METGASCO LTD — Major Shareholding Notification 2021

Jul 27, 2021

603 Page 1 of 3 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme Metgasco Ltd ACN/ARSN 088 196 383

1. Details of substantial holder (1)

Name Glennon Capital Pty Ltd ACN/ARSN (if applicable) 137 219 866

The holder became a substantial holder on 23 / 07 / 2021

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary shares	39,091,240	39,091,240	7.11%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
See Annexure 1

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder (8)	Class and number of securities
Glennon Capital PtyLtdGlennon SmallCompanies LimitedMr. Michael Glennon	Glennon Capital PtyLtd	Glennon Capital PtyLtd	39,091,240 shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities
		Cash	Non-cash
See Annexure 2

603 Page 2 of 3 15 July 2001

6. Associates

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
Glennon Small CompaniesLimited (ASX: GC1)605 542 229	Glennon Capital Pty Ltd as the investment manager of GC1.Mr. Michael Glennon is the sole shareholder and abeneficiary of Glennon Capital Pty Ltd and is also adirector and shareholder of GC1.

7. Addresses

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

Name	Address
Glennon Capital Pty Ltd
Glennon Small CompaniesLimited	Level 17, 25 Bligh Street, Sydney NSW 2000
Mr. Michael Glennon

Signature

ure
print name	Mr.Michael Glennon	capacity	Director
sign here		date	28/07/2021

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 7 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 total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

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

• (7) Include details of:

  • (a) any relevant agreement or other circumstances by which the relevant interest was acquired. 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.

603 Page 3 of 3 15 July 2001

• (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) 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.

Annexure 1

Details of relevant interests

Holder of relevantinterest	Nature of relevant interest	Class andnumber ofsecurities
Glennon Capital Pty Ltd	Registered holder	39,091,240 shares
Glennon Small CompaniesLimited(ASX: GC1)	Glennon Capital Pty Ltd is theinvestment manager of GC1.	39,091,240 shares
Mr. Michael Glennon	Mr. Michael Glennon is the soleshareholder and a beneficiary ofGlennon Capital Pty Ltd and is alsoa director and shareholder of GC1.	39,091,240 shares

Annexure 2

Consideration

Annexure 2Consideration
Holder of relevantinterest	Date ofacquisition	Consideration		Class and numberof securities
	Trade date	Cash	Non-cash
Glennon Capital Pty Ltd	6 July 2021	$16,270	-	581,082 shares
Glennon Capital Pty Ltd	7 July 2021	$47,773	-	1,718,469 shares
Glennon Capital Pty Ltd	23 July 2021	$237,575	-	10,329,355 shares
Glennon Capital Pty Ltd	26 July 2021	$390,803	-	16,991,429 shares
Glennon Capital Pty Ltd	27 July 2021	$217,831	-	9,470,905 shares