 534
DCE America Inc.
ECS Investment Partners Pty Ltd	166 264 375
Ellerstina Inversiones (Malaysia) Sdn Bhd
Ellerstina Inversiones SA
Ellerston Asian Emerging Opportunities Fund
Ellerston Australian Ex-Top 20 Fund Ellerston Australian Small Companies Fund
Ellerston Australian Share Fund
Ellerston Australian Market Neutral Fund
Ellerston Capital Limited	110 397 674
Ellerston Capital (Europe) Limited
Ellerston Capital (Hong Kong) Limited
Ellerston Capital (Resources No.1) Limited
Ellerston Global Equity Managers Offshore Fund
Ellerston Global Equity Managers Fund
Ellerston Wholesale Global Investments Fund
Ellerston Leisure Pty Limited	608 785 753
Ellerston Onassis Polo Pty Limited	608 392 436
Ellerston Opportunities Pty Ltd	150 851 666
Ellerston Overlay ASF
Ellerston Pty Ltd	123 039 341
Ellerston Special Opportunities Platform	094 993 585
Engine Room Management Pty Limited Engine Room Music Pty Ltd	088 993 104
Holiwest Pty Ltd	082 627 898
Hoyts Cinemas America Limited
Hoyts Cinemas Argentina Limited
Hovts Cinemas Chile Limited
Hoyts Cinemas Germany GmbH
Hoyts Cinemas Germany Operations GmbH
Hoyts Cinemas Operations Pty Ltd Hoyts Cinemas Overseas Holdings Sdn Bhd	006 530 347
Hoyts Cinemas (South America) Holdings Limited
Hoyts Cinemas (Wood Green) Limited
Hoyts Emerging Territories Ltd
Hoyts Overseas Operations Sdn Bhd
HUSH Holding Company Inc
HUSH Holding Subsidiary Inc
HUSH Holdings US Inc
Hyde Park Gardens (Jersey) Limited
Jadeite Phoenix Pty Limited	164 098 113
Jaslib Pty Ltd	065 059 458 065 064 164
Jasopt Pty Ltd Jersey Boys LLC
KPE Multiplexthreatre GmbH & Co KG
Lenvoka Pty Limited	003 274 628
Lutrust Pty Limited	088 937 428
Magenta Investments Ltd
Murray Leisure Group Pty Limited	000 090 273
Murray Publishers Pty Limited	000 067 998
Nicarby Pty Ltd Northeast Cinemas, L.L.C.	086 715 362
Northeast Cinemas (Connecticut) L.L.C.
Northeast Cinemas (Maryland) L.L.C.
Northkom Pty Ltd	082 885 961
Northkom I Pty Limited	604 022 899
Northkom Bahamas Limited (Bahamas)
Nova One Limited
Nova Two Limited
Park Street Partners Cayman II Limited
Park Street SPV 1 (Cayman) Limited
Perisher Blue Pty Ltd Perisher Snow Holidays Pty Limited	061 232 488 139 766 993
Raystonel Pty Limited	123 039 270
RatPac Entertainment II, LLC
RatPac Entertainment, LLC
Ratpac Development LLC

	AUSTRALIAN
PARTY/ENTITY NAME	COMPANY NO.
Ratpac Documentary Films LLC
Ratpac Entertainment LLC
Ratpac Film Fund LLC
Ratpac Holding LLC
Ratpac Press LLC
Ratpac Productions LLC
Revlake Pty Limited	051 765 818
Ridgegate Pty Limited	058 139 923
Rosgrove Pty Limited	051 649 560
S. One Holding Company Pty Limited	601 640 215
Samenic Limited	066 234 900
Savabow Pty Ltd	084 712 774
SBC Burlington Corp
ScrumPac Pty Ltd	602 375 253
Silthree Pty Ltd	084 494 575
Siltwo Pty Ltd	084 494 495
Silver City Cinemas, Inc.
Silver City Holdings, Inc.
Sonomaco Pty Ltd	169 386 421
Sandpiper Bahamas Limited (Bahamian)
Taringah Pty Ltd	105 268 862
Toranaga Pty Ltd	056 229 728
Toray Pty Ltd	002 348 503
Treysta Pty Ltd	078 467 080
Wilbur Holdings Limited
Wilbur One Limited
Wakefield Bahamas Limited
Water Diviner LLC
Western Empire Publications Ltd
Wooltech Pty Limited	010 717 441