SPH Notice - Wilson Asset Management (International)

1
Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To NZX Limited
and
To Black Pearl Group Limited
Date this disclosure made: 14/10/2025
Date on which substantial holding began: 10/10/2025
Substantial product holder(s) givi ng disclosure
Full name(s):
Wilson Asset Management (International) Pty Limited and its Associates
(Wilson Asset Management Group) as defined in Annexure A

Summary of substantial holding
Class of quoted voting products: Ordinary Shares, ISIN: NZBPGE0004S2
S
ummary for Wi lson Asset Management Group
For thi s disclosure,
(a)total number held in class: 4, 471,984
(b)total in class: 83,025,786
(c)total percentage held in class: 5.39%
Details of relevant interests
Details for WAM Microcap Limited
Nature of relevant interest(s): Beneficial Owner
For that relevant interest,—
(a)number held in class: 4,471,984
(b)percentage held in class: 5.39%
(c)current registered holder(s): Citigroup Pty Limited
(d)registered holder(s) once transfers are registered: WAM Microcap Limited
Fo
r a derivative relevant interest, also—
(a)type of derivative: Not Applicable
(b)details of derivative: Not Applicable
(c)if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not Applicable

2
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: Refer to Annexure B
Additional information
Address(es) of substantial product holder(s): Level 26,1 Farrer Place, Sydney, NSW 2000
Contact details: Operations@wilsonassetmanagement.com.au
Nature of connection between substantial prod
uct holders:
WAM Microcap Limited: Related Body Corporate
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, Kim Heng 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.
_________________ Date: 14/10/2025
Kim Heng
Chief Operating Officer

Page 1
Annexure A
Details of Substantial Holder
Wilson Asset Management Group
NameACN / ARSN
Wilson Asset Management (International) Pty Limited
(ACN 081 047 118)
MAM Pty Limited
(ACN 100 276 542)
WAM Capital Limited
(ACN 086 587 395)
WAM Research Limited
(ACN 100 504 541)
WAM Active Limited
(ACN 126 420 719)
Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund
(ACN 081 032 000)
WAM Leaders Limited
(ACN 611 053 751)
WAM Microcap Limited
(ACN 617 838 418)
WAM Global Limited
(ACN 624 572 925)
WAM Strategic Value Limited
(ACN 649 096 220)
WAM Alternative Assets Limited
(ACN 168 941 704)
Wilson Asset Management Leaders Fund
(ARSN 663 806 228)
Wilson Asset Management Founders Fund
(ARSN 682 673 678)
WAM Income Maximiser Limited
(ACN 683 776 954)
Addresses
Name
Address
Wilson Asset Management (International) Pty Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
MAM Pty Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Capital Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Research Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Active Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
Botanical Nominees Pty Limited ATF Wilson Asset Management Equity Fund
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Leaders Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Microcap Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Alternative Assets Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Strategic Value Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Global Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
Wilson Asset Management Leaders Fund
Level 26,1 Farrer Place, Sydney, NSW 2000
Wilson Asset Management Founders Fund
Level 26,1 Farrer Place, Sydney, NSW 2000
WAM Income Maximiser Limited
Level 26,1 Farrer Place, Sydney, NSW 2000
Citigroup Pty Limited
Level 21, 2 Park Street, Sydney NSW 2000
Signed: _______________________
Date: 14/10/25

Page 1
Annexure B
Refer to Annexure A for the name and ACN's of the Wilson Asset Management Group
members.
Holder of relevant interest Date of aquisition Cash consideration ($) Amount of securities Class of securities
WAM Microcap Limited12/08/2025
3,290,194.85- 3,463,363
Ordinary shares
WAM Microcap Limited14/08/2025
42,872.61- 41,016
Ordinary shares
WAM Microcap Limited29/08/2025
151,982.63- 150,000
Ordinary shares
WAM Microcap Limited4/09/2025
36,132.51- 36,082
Ordinary shares
WAM Microcap Limited11/09/2025
21,377.76- 21,453
Ordinary shares
WAM Microcap Limited15/09/2025
128,348.01- 128,492
Ordinary shares
WAM Microcap Limited10/10/2025600,000.00-
631,578 Ordinary shares
Signed: _______________________
Date: 14/10/25