SYNTARA LIMITED — Major Shareholding Notification 2021

Apr 19, 2021

603 page 1/2 15 July 2001

Form 603 Corporations Act 2001 Section 671B

Notice of initial 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

ACN/ARSN (if applicable)

This notice is given by Karst Peak Capital Limited on its own behalf and on behalf of Karst Peak Thylacine Master Fund, and Adam Gregory Leitzes

N/A

The holder became a substantial holder on

16/04/2021

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

Class of securities(4)	Number of securities	Person’s votes(5)	Voting power(6)
OrdinaryShares	40,214,643	40,214,643	8.90%

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:

r are as follows:
Holder of relevant interest	Nature of relevant interest(7)	Class and number of securities
Karst Peak Thylacine Master Fund	Owner of ordinary shares	40,214,643
Karst Peak Capital Limited	Discretionary investment manager ofKarst Peak Thylacine Master Fund	40,214,643
Adam Gregory Leitzes	Shareholder, director, and CIO of KarstPeak Capital Limited, and director ofKarst Peak Thylacine Master Fund	40,214,643

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 relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder(8)	Class and numberof securities
Karst Peak Thylacine MasterFund	HSBC Custody Nominees(Australia) Limited (“HSBC”)	HSBC	40,214,643
Karst Peak Capital Limited	HSBC	HSBC	40,214,643
Adam Gregory Leitzes	HSBC	HSBC	40,214,643

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 a substantial holder is as follows:

ntial holder is as follows:
Holder of relevantinterest	Date of acquisition	Consideration (9)		Class and number ofsecurities
		Cash	Non-cash
Karst Peak Thylacine MasterFund,KarstPeakCapitalLimited, and Adam GregoryLeitzes	16/04/2021	$3,217,171.44		40,214,643 ordinaryshares

603 page 1/2 15 July 2001

6. Associates

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

Name and ACN/ARSN (if applicable)	Nature of association
Karst Peak Capital Limited	Karst Peak Capital Limited is the discretionary investment manager of Karst PeakThylacine Master Fund
Adam Gregory Leitzes	Adam Gregory Leitzes is shareholder, director, and CIO of Karst Peak CapitalLimited, and director of Karst Peak Thylacine Master Fund

7. 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 8thFloor, Suite E, 45 Pottinger Street, Hong Kong
Karst Peak Thylacine Master Fund	c/o Maples Corporate Services Limited, PO Box 309, Ugland House, GrandCayman, KY1-1104, Cayman Islands
HSBC	GPO Box 5302, Sydney NSW 2001, Australia

Signature

		Authorized
print nameAndrea Sorani	capacity	Signatory
sign here	date	/04/202120
DIRECTIONS
er of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and
trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar,
ed to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members
paragraph 7 of the form.
f "associate" in section 9 of the Corporations Act 2001.
f "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
of a company constitute one class unless divided into separate classes.

• (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, moneys 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.