SYNTARA LIMITED — Major Shareholding Notification 2021

Jun 28, 2021

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Pharmaxis Ltd
ACN/ARSN	082 811 630
1.Details of substantial holder (1)
	Karst Peak Capital Limited and its associates, Karst Peak Thylacine Master Fund, and Adam Gregory Leitzes
Name	This notice is given by Karst Peak Capital Limited and on its own behalf and on behalf of Karst Peak Thylacine MasterFund, and Adam Gregory Leitzes
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the
substantial holder on		25/06/2021
The previous notice was given to the company on		20/04/2021
The previous notice was dated		20/04/2021

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		Present notice
Class of securities (4)	Person's votes	Voting power (5)	Person's votesVoting power (5)
Fully Paid Ordinary Shares (FPO)	40,214,643	8.90%	50,966,207	11.27%

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
21/05/2021	Karst Peak ThylacineMaster Fund	Transfer of securities toKarst Peak Thylacine Fund(of which KPCL is also theinvestment manager of)	$212,500.00	2,656,250 fully paidordinary shares	2,656,250
02/06/2021	Karst Peak CapitalLimited	On-market purchase ofsecurities in respect of theKarst Peak Thylacine Fund	$11,728.62	146,060 fully paidordinary shares	146,060
03/06/2021	Karst Peak CapitalLimited	On-market purchase ofsecurities in respect of theKarst Peak Thylacine Fund	$11,233.89	138,519 fully paidordinary shares	138,519
04/06/2021	Karst Peak CapitalLimited	On-market purchase ofsecurities in respect of theKarst Peak Thylacine Fund	$13,792.88	166,984 fully paidordinary shares	166,984
25/06/2021	Karst Peak CapitalLimited	On-market purchase ofsecurities in respect of theKarst Peak Thylacine Fund	$543,781.77	7,434,197 fully paidordinary shares	7,434,197
25/06/2021	Karst Peak ThylacineMaster Fund	On-market purchase ofsecurities	$209,622.10	2,865,804 fully paidordinary shares	2,865,804

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
Karst Peak ThylacineMaster Fund (KPTMF)	HSBC CustodyNominees (Australia)Limited ("HSBC")	HSBC	Owner of ordinaryshares	40,424,197 fully paidordinary shares	40,424,197
Karst Peak Capital Limited HSBC		HSBC	Discretionaryinvestment managersto KPTMF and KarstPeak Thylacine Fund,an Australianmanaged investmentscheme	50,966,207 fully paidordinary shares	50,966,207
Adam Gregory Leitzes	HSBC	HSBC	Shareholder, directorand CIO of Karst PeakCapital Limited, anddirector of KPTMF	50,966,207 fully paidordinary shares	50,966,207

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:

NameandACN/ARSN(ifapplicable)	Nature of association
N/A	N/A

6. Addresses

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

Name	Address
Karst Peak Capital Limited and AdamGregory Leitzes	H Code, High Block 8th Floor, Suite E, 45 Pottinger Street, Hong Kong
Karst Peak Thylacine Master Fund	c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
HSBC	GPO BOX 5302, Sydney NSW 2001, Australia

Signature

print name	Andrea Sorani	capacity	Authorized Signatory
sign here		date	29/06/2021

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 6 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 person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• (6) Include details of:
  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. 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.

• (7) 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 on 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.
• (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) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.