PRO-PAC PACKAGING LIMITED — Major Shareholding Notification 2018

Jul 10, 2018

FACSIMILE TRANSMISSION

To:	Company Announcements	From:	Investors Mutual Ltd
Company:	ASX
Fax:	1300 135 638	Fax:	(02) 9232 7511
Page 1 of:	Pages (incl. Coversheet)6.	Date:	11 July 2018
Subject:	Form - 604 Change of Interests of Substantial Holder

To whom it may concern,

Please find enclosed the above notice regarding Investors Mutual Limited shareholding in Pro-Pac Packaging Limited.

The change of substantial holding is due to the issue of shares under the initial portion of the capital raising recently undertaken by the company.

Should you require any further information, please call on the number below.

Kind regards,

$\sim$

Investors Mutual Limited · Direct phone (02) 8224 0500

$\mathcal{L}_{\mathcal{A}}$

1. Jul. 2018 9:42

No. 1206 $P. 2$

page 1/2 15 July 2001 604

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Pro-Pac Packaging Limited
ACN/ARSN	112 971 874
1. Details of substantial holder(1)
Name	Investors Mutual Limited
ACN/ARSN (if applicable)	078 030 752

There was a change in the interests of thesubstantial holder on	09/07/2018
The previous notice was given to the company on	08/05/2018
The previous notice was dated	08/05/2018

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 hording notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Prosent notice
	Person's votes	Voting power (5)	Person's votes!	Voting power (5)
Ordinarv	48.429,424	8.42%	65.237.176	9.86%

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 ofchange	Person whoserelevant Interestchanged	Nature ofchange (6)	Considerationgiven in relationto change (7)	Class andnumber ofsecuritiesaffected	Person's votesaffected
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 ofrelevantInterest	Registeredholder ofsecurities	Person entitledto be registeredas holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person's votes
See Annexure 2

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 3_____
----

Signature

.
		print name Zac Azzi /		capacity Company Secretary
	sign here			date $10$ / $7$ / $80$ $%$

DIRECTIONS

• 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 $(1)$ 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.
• $\left( 3\right)$ See the definition of "relevant Interest" in sections 608 and 6718(7) of the Corporations Act 2001.
• $\left( 4\right)$ 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.
• $(b)$ Include details of:
  • any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any $\omega$ 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
  • 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 (Ы 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.

• 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 $\boldsymbol{\theta}$ 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 pald 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 acoulred.
• If the substantial holder is unable to determine the Identity of the person (eg. If the relevant Interest arlses because of an option) write "unknown". $\left( 0 \right)$
• $\boldsymbol{\Theta}$ Give details, If appropriate, of the present association and any change in that association since the last substantial holding notice.

Investors Mutual Limited ACN/ ARSN: 078 030 752

Annexure 1 of page 1

3. Changes in relevant Interests

					lPerson's
	Person whose relevant	INature of	Consideration given in		lVotes
Trade Date	interest changed	Change	relation to change	Ordinary Units	Affected
24-May-18	Investors Mutual Limited	OS-PUR	$29,641.92	70576	70576
$6$ -Jul-18	Investors Mutual Limited	CONVER	$469,200.00	1380000	1380000
$6 -$ Jul $-18$	Investors Mutual Limited	CONVER	$306,000.00	900000	900000
$6$ -Jul-18	Investors Mutual Limited	CONVER	$2,001,639.84	5887176	5887176
$6$ -Jul-18	Investors Mutual Limited	CONVER	$737,800.00	2170000	2170000
6-Jul-18	Investors Mutual Limited	CONVER	$1,122,000.00	3300000	3300000
$6$ -Jul-18	Investors Mutual Limited	CONVER	$1,054,000.00	3100000	3100000
				16,807,752.00

$\bar{\beta}$

$\hat{\mathbf{r}}$

Investors Mutual Limited ACN/ARSN: 078 030 752

Annexure 2 of page 1

4. Present relevant interests

Holder of relevantlinterest	Registered holder oflsecurities	Person entitled to be Mature of relevantregistered as holder [interest]		Number of Securities	Person'svotes
Investors MutualLimited	J P Morgan - FundsSA - IMFDSA IMFDHG1IMFDS IMFSSC	Investors MutualLimited	Ability to Influencethe voting anddisposal of shares	8,470,000	8,470,000
Investors MutualLimited	RBC Global ServicesAustralia Pty Ltd	Investors MutualLimited	Ability to influencethe voting anddisposal of shares	56,767,176	56,767,176

$\hat{\boldsymbol{\beta}}$

Investors Mutual Limited ACN/ ARSN:

078 030 752

Annexure 3 of page 2

1. Addresses

Name	Address
Investors Mutual Limited	Level 24, 25 Bligh Street, Sydney NSW 2000.
Limited	RBC Global Services Australia Pty Level 17, 2 Park Street, SYDNEY NSW 2000
JP Morgan	85 Castlereagh Street, Sydney NSW 2000