SOUTHERN CROSS ELECTRICAL ENGINEERING LTD — Major Shareholding Notification 2025

Dec 4, 2025

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ASX TO CROSS RELEASE: SXE

5 December 2025

BY ASX ONLINE - 5 pages

Market Announcements Platform ASX Limited Level 10 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam,

Notice of change of interests of substantial holder Southern Cross Electrical Engineering Limited [ASX:SXE]

Following is a Form 604 Notice of change of interests of substantial holder dated 5 December 2025 in accordance with section 671B of the Corporations Act 2001 .

Yours sincerely,

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CRAIG SMITH ACG, CPA Secretary

THORNEY OPPORTUNITIES LTD ABN 41 080 167 264 Level 45, 55 Collins St. Melbourne VIC 3000 Australia

Corporations Act 2001

Notice of change of interests of substantial holder

Form 604

Section 671B

To: company name/scheme SOUTHERN CROSS ELECTRICAL ENGINEERING LTD ABN 92 009 307 046

1. Details of substantial holder

THORNEY OPPORTUNITIES LTD and each of the associated Name entities listed in the attached Annexure ‘A’ to this notice. ACN 080 167 264

There was a change in the interests of the substantial holder on

04-Dec-25

The previous notice was given to the company on 02-Dec-25 The previous notice was dated 02-Dec-25

1. Previous and present voting power

The total number of shares votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities	Previous Notice	Previous Notice	Present Notice	Present Notice
	Person’s votes	Voting power	Person’s votes	Voting power
FullyPaid OrdinaryShares	26,296,389	9.89%	22,751,720	8.55%

1. Changes in relevant interests

Particulars of each change in, or change in the nature of, relevant interests 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 are as follows:

Date of Change	Person whose relevant interest changed	Nature of change	Consideration given in relation to Change	Number and class of securities affected	Person’s votes affected
02-Dec-25	TIGA Trading Pty Ltd and each of the Thorney Investment Group entities listed in Annexure ‘A’ (together ‘Thorney Investment Group’)	Market Sale	$Nil	2,980,000 ordinary shares	2,980,000
	Thorney Opportunities Ltd		$1,326,972.15	564,669 ordinary shares	564,669

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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	Nature of relevant interest	Number and class of securities	Person’s votes
Thorney Opportunities Ltd	UBS Nominees Pty Ltd	Thorney Opportunities Ltd	Thorney Opportunities Ltd has a relevant interest under section 608(1)(b) of the_Act_ as it is the beneficial holder of those shares.	8,980,260 ordinary shares	8,980,260
Thorney Investment Group	UBS Nominees Pty Ltd	Thorney Opportunities Ltd	Thorney Investment Group is taken to have a relevant interest as it has the capacity to determine the outcome of decisions about the financial and operating policies of each of Thorney OpportunitiesLtd	8,980,260 ordinary shares	8,980,260
		TIGA Trading Pty Ltd	Thorney Investment Group is taken under section 608(3)(b) of the_Corporations Act_ 2001 (Cth)(theAct) to have a relevant interest as it holds all the issued capital in TigaTradingPtyLtd.	4,710,679 ordinary shares	4,710,679
	Thorney International Pty Ltd	Thorney International Pty Ltd	Thorney Investment Group is taken under section 608(3)(b) of the Corporations Act 2001 (Cth) (the Act) to have a relevant interest as it holds all the issued capital in ThorneyInternational PtyLtd.	7,760,781 ordinary shares	7,760,781
Jasforce Pty Ltd, as trustee for the Alex Waislitz Retirement Plan (Jasforce)	Jasforce	Jasforce	Jasforce has a relevant interest under section 608(1)(a) of the_Act_as it is the registered holder of those shares.	1,000,000 ordinary shares	1,000,000
Waislitz Charitable Corporation Pty Ltd, as trustee for the Waislitz Family Foundation	Waislitz Family Foundation	Waislitz Family Foundation	Waislitz Family Foundation has a relevant interest under section 608(1)(a) of the_Act_ as it is the registered holder of those shares.	300,000 ordinary shares	300,000
Mr Alex Waislitz	UBS Nominees Pty Ltd	Thorney Opportunities Ltd	Each of the entities listed in the adjacent column (and in Annexure “A”) are ‘associates’ pursuant to section 12(2)(a)(iii) of the_Act_by virtue of them being commonly controlled by Mr Alex Waislitz who, pursuant to section 50AA of the_Act_, has the capacity to determine the outcome of decisions about the financial and operating policies of each of those entities.	8,980,260 ordinary shares	8,980,260
		TIGA Trading Pty Ltd		4,710,679 ordinary shares	4,710,679
	Thorney International PtyLtd	Thorney International PtyLtd		7,760,781 ordinary shares	7,760,781
	Jasforce	Jasforce		1,000,000 ordinary shares	1,000,000
	Waislitz Family Foundation	Waislitz Family Foundation		300,000 ordinary shares	300,000

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5. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name Nature of association

6. Addresses

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

Name	Address
Thorney Opportunities Ltd, ACN 080 167 264	Level 45, 55 Collins Street, Melbourne 3000
Tiga Trading Pty Ltd, ACN 118 961 210	Level 45, 55 Collins Street, Melbourne 3000
Thorney International Pty Ltd, ACN 132 886 698	Level 45, 55 Collins Street, Melbourne 3000
Thorney Investment Group and each of the entities listed in Annexure ‘A’ to this notice	See Annexure ‘A’ to this notice
Jasforce Pty Ltd, ACN 017 167 713 as trustee for the Alex Waislitz Retirement Plan	c/- Wilson Pateras, Ground Floor, 40 River Boulevard, Richmond 3121
Waislitz Charitable Corporation Pty Ltd, ACN 163 623 612 as trustee for the Waislitz FamilyFoundation	Level 45, 55 Collins Street, Melbourne 3000
Alex Waislitz	Level 45, 55 Collins Street, Melbourne 3000

Signature

Print name CRAIG SMITH ACIS, CPA Capacity SECRETARY Sign here Date: 5 December 2025

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ANNEXURE ‘A’

This is Annexure A referred to in the Form 604 Notice of change of interests of substantial holder signed by me and dated 5 December 2025.

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.........................................

CRAIG SMITH Secretary

SUBSTANTIAL HOLDERS - ENTITY DETAILS

	Associated Entities	Address
	Thorney Investment Group
	Jamahjo Pty Ltd, ACN 117 488 696 as trustee for the Halex Family Trust	c/- Wilson Pateras, Ground Floor, 40 River Boulevard, Richmond 3121
	Thistle Custodians PtyLtd, ACN 078 027 193	Level 45, 55 Collins Street, Melbourne 3000
	Thistle Holdings PtyLtd, ACN 075 051 464	Level 45, 55 Collins Street, Melbourne 3000
	ThorneyAlpha PtyLtd, ACN 162 820 537	Level 45, 55 Collins Street, Melbourne 3000
	ThorneyBeta PtyLtd, ACN 162 828 677	Level 45, 55 Collins Street, Melbourne 3000
	ThorneyHoldings PtyLtd, ACN 006 262 835	Level 45, 55 Collins Street, Melbourne 3000
	ThorneyInternational PtyLtd, ACN 132 886 698	Level 45, 55 Collins Street, Melbourne 3000
	Thorney Investment Group Australia Pty Ltd, ACN 117 488 892	Level 45, 55 Collins Street, Melbourne 3000
	ThorneyManagement Services PtyLtd, ACN 164 880 148	Level 45, 55 Collins Street, Melbourne 3000
	ThorneyOmega PtyLtd, ACN 163 964 636	Level 45, 55 Collins Street, Melbourne 3000
	Tiga PropertyPtyLtd, ACN 117 811 453	Level 45, 55 Collins Street, Melbourne 3000
	Tiga(Ballarat)PtyLtd, ACN 117 812 030	Level 45, 55 Collins Street, Melbourne 3000
	Tiga Finance PtyLtd, ACN 118 521 412	Level 45, 55 Collins Street, Melbourne 3000
	Tiga(Hawthorn)PtyLtd, ACN 126 952 663	Level 45, 55 Collins Street, Melbourne 3000
	Tiga Tails PtyLtd, ACN 080 534 416	Level 45, 55 Collins Street, Melbourne 3000
	Tiga TradingPtyLtd, ACN 118 961 210	Level 45, 55 Collins Street, Melbourne 3000
	Other associates
	Early Force Pty Ltd, ACN 103 134 363 as trustee for the Alex Waislitz PropertyInvestment Trust	Level 45, 55 Collins Street, Melbourne 3000
	Jasforce Pty Ltd, ACN 017 167 713 as trustee for the Alex Waislitz Retirement Plan	c/- Wilson Pateras, Ground Floor, 40 River Boulevard, Richmond 3121
	ThorneyTechnologies Ltd, ACN 096 782 188	Level 45, 55 Collins Street, Melbourne 3000
	58 Jarque PtyLtd, ACN 617 756 377	Level 45, 55 Collins Street, Melbourne 3000
	Two Towers Pty Ltd, ACN 134 730 546	c/- Wilson Pateras, Ground Floor, 40 River Boulevard, Richmond 3121
	Urban Land Nominees Pty Ltd, ACN 004 753 066	c/- Wilson Pateras, Ground Floor, 40 River Boulevard, Richmond 3121
	Coastal Estates Proprietary Limited, ACN 004 481 154	c/- Wilson Pateras, Ground Floor, 40 River Boulevard, Richmond 3121
	Waislitz Charitable Corporation Pty Ltd, ACN 163 623 612 as trustee for the Waislitz FamilyFoundation	Level 45, 55 Collins Street, Melbourne 3000

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