SPH Notice - Forsyth Barr Investment Management Limited

1

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant
interest, or both
Section 277 and 278, Financial Markets Conduct Act 2013
To: NZX Limited
and
To: Tower Limited
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 30 September 2025
Date of this disclosure: 01 October 2025
Date last disclosure made: 16 July 2025
Substantial product holder(s) giving disclosure:
Full name(s): Forsyth Barr Investment Management Limited
(FBIM)
Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for FBIM
For this disclosure,—
(a) total number held in class: 20,689,297
(b) total in class: 342,552,063
(c) total percentage held in class:

6.040%
For last disclosure,—
(a) total number held in class: 17,151,296
(b) total in class: 342,552,063
(c) total percentage held in class:

5.007%

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Details of transactions and events giving rise to relevant event
Date of
event
Nature of
event
Consideration Number of
financial
products
Current
registered
holder(s)
Registered
holder(s) once
transfers are
registered
16 July 2025 –
30 September
2025
On-market
sales
$1,039,726 612,261
Forsyth Barr
Custodians
Limited (FBCL)
612,261
Unknown
On-market
purchases
$2,577,624 1,515,146 Unknown
FBCL 1,210,424
/ Trustees
Executors
Limited (TEL)
304,722
Off-market
transfers
out
of DIMS
Nil 387,700 FBCL Unknown
Off-market
transfers
into DIMS
Nil 3,022,816 Unknown FBCL

Details after relevant event
Details for FBIM
Nature of relevant interest(s):

The relevant interest arises under various
investment management agreements to
which FBIM and/or Forsyth Barr Limited are
a party in their capacity as providers of
discretionary investment management
services (DIMS) and from FBIM being the
manager of managed investment schemes.
The relevant interest arises only from the
powers of investment contained in the
relevant agreement documents, including
the power to control the exercise of the
right to vote attached to the shares and to
control the disposal of the shares.
Pursuant to regulation 142, the relevant
agreement documents need not be
attached under regulation 139.

For that relevant interest,—
(a) number held in class: 20,689,297
(b) percentage held in class: 6.040%
(c) current registered holder(s): See above

3

(d) registered holder(s) once transfers are
registered:
See above
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a
party to the derivative, the nature of the
relevant interest in the derivative:
Not applicable

Additional Information

Address(es) of substantial product holder(s): Forsyth Barr House, The Octagon, Dunedin
Contact details: Debbie Murray
T: +64 9 363 8739
E: compliance@forsythbarr.co.nz
Name of any other person believed to have
given, or believed to be required to give, a
disclosure under the Financial Markets Conduct
Act 2013 in relation to the financial products to
which this disclosure relates:
Not applicable

Certification
I, Debbie Murray, certify that, to the best of my knowledge and belief, the information contained in
this disclosure is correct and that I am duly authorised to make this disclosure by all persons for
whom it is made.