INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2018

Mar 5, 2018

Form 603 Corporations Act 2001 Section 671B Notice of initial substantial holder

To : Doray Minerals Ltd ACN: 138 978 631 ASX Code: DRM

1. Details of substantial holder

Name: IOOF Holdings Limited ACN: 100 103 722

This notice is given by IOOF Holdings Limited on behalf of itself and its subsidiaries.

The holder became a substantial shareholder on: 02/03/2018

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interest in the scheme that the substantial holder or an associate had a relevant interest in on the date the substantial holder is as follows:

Class of securities	Number of	Person’s votes	Voting Power
	securities
Ordinary	31,958,795	31,958,795	7.777%

3. Details of present registered holders

The persons registered as holders of the securities are as follows:

Holder	Registered holder of	Person		Nature of relevant	Class &	Person's
	securities	Entitled		interest	Number (Ord)	votes
		to be
		holder
Perennial Value
Management Limited
(ACN 090 879 904)	NAB Asset Servicing		Investment Manager		15,318,020	15,318,020

2

Perennial ValueManagement Limited(ACN 090 879 904)	Citigroup		Investment Manager	6,761,994	6,761,994
Perennial ValueManagement Limited(ACN 090 879 904)	BNP		Investment Manager	9,878,781	9,878,781

4. Consideration

The consideration paid for each relevant interest and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Date15/01/2018	Person	Nature	Consideration	Class &number (ord)	Person's votes
	Perennial Value ManagementLimited(ACN 090 879 904)	Sold on market	-$99,630.83	- 332,835	- 332,835
16/01/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Sold on market	-$15,872.82	- 53,026	- 53,026
24/01/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Sold on market	-$74,984.14	- 268,391	- 268,391
25/01/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Sold on market	-$105,033.02	- 375,945	- 375,945
8/02/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Purchased onmarket	$65,534.36	267,009	267,009
9/02/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Purchased onmarket	$40,770.50	170,000	170,000
15/02/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Sold on market	-$1,558,190.73	- 5,129,207	- 5,129,207
28/02/2018	Perennial Value ManagementLimited(ACN 090 879 904)	Placement	$-	17,132,160	17,132,160

5. Associates

Name & ACN	Nature of association
Not applicable

6. Addresses

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

Name	Address
IOOF Holdings Limited	Level 6, 161 Collins StreetMelbourne Victoria 3000
Doray Minerals Limited	Level 1, 1292 Hay Street, WEST PERTH, WA,AUSTRALIA,6005
Perennial Investment Partners Limited	Level 27, 88 Phillips Street, SydneyNSW 2000