NEXTED GROUP LIMITED — Major Shareholding Notification 2015

Dec 20, 2015

603 Page 1 of 3 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme iCollege Limited

ACN/ARSN 75 105 012 066

1. Details of substantial holder (1)

Name Richmond Food Systems Pty Ltd ATF the Montery Trust

ACN/ARSN (if applicable) 109 629 601

The holder became a substantial holder on

16/12 /2015

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	4,592,918	4,592,918	6.62%

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
Richmond Food Systems Pty Ltd ATF the Montery Trust	Ordinary Shares	Ord 4,466,666
Ross Cotton	Ordinary Shares	Ord 92,918
Ross Cotton & Danielle Cotton ATF the Cotton Super Fund	Ordinary Shares	Ord 33,334

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 relevant interest	Registered holder of securities	Person entitled to be registered asholder(8)	Class and number of securities
Richmond Food Systems Pty Ltd ATF the Montery Trust	Richmond Food Systems Pty Ltd ATF the Montery Trust	Richmond Food Systems Pty Ltd ATF the Montery Trust	Ord 4,466,666
Ross Cotton	Ross Cotton	Ross Cotton	Ord 92,918
Ross Cotton & Danielle Cotton ATF the Cotton Super Fund	Ross Cotton & Danielle Cotton ATF the Cotton Super Fund	Ross Cotton & Danielle Cotton ATF the Cotton Super Fund	Ord 33,334

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 relevant interest	Date of acquisition	Consideration	(9)	Class and number of securities
		Cash	Non-cash

603 Page 2 of 3 15 July 2001

Richmond Food Systems Pty Ltd ATF the Montery Trust	16/12/2015	$475,000	-	Ord 3,166,666
Richmond Food Systems Pty Ltd ATF the Montery Trust	12/11/2015	$4,450	-	Ord 50,000
Richmond Food Systems Pty Ltd ATF the Montery Trust	26/10-30/10/2015	$18,137	-	Ord 186,112
Richmond Food Systems Pty Ltd ATF the Montery Trust	28/10-30/10/2015	$9,371	-	Ord 95,623
Richmond Food Systems Pty Ltd ATF the Montery Trust	23/09/2015	$6,750	-	Ord 50,000
Richmond Food Systems Pty Ltd ATF the Montery Trust	09/09/2015	$20,020	-	Ord 200,287
Richmond Food Systems Pty Ltd ATF the Montery Trust	02/09/2015	$4,213	-	Ord 41,539

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
Richmond Food Systems Pty Ltd ATF the Montery Trust	Indirect
Ross Cotton	Direct
Ross Cotton & Danielle Cotton ATF the Cotton Super Fund	Indirect

7. Addresses

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

Name	Address
Richmond Food Systems Pty Ltd ATF the Montery Trust	Suite 1 GF, 437 Roberts Road Subiaco WA 6008
Ross Cotton	Suite 1 GF, 437 Roberts Road Subiaco WA 6008
Ross Cotton & Danielle Cotton ATF the Cotton Super Fund	Suite 1 GF, 437 Roberts Road Subiaco WA 6008

Signature

print name sign here	Ross Cotton capacity Director
	date 21/12 /2015

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.

603 Page 3 of 3 15 July 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.

• (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.