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IMAGE RESOURCES NL Major Shareholding Notification 2026
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Major Shareholding Notification
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604 Page 1 of 2 15 July 2001
Form 604
Corporations Act 2001
Section 671B
Notice of change of interests of substantial holder
| To Company Name/Scheme | IMAGE RESOURCES NL (ASX: IMA) |
|---|---|
| ACN/ARSN |
1. Details of substantial holder (1)
| Name | SEE ANNEXURE 1 |
|---|---|
| ACN/ARSN (if applicable) | SEE ANNEXURE 1 |
There was a change in the interests of the substantial holder on 29/04/2026
The previous notice was given to the company on 13/07/2020
The previous notice was dated 09/07/2020
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 | Present notice | ||
|---|---|---|---|---|
| Person's votes | Voting power (5) | Person's votes | Voting power (5) | |
| FPO | 64,183,760 | 6.543% | 61,215,970 | 5.5291% |
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 (7) | Class and number of securities affected | Person's votes affected |
|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|
| SEE ANNEXURE 1 | |||||
604 Page 2 of 2 15 July 2001
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 |
|---|---|
6. Addresses
The addresses of persons named in this form are as follows:
| Name | Address |
|---|---|
| SEE ANNEXURE 1 | |
Signature
print name Aoife Kemp
capacity Company Secretary
sign here 
date 01/05/2026
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.
ANNEXURE 1
STOCK: IMAGE RESOURCES NL (AEX/IMA)
- Details of substantial holder (1)
| NAME | ACNI/ARSN | Nature of relevant interest |
|---|---|---|
| Paradice Investment Management Pty Ltd | ABN 64 090 148 619 | Power to (or control) exercise vote and/or dispose of the securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes and investment management agreements. |
| David Paradice | Relevant interest under section 608(3)(a), where a person is taken to have the same relevant interests as a body corporate, or managed investment scheme, in which the person's voting power is over 20%. |
- CHANGES IN RELEVANT INTERESTS
| DATE OF CHANGE | PERSON WHOSE RELEVANT INTEREST CHANGED | NATURE OF CHANGE | CONSIDERATION GIVEN IN RELATION TO CHANGE $ | CLASS & NO. OF SECURITIES AFFECTED | PERSON'S VOTES AFFECTED |
|---|---|---|---|---|---|
| 1/09/2020 | Paradice Investment Management Pty Ltd | Share Sale | 59,486.59 | 305,204 | 305,204 |
| 11/09/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 145,613.45 | 729,571 | 729,571 |
| 16/09/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 87,376.63 | 336,735 | 336,735 |
| 14/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 7,091.89 | 35,440 | 35,440 |
| 15/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 156,821.01 | 764,560 | 764,560 |
| 16/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 409,813.22 | 1,997,990 | 1,997,990 |
| 19/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 156,211.73 | 626,276 | 626,276 |
| 20/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 20,761.42 | 100,000 | 100,000 |
| 22/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 141,276.75 | 687,508 | 687,608 |
| 23/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 69,009.28 | 332,392 | 332,392 |
| 26/10/2020 | Paradice Investment Management Pty Ltd | Share Purchase | - 50,257.65 | 247,195 | 247,195 |
| 27/05/2021 | Paradice Investment Management Pty Ltd | Share Sale | - 170,833.12 | 1,034,554 | 1,034,554 |
| 12/10/2021 | Paradice Investment Management Pty Ltd | Share Sale | - 354,793.07 | 2,150,281 | 2,150,281 |
| 21/04/2022 | Paradice Investment Management Pty Ltd | Share Purchase | - 1,330,630.18 | 6,646,504 | 6,646,504 |
| 3/11/2023 | Paradice Investment Management Pty Ltd | Share Purchase | - 441,447.58 | 2,949,555 | 2,949,555 |
| 9/06/2023 | Paradice Investment Management Pty Ltd | Share Sale | 6,542.55 | 85,979 | 85,979 |
| 10/08/2023 | Paradice Investment Management Pty Ltd | Share Sale | 3,738.35 | 37,400 | 37,400 |
| 11/08/2023 | Paradice Investment Management Pty Ltd | Share Sale | 6,164.08 | 81,668 | 81,668 |
| 14/08/2023 | Paradice Investment Management Pty Ltd | Share Sale | 10,455.90 | 104,605 | 104,605 |
| 15/08/2023 | Paradice Investment Management Pty Ltd | Share Sale | 3,722.90 | 27,241 | 27,241 |
| 16/08/2023 | Paradice Investment Management Pty Ltd | Share Sale | 9,347.03 | 64,456 | 64,456 |
| 7/09/2023 | Paradice Investment Management Pty Ltd | Share Sale | 576.25 | 6,500 | 6,500 |
| 8/09/2023 | Paradice Investment Management Pty Ltd | Share Sale | 5,039.99 | 56,654 | 56,654 |
| 11/09/2023 | Paradice Investment Management Pty Ltd | Share Sale | 879.61 | 10,000 | 10,000 |
| 20/09/2023 | Paradice Investment Management Pty Ltd | Share Sale | 3,801.95 | 43,223 | 43,223 |
| 23/10/2023 | Paradice Investment Management Pty Ltd | Share Sale | 65,605.19 | 969,484 | 969,484 |
| 11/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 4,364.42 | 59,813 | 59,813 |
| 12/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 8,504.78 | 116,355 | 116,355 |
| 13/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 3,379.87 | 47,563 | 47,563 |
| 14/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 22,966.37 | 323,648 | 323,648 |
| 20/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 10,387.54 | 150,627 | 150,627 |
| 21/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 999.65 | 14,709 | 14,709 |
| 25/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 2,945.99 | 45,000 | 45,000 |
| 26/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 16,499.49 | 253,978 | 253,978 |
| 27/11/2025 | Paradice Investment Management Pty Ltd | Share Sale | 745.84 | 11,752 | 11,752 |
| 3/12/2025 | Paradice Investment Management Pty Ltd | Share Sale | 1,591.54 | 26,712 | 26,712 |
| 8/12/2025 | Paradice Investment Management Pty Ltd | Share Sale | 1,280.55 | 20,500 | 20,500 |
| 9/12/2025 | Paradice Investment Management Pty Ltd | Share Sale | 3,048.89 | 49,909 | 49,909 |
| 10/12/2025 | Paradice Investment Management Pty Ltd | Share Sale | 26,011.98 | 471,999 | 471,999 |
| 22/12/2025 | Paradice Investment Management Pty Ltd | Share Sale | 44,351.59 | 739,600 | 739,600 |
| 12/01/2026 | Paradice Investment Management Pty Ltd | Share Sale | 2,297.03 | 38,305 | 38,305 |
| 13/01/2026 | Paradice Investment Management Pty Ltd | Share Sale | 173.66 | 2,896 | 2,896 |
| 14851/2026 | Paradice Investment Management Pty Ltd | Share Sale | 12,734.31 | - | 212,367 | - | 212,367 |
|---|---|---|---|---|---|---|---|
| 15451/2026 | Paradice Investment Management Pty Ltd | Share Sale | 605.98 | - | 10,190 | - | 10,190 |
| 16451/2026 | Paradice Investment Management Pty Ltd | Share Sale | 4,397.49 | - | 76,000 | - | 76,000 |
| 19451/2026 | Paradice Investment Management Pty Ltd | Share Sale | 569.58 | - | 10,000 | - | 10,000 |
| 22451/2026 | Paradice Investment Management Pty Ltd | Share Sale | 9,827.88 | - | 168,886 | - | 168,886 |
| 29451/2026 | Paradice Investment Management Pty Ltd | Share Sale | 1,752.41 | - | 30,600 | - | 30,600 |
| 30451/2026 | Paradice Investment Management Pty Ltd | Share Sale | 11,328.77 | - | 206,091 | - | 206,091 |
| 3452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 31,423.06 | - | 560,494 | - | 560,494 |
| 3452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 610.16 | - | 11,000 | - | 11,000 |
| 4452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 11,095.89 | - | 200,000 | - | 200,000 |
| 5452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 95,009.86 | - | 1,760,410 | - | 1,760,410 |
| 6452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 1,734.18 | - | 31,548 | - | 31,548 |
| 9452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 4,406.63 | - | 80,900 | - | 80,900 |
| 11452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 26,985.15 | - | 500,000 | - | 500,000 |
| 12452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 46,909.27 | - | 859,917 | - | 859,917 |
| 18452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 7,047.49 | - | 128,205 | - | 128,205 |
| 20452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 999.68 | - | 18,186 | - | 18,186 |
| 24452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 54.12 | - | 950 | - | 950 |
| 26452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 10,743.45 | - | 189,583 | - | 189,583 |
| 28452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 990.63 | - | 17,543 | - | 17,543 |
| 31452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 9,906.79 | - | 175,438 | - | 175,438 |
| 3452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 1,684.06 | - | 30,000 | - | 30,000 |
| 4452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 1,008.37 | - | 17,857 | - | 17,857 |
| 5452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 5,254.58 | - | 92,238 | - | 92,238 |
| 10452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 17,115.27 | - | 308,553 | - | 308,553 |
| 16452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 11,916.79 | - | 227,371 | - | 227,371 |
| 17452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 629.65 | - | 12,000 | - | 12,000 |
| 18452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 44,145.89 | - | 879,880 | - | 879,880 |
| 19452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 549.47 | - | 20,000 | - | 20,000 |
| 21452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 934.73 | - | 21,500 | - | 21,500 |
| 31452/2026 | Paradice Investment Management Pty Ltd | Share Sale | 10,937.19 | - | 410,889 | - | 410,889 |
| 1454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 5,167.22 | - | 123,097 | - | 123,097 |
| 2454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 516.02 | - | 12,666 | - | 12,666 |
| 1454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 247.04 | - | 5,885 | - | 5,885 |
| 8454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 7,803.80 | - | 185,907 | - | 185,907 |
| 9454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 10,744.08 | - | 250,000 | - | 250,000 |
| 10454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 27,124.59 | - | 592,566 | - | 592,566 |
| 13454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 3,981.81 | - | 83,000 | - | 83,000 |
| 15454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 18,205.51 | - | 423,617 | - | 423,617 |
| 16454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 65.96 | - | 2,000 | - | 2,000 |
| 20454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 42,306.88 | - | 949,107 | - | 949,107 |
| 22454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 23,500.01 | - | 545,544 | - | 545,544 |
| 27454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 0.04 | - | 1 | - | 1 |
| 28454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 2,101.74 | - | 46,731 | - | 46,731 |
| 29454/2026 | Paradice Investment Management Pty Ltd | Share Sale | 23,441.18 | - | 550,784 | - | 550,784 |
| Total Purchases -$ 2,970,310.77 15,433,826 15,433,826 | |||||||
| Total Sales $ 1,409,376.82 -18,401,616 -18,401,616 |
- PRESENT RELEVANT INTERESTS
| Holder of Relevant Interest | Registered Holder of Securities | Person entitled to be registered as holder | Nature of Relevant Interest | Class & No of Securities | Persons Votes |
|---|---|---|---|---|---|
| Paradice Investment Management Pty Ltd | HSBC Nominees Aust Ltd | HSBC Nominees Aust Ltd | Investment Manager | 61,215,970.00 | 61,215,970.00 |
| TOTAL | 61,215,970.00 | 61,215,970.00 |
ADDRESSES
| Name | Address |
|---|---|
| Paradice Investment Management Pty Ltd | L27, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 |
| Group/Terority | L2 Lamina, Level 43, 25 Marrin Place, Sydney, NSW 2000 |
| Acife Kemp | 1/05/2026 |
Company Secretary
CAPACITY