SCHOOLBLAZER LIMITED — Capital/Financing Update 2020

Apr 27, 2020

Level 2
68-72 Waterloo Road
Macquarie Park
NSW 2113 Australia
www.bgl.com.au
P +612 8667 4660
F +612 8667 4669
HGL Limited
Jan 25 009 657 981
HGL

28 April 2020

Company Announcements Office
Australian Securities Exchange
Authorised for immediate release

EXTENSION OF ACCELERATED NON-RENOUNCEABLE RIGHTS ISSUE

HGL Limited (ASX: HNG) today announces that it will extend the offer period for the retail component of its pro-rata accelerated renounceable rights issue.

The retail offer period has been extended by one week to 5.00pm (Sydney time) on 8 May 2020.

The revised indicative timetable for the Entitlement Offer is set out below:

Event	Date
Initial announcement of the proposed Entitlement Offer	14 April 2020
Launch announcement of Entitlement Offer	17 April 2020
Record Date for the Entitlement Offer	7.00pm (Sydney time) 21 April 2020
Retail Offer Booklet dispatched, Retail Entitlement Offer opens	22 April 2020
Retail Entitlement Offer closes	5.00pm (Sydney time) 8 May 2020
Announcement of results of Retail Entitlement Offer	13 May 2020
Issue of New Shares (and any Additional New Shares) under the Retail Entitlement Offer	15 May 2020

All other terms of the Entitlement Offer remain unchanged. Please refer to the Retail Offer Booklet released on 22 April 2020 for further details relating to the Entitlement Offer.

Please refer to the attached Appendix 3B for further details.

Iain Thompson
CFO & Company Secretary

---

This appendix is available as an online form
Only use this form if the online version is not available
Appendix 3B
Proposed issue of +securities

Appendix 3B

Proposed issue of +securities

Information and documents given to ASX become ASX's property and may be made public.

If you are an entity incorporated outside Australia and you are proposing to issue a new class of +securities other than CDIs, you will need to obtain and provide an International Securities Identification Number (ISIN) for that class. Similarly, if you are an entity incorporated outside Australia, the +securities proposed to be issued are in an existing class of +security but the event timetable includes a period of rights or +deferred settlement trading, you will need to obtain and provide an ISIN code for the rights and/or the deferred settlement +securities. Further information on the requirement for the notification of an ISIN is available from the Create Online Forms page. ASX is unable to create the new ISIN for non-Australian issuers.

*Denotes minimum information required for first lodgement of this form, with exceptions provided in specific notes for certain questions. The balance of the information, where applicable, must be provided as soon as reasonably practicable by the entity.

Part 1 – Entity and announcement details

Question no	Question	Answer
1.1	*Name of entity
We (the entity here named) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules	HGL Limited
1.2	*Registration type and number
Please supply your ABN, ARSN, ARBN, ACN or another registration type and number (if you supply another registration type, please specify both the type of registration and the registration number).	ABN 25 009 657 961
1.3	*ASX issuer code	HNG
1.4	*This announcement is
Tick whichever is applicable.	☐ A new announcement
☑ An update/amendment to a previous announcement
☐ A cancellation of a previous announcement
1.4a	*Reason for update
Mandatory only if “Update” ticked in Q1.4 above. A reason must be provided for an update.	Extension of the offer period for the retail component of the accelerated non-renounceable entitlement offer
1.4b	*Date of previous announcement to this update
Mandatory only if “Update” ticked in Q1.4 above.	17 April 2020

• See chapter 19 for defined terms
  31 January 2020

---

• See chapter 19 for defined terms
  31 January 2020

Part 2 – Details of proposed +bonus issue

If your response to Q1.6 is “A bonus issue”, please complete Parts 2A – 2D and the details of the securities proposed to be issued in Part 8. Refer to section 1 of Appendix 7A of the Listing Rules for the timetable for bonus issues.

N / A

Part 3 – Details of proposed entitlement offer

If your response to Q1.6 is “A standard pro rata issue (non-renounceable or renounceable)” or “An accelerated offer”, please complete parts 3A, 3F and 3G and the details of the securities proposed to be issued in Part 8. Please also complete Parts 3B and 3C if your response to Q1.6 is “A standard pro rata issue (non-renounceable or renounceable)” and Parts 3D and 3E if your

| 1.4c | Reason for cancellation
Mandatory only if “Cancellation” ticked in Q1.4 above. | |
| --- | --- | --- |
| 1.4d | Date of previous announcement to this cancellation
Mandatory only if “Cancellation” ticked in Q1.4 above. | |
| 1.5 | Date of this announcement | 28 April 2020 |
| 1.6 | The proposed issue is:
Note: You can select more than one type of issue (e.g. an offer of securities under a securities purchase plan and a placement, however ASX may restrict certain events from being announced concurrently). Please contact your listing adviser if you are unsure. | ☐ A +bonus issue (complete Parts 2 and 8)
☐ A standard +pro rata issue (non-renounceable or renounceable) (complete Q1.6a and Parts 3 and 8)
☑ An accelerated offer (complete Q1.6b and Parts 3 and 8)
☐ An offer of +securities under a +securities purchase plan (complete Parts 4 and 8)
☐ A non-+pro rata offer of +securities under a +disclosure document or +PDS (complete Parts 5 and 8)
☐ A non-+pro rata offer to wholesale investors under an information memorandum (complete Parts 6 and 8)
☐ A placement or other type of issue (complete Parts 7 and 8) |
| 1.6a | The proposed standard +pro rata issue is:
Answer this question if your response to Q1.6 is “A standard pro rata issue (non-renounceable or renounceable).”
Select one item from the list | ☑ Non-renounceable
☐ Renounceable |
| 1.6b | The proposed accelerated offer is:
Answer this question if your response to Q1.6 is “An accelerated offer”
Select one item from the list | ☑ Accelerated non-renounceable entitlement offer (commonly known as a JUMBO or ANREO)
☐ Accelerated renounceable entitlement offer (commonly known as an AREO)
☐ Simultaneous accelerated renounceable entitlement offer (commonly known as a SAREO)
☐ Accelerated renounceable entitlement offer with dual book-build structure (commonly known as a RAPIDS)
☐ Accelerated renounceable entitlement offer with retail rights trading (commonly known as a PAITREO) |

Part 3 – Details of proposed entitlement offer

---

response to Q1.6 is "An accelerated offer". Refer to sections 2,3,4,5 and 6 of Appendix 7A of the Listing Rules for the respective timetables for entitlement offers, including non-renounceable, renounceable and accelerated offers.

Part 3A – Proposed entitlement offer – conditions

Question No.	Question			Answer
3A.1	*Are any of the following approvals required for the entitlement offer to be unconditional?
• *Security holder approval
• Court approval
• Lodgement of court order with *ASIC
• ACCC approval
• FIRB approval
• Another approval/condition external to the entity.
If any of the above approvals apply to the entitlement offer, they must be obtained before business day 0 of the timetable. The relevant approvals must be received before ASX can establish an ex market in the securities.			No
3A.1a	Conditions
Answer these questions if your response to Q3A.1 is "Yes".
Select the applicable approval(s) from the list. More than one approval can be selected. The "date for determination" is the date that you expect to know if the approval is given (for example, the date of the security holder meeting in the case of *security holder approval or the date of the court hearing in the case of court approval).
*Approval/ condition Type		*Date for determination	*Is the date estimated or actual?	**Approval received/ condition met?
Please respond "Yes" or "No". Only answer this question when you know the outcome of the approval. Please advise before *business day 0 of the relevant Appendix 7A entitlement offer timetable.	Comments
+Security holder approval
Court approval
Lodgement of court order with +ASIC
ACCC approval
FIRB approval
Other (please specify in comment section)

• See chapter 19 for defined terms

31 January 2020

---

Part 3B – Proposed standard pro rata issue entitlement offer - offer details

If your response to Q1.6 is "A standard pro rata issue (non-renounceable or renounceable)", please complete the relevant questions in this part.

Question No.	Question	Answer
3B.1	*Class or classes of +securities that will participate in the proposed entitlement offer (please enter both the ASX security code & description)
If more than one class of security will participate in the proposed entitlement offer, make sure you clearly identify any different treatment between the classes.
3B.2	*Class of +securities that will be issued in the proposed entitlement offer (please enter both the ASX security code & description)
3B.3	*Offer ratio
Enter the quantity of additional securities to be offered for a given quantity of securities held (for example, 1 for 2 means 1 new security will be offered for every 2 existing securities held).
Please only enter whole numbers (for example, an entitlement offer of 1 new security for every 2.5 existing securities held should be expressed as “2 for 5”).
3B.4	*What will be done with fractional entitlements?
Select one item from the list.	☐ Fractions rounded up to the next whole number
☐ Fractions rounded down to the nearest whole number or fractions disregarded
☐ Fractions sold and proceeds distributed
☐ Fractions of 0.5 or more rounded up
☐ Fractions over 0.5 rounded up
☐ Not applicable
3B.5	*Maximum number of +securities proposed to be issued (subject to rounding)
3B.6	*Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?
3B.6a	*Describe the limits on over-subscription
Answer this question if your response to Q3B.6 is “Yes”.
3B.7	*Will a scale back be applied if the offer is over-subscribed?
3B.7a	*Describe the scale back arrangements
Answer this question if your response to Q3B.7 is “Yes”.
3B.8	*In what currency will the offer be made?
For example, if the consideration for the issue is payable in Australian Dollars, state AUD.
3B.9	*Has the offer price been determined?
3B.9a	*What is the offer price per +security?
Answer this question if your response to Q3B.9 is “Yes” using the currency specified in your answer to Q3B.8.

• See chapter 19 for defined terms
  31 January 2020

---

| 3B.9b | *How and when will the offer price be determined?
Answer this question if your response to Q3B.9 is “No”. | |
| --- | --- | --- |

Part 3C – Proposed standard pro rata issue – timetable

If your response to Q1.6 is “A standard pro rata issue (non-renounceable or renounceable)”, please complete the relevant questions in this part.

Question No.	Question	Answer
3C.1	*+Record date
Record date to identify security holders entitled to participate in the issue. Per Appendix 7A sections 2 and 3 the record date must be at least 3 business days from the announcement date (day 0)
3C.2	*Ex date
Per Appendix 7A sections 2 and 3 the Ex Date is one business day before the record date. For renounceable issues, this is also the date that rights will commence quotation on a deferred settlement basis.
3C.3	*Date rights trading commences
For renounceable issues only - this is the date that rights will commence quotation initially on a deferred settlement basis
3C.4	*Record date
Same as Q3C.1 above
3C.5	*Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue
The offer documents can be sent to security holders as early as business day 4 but must be sent no later than business day 6. Business day 6 is the last day for the offer to open.
For renounceable issues, deferred settlement trading in rights ends at the close of trading on this day. Trading in rights on a normal (T+2) settlement basis will start from market open on the next business day (i.e. business day 7) provided that the entity tells ASX by 12pm Sydney time that the offer documents have been sent or will have been sent by the end of the day.
3C.6	*Offer closing date
Offers close at 5pm on this day. The date must be at least 7 business days after the entity announces that the offer documents have been sent to holders.
3C.7	*Last day to extend the offer closing date
At least 3 business days' notice must be given to extend the offer closing date.
3C.8	*Date rights trading ends
For renounceable issues only - rights trading ends at the close of trading 5 business days before the applications closing date.
3C.9	*Trading in new +securities commences on a deferred settlement basis
Non-renounceable issues - the business day after the offer closing date
Renounceable issues – the business day after the date rights trading ends

• See chapter 19 for defined terms

31 January 2020

---

Part 3D – Proposed accelerated offer – offer details

| 3C.10 | Last day for entity to announce the results of the offer to ASX, including the number and percentage of +securities taken up by existing +security holders and any shortfall taken up by underwriters or other investors
No more than 3 business days after the offer closing date | |
| --- | --- | --- |
| 3C.11 | Issue date
Per Appendix 7A section 2 and section 3, the issue date should be no more than 5 business days after the offer closes date (the last day for the entity to issue the securities taken up in the pro rata issue and lodge an Appendix 2A with ASX to apply for quotation of the securities). Deferred settlement trading will end at market close on this day. | |
| 3C.12 | Date trading starts on a normal T+2 basis
Per Appendix 7A section 2 and 3 this is one business day after the issue date. | |
| 3C.13 | First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis
Per Appendix 7A section 2 and 3 1 this is two business days after trading starts on a normal T+2 basis (3 business days after the issue date). | |
| Question No. | Question | Answer |
| --- | --- | --- |
| 3D.1 | Class or classes of +securities that will participate in the proposed entitlement offer (please enter both the ASX security code & description)
If more than one class of security will participate in the proposed entitlement offer, make sure you clearly identify any different treatment between the classes. | HNG: Ordinary Fully Paid |
| 3D.2 | Class of +securities that will issued in the proposed entitlement offer (please enter both the ASX security code & description) | HNG: Ordinary Fully Paid |
| 3D.3 | Has the offer ratio been determined? | Yes |
| 3D.3a | Offer ratio
Answer this question if your response to Q3D.3 is “Yes” or “No”. If your response to Q3D.3 is “No” please provide an indicative ratio and state as indicative.
Enter the quantity of additional securities to be offered for a given quantity of securities held (for example, 1 for 2 means 1 new security will be offered for every 2 existing securities held).
Please only enter whole numbers (for example, an entitlement offer of 1 new security for every 2.5 existing securities held should be expressed as “2 for 5”). | 5 for 16 |
| 3D.3b | *How and when will the offer ratio be determined?
Answer this question if your response to Q3D.3 is “No”.
Note that once the offer ratio is determined, this must be provided via an update announcement. | |

• See chapter 19 for defined terms
  31 January 2020

---

| 3D.4 | What will be done with fractional entitlements?
Select one item from the list. | ☑ Fractions rounded up to the next whole number
☐ Fractions rounded down to the nearest whole number or fractions disregarded
☐ Fractions sold and proceeds distributed
☐ Fractions of 0.5 or more rounded up
☐ Fractions over 0.5 rounded up
☐ Not applicable |
| --- | --- | --- |
| 3D.5 | Maximum number of +securities proposed to be issued (subject to rounding) | 19,421,746 |
| 3D.6 | Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? | Yes |
| 3D.6a | Describe the limits on over-subscription
Answer this question if your response to Q3D.6 is “Yes”. | The directors reserve the right to issue all or part of the shortfall in their absolute discretion. An eligible retail shareholder will not be issued any shortfall shares if to do so would be a breach of any applicable law. |
| 3D.7 | Will a scale back be applied if the offer is over-subscribed? | Yes |
| 3D.7a | Describe the scale back arrangements
Answer this question if your response to Q3D.7 is “Yes”. | The Directors reserve the right to scale back any application for Additional New Shares above a securityholder's pro rata Entitlement in their absolute discretion. |
| 3D.8 | In what currency will the offer be made?
For example, if the consideration for the issue is payable in Australian Dollars, state AUD. | AUD |
| 3D.9 | Has the offer price for the institutional offer been determined? | Yes |
| 3D.9a | What is the offer price per +security for the institutional offer?
Answer this question if your response to Q3D.9 is “Yes” using the currency specified in your answer to Q3D.8. | $0.20 |
| 3D.9b | How and when will the offer price for the institutional offer be determined?
Answer this question if your response to Q3D.9 is “No”. | |
| 3D.9c | Will the offer price for the institutional offer be determined by way of a bookbuild?
Answer this question if your response to Q3D.9 is “No”. If your response to this question is “yes”, please note the information that ASX expects to be announced about the results of the bookbuild set out in section 4.12 of Guidance Note 30 Notifying an Issue of Securities and Applying for their Quotation. | |
| 3D.9d | Provide details of the parameters that will apply to the bookbuild for the institutional offer (e.g. the indicative price range for the bookbuild)
Answer this question if your response to Q3D.9 is “No” and your response to Q5B.9c is “Yes”. | |
| 3D.10 | *Has the offer price for the retail offer been determined? | Yes |

• See chapter 19 for defined terms

31 January 2020

---

| 3D.10a | What is the offer price per +security for the retail offer?
Answer this question if your response to Q3D.10 is “Yes” using the currency specified in your answer to Q3B.8. | $0.20 |
| --- | --- | --- |
| 3D.10b | How and when will the offer price for the retail offer be determined?
Answer this question if your response to Q3D.10 is “No”. | |

Part 3E – Proposed accelerated offer – timetable

If your response to Q1.6 is “An accelerated offer”, please complete the relevant questions in this Part.Per

Question No.	Question	Answer
3E.1a	*First day of trading halt
The entity is required to announce the accelerated offer and give a completed Appendix 3B to ASX. If the accelerated offer is conditional on security holder approval or any other requirement, that condition must have been satisfied and the entity must have announced that fact to ASX. An entity should also consider the rights of convertible security holders to participate in the issue and what, if any, notice needs to be given to them in relation to the issue	Friday 17 April 2020
3E.1b	*Announcement date of accelerated offer	Friday 17 April 2020
3E.2	*Trading resumes on an ex-entitlement basis (ex date)
For JUMBO, ANREO, AREO, SAREO, RAPIDs offers	Monday 20 April 2020
3E.3	*Trading resumes on ex-rights basis
For PAITREO offers only
3E.4	*Rights trading commences
For PAITREO offers only
3E.5	*Date offer will be made to eligible institutional +security holders	Friday 17 April 2020
3E.6	*Application closing date for institutional +security holders	Friday 17 April 2020
3E.7	*Institutional offer shortfall book build date
For AREO, SAREO, RAPIDs, PAITREO offers
3E.8	*Announcement of results of institutional offer
The announcement should be made before the resumption of trading following the trading halt.	Monday 20 April 2020
3E.9	*+Record date
Record date to identify security holders entitled to participate in the offer. Per Appendix 7A sections 4, 5 and 6 the record date must be at least 2 business days from the announcement date (day 0).	Tuesday 21 April 2020

• See chapter 19 for defined terms

31 January 2020

---

• See chapter 19 for defined terms
  31 January 2020
  Page 9

| 3E.10 | Settlement date of new +securities issued under institutional entitlement offer
If DvP settlement applies, provided the Appendix 2A is given to ASX before noon (Sydney time) this day, normal trading in the securities will apply on the next business day, and if DvP settlement does not apply on the business day after that. | Wednesday 22 April 2020 |
| --- | --- | --- |
| 3E.11 | +Issue date for institutional +security holders | Wednesday 22 April 2020 |
| 3E.12 | Normal trading of new +securities issued under institutional entitlement offer | Wednesday 22 April 2020 |
| 3E.13 | Date on which offer documents will be sent to retail +security holders entitled to participate in the +pro rata issue
The offer documents can be sent to security holders as early as business day 4 but must be sent no later than business day 6. Business day 6 is the last day for the offer to open. For renounceable offers, deferred settlement trading in rights ends at the close of trading on this day. Trading in rights on a normal (T+2) settlement basis will start from market open on the next business day (i.e. business day 7) provided that the entity tells ASX by 12pm Sydney time that the offer documents have been sent or will have been sent by the end of the day. | Wednesday 22 April 2020 |
| 3E.14 | Offer closing date for retail +security holders
Offers close at 5pm on this day. The date must be at least 7 business days after the entity announces that the offer documents have been sent to holders. | Friday 8 May 2020 |
| 3E.15 | Last day to extend the retail offer closing date
At least 3 business days' notice must be given to extend the offer closing date. | Tuesday 5 May 2020 |
| 3E.16 | Rights trading end date
For PAITREO offers only | |
| 3E.17 | Trading in new +securities commences on a deferred settlement basis
For PAITREO offers only
The business day after rights trading end date | |
| 3E.18 | Entity announces results of the retail offer to ASX, including the number and percentage of +securities taken up by existing retail +security holders | Wednesday 13 May 2020 |
| 3E.19 | Bookbuild for any shortfall (if applicable)
For all offers except JUMBO, ANREO | |
| 3E.20 | Entity announces results of bookbuild (including any information about the bookbuild expected to be disclosed under section 4.12 of Guidance Note 30)
For all offers except JUMBO, ANREO | |
| 3E.21 | +Issue date for retail +security holders
Per Appendix 7A section 2 and section 3, the issue date should be no more than 5 business days after the offer closes date. This is the last day for the entity to issue the securities taken up in the pro rata issue and lodge an Appendix 2A with ASX to apply for quotation of the securities. Deferred settlement trading will end at market close on this day. | Friday 15 May 2020 |

---

Part 3F – Proposed entitlement offer – fees and expenses

Question No.	Question	Answer
3F.1	*Will there be a lead manager or broker to the proposed offer?	No
3F.1a	*Who is the lead manager/broker?
Answer this question if your response to Q3F.1 is “Yes”.
3F.1b	*What fee, commission or other consideration is payable to them for acting as lead manager/broker?
Answer this question if your response to Q3F.1 is “Yes”.
3F.2	*Is the proposed offer to be underwritten?	No
3F.2a	*Who are the underwriter(s)?
Answer this question if your response to Q3F.2 is “Yes”.
Note for issuers that are an ASX Listing (i.e. not an ASX Debt Listing or ASX Foreign Exempt Listing): If you are seeking to rely on listing rule 7.2 exception 2 to issue the securities without security holder approval under listing rule 7.1 and without using your placement capacity under listing rules 7.1 or 7.1A, you must include the details asked for in this and the next 3 questions.
3F.2b	*What is the extent of the underwriting (i.e. the amount or proportion of the offer that is underwritten)?
Answer this question if your response to Q3F.2 is “Yes”.
3F.2c	*What fees, commissions or other consideration are payable to them for acting as underwriter(s)?
Answer this question if your response to Q3F.2 is “Yes”.
This includes any applicable discount the underwriter receives to the issue price payable by participants in the issue.

• See chapter 19 for defined terms
  31 January 2020

---

| 3F.2d | Provide a summary of the significant events that could lead to the underwriting being terminated
Answer this question if your response to Q3F.2 is "Yes".
You may cross-refer to a disclosure document, PDS, information memorandum, investor presentation or other announcement with this information provided it has been released on the ASX Market Announcements Platform. | |
| --- | --- | --- |
| 3F.2e | Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer?
Answer this question if the issuer is an ASX Listing (i.e. not an ASX Debt Listing or ASX Foreign Exempt Listing) and your response to Q3F.2 is "Yes". | |
| 3F.2e(i) | What is the name of that party?
Answer this question if the issuer is an ASX Listing and your response to Q3F.2e is "Yes".
Note: If you are seeking to rely on listing rule 10.12 exception 2 to issue the securities to the underwriter or sub-underwriter without security holder approval under listing rule 10.11, you must include the details asked for in this and the next 2 questions. If there is more than one party referred to in listing rule 10.11 acting as underwriter or sub-underwriter include all of their details in this and the next 2 questions. | |
| 3F.2e(ii) | What is the extent of their underwriting or sub-underwriting (i.e. the amount or proportion of the issue they have underwritten or sub-underwritten)?
Answer this question if the issuer is an ASX Listing and your response to Q3F.2e is "Yes". | |
| 3F.2e(iii) | What fee, commission or other consideration is payable to them for acting as underwriter or sub-underwriter?
Answer this question if the issuer is an ASX Listing and your response to Q3F.2e is "Yes".
Note: This includes any applicable discount the underwriter or sub-underwriter receives to the issue price payable by participants in the issue. | |
| 3F.3 | Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? | No |
| 3F.3a | Will the handling fee or commission be dollar based or percentage based?
Answer this question if your response to Q3F.3 is "Yes". | N/A |
| 3F.3b | Amount of handling fee or commission payable to brokers who lodge acceptances or renunciations on behalf of eligible +security holders
Answer this question if your response to Q3F.3 is "Yes" and your response to Q3F.3a is "dollar based". | $ |

• See chapter 19 for defined terms

31 January 2020

---

Part 3G – Proposed entitlement offer – further information

Question No.	Question	Answer
3G.1	*The purpose(s) for which the entity intends to use the cash raised by the proposed issue
You may select one or more of the items in the list.	☑ For additional working capital
☑ To fund the retirement of debt
☐ To pay for the acquisition of an asset [provide details below]
☐ To pay for services rendered [provide details below]
☐ Other [provide details below]
Additional details:
3G.2	*Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?	No
3G.2a	*Please explain how holdings on different registers or subregisters will be aggregated for the purposes of determining entitlements.
Answer this question if your response to Q3G.2 is "Yes".
3G.3	*Will the entity be changing its dividend/distribution policy if the proposed issue is successful?	No
3G.3a	*Please explain how the entity will change its dividend/distribution policy if the proposed issue is successful
Answer this question if your response to Q3G.3 is "Yes".

• See chapter 19 for defined terms
  31 January 2020

---

• See chapter 19 for defined terms
  31 January 2020
  Page 13

| 3G.4 | *Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

For non-renounceable issues (including accelerated): The entity must send each holder to whom it will not offer the securities details of the issue and advice that the entity will not offer securities to them (listing rule 7.7.1(b)).

For renounceable issues (including accelerated): The entity must send each holder to whom it will not offer the securities details of the issue and advice that the entity will not offer securities to them. It must also appoint a nominee to arrange for the sale of the entitlements that would have been given to those holders and to account to them for the net proceeds of the sale and advise each holder not given the entitlements that a nominee in Australia will arrange for sale of the entitlements and, if they are sold, for the net proceeds to be sent to the holder (listing rule 7.7.1(b) and (c)). | France, Hong Kong, Indonesia, Israel, Mauritius, Singapore, United States of America |
| --- | --- | --- |
| 3G.5 | Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities | Yes |
| 3G.5a | Please provide further details of the offer to eligible beneficiaries

Answer this question if your response to Q3G.5 is “Yes”.

If, for example, the entity intends to issue a notice to eligible nominees and custodians please indicate here where it may be found and/or when the entity expects to announce this information. You may enter a URL. | Information for Nominees and Custodians is contained in the retail offer booklet. The Share Registry will communicate with Nominees and Custodians in due course |
| 3G.6 | URL on the entity's website where investors can download information about the proposed issue | https://HGLEntitlementOffer.thereachagency.com |
| 3G.7 | Any other information the entity wishes to provide about the proposed issue | |
| 3G.8 | Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? | No |

---

Part 4 – Details of proposed offer under +securities purchase plan

If your response to Q1.6 is "An offer of securities under a securities purchase plan", please complete Parts 4A – 4F and the details of the securities proposed to be issued in Part 8. Refer to section 12 of Appendix 7A of the Listing Rules for the timetable for securities purchase plans.

N / A

Part 5 – Details of proposed non-pro rata offer under a +disclosure document or +PDS

If your response to Q1.6 is "A non-pro rata offer of securities under a disclosure document or PDS", please complete Parts 5A – 5F and the details of the securities proposed to be issued in Part 8. Refer to Listing Rule 7.10 for the rules that apply to non-pro rata issues to existing security holders.

N / A

Part 6 – Details of proposed non-pro rata offer to wholesale investors under an +information memorandum

If your response to Q1.6 is "A non-+pro rata offer to wholesale investors under an information memorandum", please complete Parts 6A – 6F and the details of the securities proposed to be issued in Part 8. Refer to Listing Rule 7.10 for the rules that apply to non-pro rata issues to existing security holders.

N / A

Part 7 – Details of proposed placement or other issue

If your response to Q1.6 is "A placement or other type of issue", please complete Parts 7A – 7F and the details of the securities proposed to be issued in Part 8.

N / A

Part 8 – details of +securities proposed to be issued

Answer the relevant questions in this part for the type of +securities the entity proposes to issue. If the entity is proposing to issue more than one class of security, including free attaching securities, please complete a separate version of Part 8 for each class of security proposed to be issued.

N / A

Introduced 01/12/19; amended 31/01/20

• See chapter 19 for defined terms
  31 January 2020
  Page 14