RECKON LIMITED — Major Shareholding Notification 2016

May 15, 2016

FAX MESSAGE

16 May 2016 Date:

To: Company Announcements Office Company: Australian Stock Exchange Fax number: 1300 135 638

From: Steve Johnson Contact number: 02 8305 6051 Pgs (inc cover): 3

FORM 603 - NOTICE OF INITIAL SUBSTANTIAL HOLDER

We attach a notice of initial substantial holder with regards to our interest in shares in Reckon Limited (RKN).

Steven Johnson Director

$\label{eq:1} \mathbb{E}\left[\left{N_{\alpha}^{(1)}\mathcal{M}{\alpha}^{(1)}\mathcal{M}{\alpha}^{(2)}\mathcal{M}{\alpha}^{(1)}\mathcal{M}{\alpha}^{(2)}\right}\right] = \mathbb{E}\left[\left{N_{\alpha}^{(1)}\mathcal{M}{\alpha}^{(2)}\mathcal{M}{\alpha}^{(2)}\right}\right] = \mathbb{E}\left[\left{N_{\alpha}^{(1)}\mathcal{M}{\alpha}^{(2)}\mathcal{M}{\alpha}^{(2)}\mathcal{M}_{\alpha}^{(2)}\right}\right].$ Forager Funds Management Suite 3.02, 66 King Street Sydney NSW 2000

$P + 61(0)$ 2 8305 6050 W foragerfunds.com

the country formula agents

المتاريخ والمتواطن والمتعلم

Section 671B NOTICE OF INITIAL SUBSTANTIAL HOLDER

ាត	Reckon Ltd (ASX Code: RKN)
----	----------------------------	--	--	--

ACN/ARSN 003 348 730

1. Details of substantial holder (1)

Forager Funds Management Ply Ltd Name

ABN 091 524 515

The holder became a substantial holder on 10/05/2016

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 relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

APPERDAMENT STATISTICS CONTROL TO THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE RE
Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
			hansaman envery and the complete of the complete of the complete of the complete of the complete of the complete of the complete of the complete of the complete of the complete of the complete of the complete of the comple
Ordinary Shares	- 680.336.	113.294.832	5.01%
MARINE CONTRACTORS A REPORT OF A SECOND CONTRACTORS OF THE CONTRACTORS OF A SECOND CONTRACTORS OF A SECOND CONTRACTORS OF A SECOND CONTRACTORS OF A SECOND CONTRACTORS OF A SECOND CONTRACTORS OF A SECOND CONTRACTORS OF A S

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
Forager Funds Management Pty	Power to (or to control) exercise	5,680,336 ordinary shares
Ltd	votes 5,680,336 fully paid ordinary
	shares and/or dispose of the
	securities as investment managers
	of the Forager Australian Shares
	Fund and Forager Wholesale Value
	Fund

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 ofsecurities	Persons entitled to beregistered as holder	Class and number ofsecurities
Forager FundsManagement Pty Ltd	National NomineesLimited as custodian ofthe Forager AustralianShares Fund ARSN139 641 491	Fundhost Limited asresponsible entity ofthe ForagerAustralian SharesFund ARSN 139 641491	4,453,815 ordinaryshares
Forager FundsManagement Pty Ltd	Bond StreetCustodians Limited ascustodian of theForager WholesaleValue Fund ARSN 110619488	Macro Capital asResponsible Entity ofthe ForagerWholesale ValueFundARSN 110 619 488	1,226,521 ordinaryshares

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 the substantial holder is as follows:

Holder of relevant interest	Date ofacquisition	Consideration $\overline{(9)}$		Class and number ofsecurities
		Cash	Non-
			cash
Forager Funds Management Pty Ltd	22/01/2016	$23.725		12.000
Forager Funds Management Pty Ltd	25/01/2016	$74,472		37.861
Forager Funds Management Pty Ltd	27/01/2016	$4.229		2.139
Forager Funds Management Pty Ltd	2/02/2016	$1,042,860		500,000
Forager Funds Management Pty Ltd	22/02/2016	$1,009,495		671.519
Forager Funds Management Pty Ltd	15/03/2016	$2.315.082		1.500.000
Forager Funds Management Pty Ltd	10/05/2016	$2,375,214		1,500,000

6. Associates

The reasons the person named in paragraph 3 above are associates of the substantial holder are as follows:

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.	_______________________________________

7. Addresses

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

Name	Address
Reckon Limited	Level 12, 65 Berry Street, North Sydney, NSW,
	Australia, 2060
Forager Funds Management Pty Ltd	Suite 3.02, 66 King Street, Sydney, NSW, Australia,
	2000
Macro Capital Limited	Unit 2, 55 Salvado Road, Subiaco, WA, Australia,
	8008
Fundhost Limited	Suite 1, Level 9, 70 Castlereagh St, Sydney NSW,
	Australia, 2000

Signature

Print name: Steven Johnson

Signature

Capacity: Director

Date: 16 May 2016

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.

(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.