OPENLEARNING LIMITED — Major Shareholding Notification 2020

Jan 15, 2020

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme		Open Learning Ltd (OLL)
ACN/ARSN	635 890 390
1. Details of substantial holder (1) Name		Regal Funds Management Pty Ltd (RFM)
ACN/ARSN (if applicable)	107 576 821
There was a change in the interests of the substantial holder on		14/01/2020
The previous notice was given to the company on		16/12/2019
The previous notice was dated		12/12/2019

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		Current notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votes	Voting power (5)
ORDINARY	9,346,897	6.69%	7,650,231	5.48%

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:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities
	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
UBS AG. AUSTRALIA BRANCH	UBS NOMINEES PTY LTD	UBS AG. AUSTRALIA BRANCH	HOLDER OF SHARES	13.596 ORDINARY	13.596
MERRILL LYNCH	MERRILL LYNCH (AUS)	MERRILL LYNCH	HOLDER OF	7.402.573	7.402.573
INTERNATIONAL LIMITED	NOMINEES PTY LTD	INTERNATIONAL LIMITED	SHARES	ORDINARY
CREDIT SUISSE	CREDIT SUISSE SECURITIES	CREDIT SUISSE SECURITIES	HOLDER OF	234,062	234.062
ISECURITIES EUROPE LTDI	FUROPE LTD	EUROPE LTD	SHARES	ORDINARY

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
TAPPLICABLE NO L

6. Addresses

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

Name	Address
PHILIP KING	LEVEL 47 GATEWAY 1 MACQUARIE PLACE SYDNEY
	NSW 2000

Signature

print name	Philip King	capacity	Director
sign here	$\sim$ - -- c	date	16/01/2020

Annexure 1

Changes in relevant interests

Date:	Person whose relevant interest changed	Nature of Change	Consideration given in relation to change	Number of securities affected	Class of securities	Persons votes affected
16/12/2019	Regal Funds Management	Buy	7983.14	53831	Ordinary	53831
18/12/2019	Regal Funds Management	Sell	48222.00	285000	Ordinary	285000
20/12/2019	Regal Funds Management	Buy	530.70	3538	Ordinary	3538
23/12/2019	Regal Funds Management	Buy	1471.49	10058	Ordinary	10058
6/01/2020	Regal Funds Management	Buy	177844.85	869345	Ordinary	869345
7/01/2020	Regal Funds Management	Sell	118367.95	474591	Ordinary	474591
8/01/2020	Regal Funds Management	Sell	48331.30	206810	Ordinary	206810
9/01/2020	Regal Funds Management	Sell	98709.16	406980	Ordinary	406980
10/01/2020	Regal Funds Management	Sell	180211.80	715301	Ordinary	715301
13/01/2020	Regal Funds Management	Sell	30250.00	110000	Ordinary	110000
14/01/2020	Regal Funds Management	Sell	151947.22	434756	Ordinary	434756