SPH Notice - Ellerston Capital Limited

This is Annexure B of 2 pages referred to in Form 2 SPH Disclosure of movement or change in SPH
Ellerston Capital Limited
ABN 34 110 397 674
AFSL No. 283 000
Level 11, 179 Elizabeth Street
Sydney NSW 2000
Phone +612 9021 7797
Fax +612 9261 0528
www.ellerstoncapital.com
TO:The Manager, Company Announcements, NZX
FAX No:
FROM:Ellerston Capital Limited
DATE:28/11/2025
NO. OF PAGES (Including this page)7
Dear Manager
RE:
We note that the shares reported in this Form are owned by third party accounts under the discretionary investment
management of Ellerston Capital Limited.
None of Ellerston Capital Limited, nor any of its shareholders or any of their associates hold a direct interest
in any shares disclosed in this Form.
Yours sincerely,
Ian Kelly
Company Secretary
Ellerston Capital Limited
Black Pearl Group Limited - Form 2 SPH Disclosure of movement or change in SPH
We attach our notice of change in nature of relevant interest in respect of Black Pearl Group Limited as of 25/11/2025.

1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To [The Manager, Company Announcements, NZX]
and
To [BLACK PEARL GROUP LIMITED (NZBN 9429030470200)]
Relevant event being disclosed: [change in nature of relevant interest]
Date of relevant event:24/11/2025
Date this disclosure made:28/11/2025
Date last disclosure made:20/08/2025
Substantial product holder(s) giving disclosure
Full name(s): [Ellerston Capital Limited (Primary Person) (ACN 110 397 674), and its
associates being those persons listed in Annexure B]
Summary of substantial holding
Class of quoted voting products: [Securities]
Summary for [Ellerston Capital Limited (Primary Person) (ACN 110 397 674), and its
associates being those persons listed in Annexure B]
For this disclosure,—
(a) total number held in class: [5,195,852]
(b) total in class: [5,195,852]
(c) total percentage held in class: [5.47%]
For last disclosure,—
(a) total number held in class: [4,617,817]
(b) total in class: [4,617,817]
(c) total percentage held in class: [6.11%]
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: [Refer to Annexure A]
Details after relevant event
Details for [name of substantial product holder(s)]
Nature of relevant interest(s): [eg, registered holder and beneficial owner of financial
products, conditional put option with X Limited, derivative relevant interest over quoted
underlying. State whether a relevant agreement document is attached (with the number

2
of pages) or was attached to a previous disclosure (with date of that disclosure) or need
not be attached under regulation 139.]
For that relevant interest,—
(a) number held in class: [5,195,852]
(b) percentage held in class: [5.47%]
(c) current registered holder(s):
[1. State Street (Australia) Ltd – 4,519,044 Securities held
2. JPMorgan Chase – 676,808 Securities held]
(d) registered holder(s) once transfers are registered:
[1. State Street (Australia) Ltd – 4,519,044 Securities held
2. JPMorgan Chase – 676,808 Securities held]
For a derivative relevant interest, also—
(a) type of derivative: [Securities]
(b) details of derivative: [Refer to Annexure A]
(c) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: [Refer to annexures]
Additional information
Address(es) of substantial product holder(s):
Name Address
See Annexures
The Substantial Shareholder – c/- Level
11, 179 Elizabeth Street, Sydney, NSW,
2000

The Substantial Shareholder – c/- Level
11, 179 Elizabeth Street, Sydney, NSW,
2000
BLACK PEARL GROUP LIMITED
Duncan Cotterill, Level 5, 50 Customhouse
Quay, Wellington 6011
Contact details:
[Contact details:
Ian Kelly
ikelly@ellerstoncapital.com
02 9021 7731]

3
*Nature of connection between substantial product holders: [Refer to Annexure B]
*Omit if disclosure is made for only 1 substantial product holder.
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]
*Disclosure has effect for purposes of directors’ and senior managers’ disclosure
[Not applicable] is also a [Not applicable] of [Not applicable]. This disclosure also
constitutes disclosure for the purposes of the directors’ and senior managers’ disclosure
obligations.
*Omit if inapplicable (see section 302 of the Financial Markets Conduct Act 2013).
Certification
I, [Ian Kelly], 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.

Ian Kellycapacity
date
Black Pearl Group Limited
Signature
Company Secretary
print name
sign here
This is Annexure B of 2 pages referred to in Form 2 SPH Disclosure of movement or change in SPH
28/11/2025
Date of Change
Person whose relevant interest
changed
Consideration give in relation to
change (5)
Class (6) and number of securities
affected
14/11/2025Primary Person$500,000.28578,035 Securities

065 064 164
065 059 458
006 530 347
150 851 666
604 022 899
082 885 961
137 556 524
Northkom Pty Ltd
Manoc Developments Pty Ltd
Jasopt Pty Ltd
CPH Zillow Holdings Pty Limited
CPH Zhaopin Holdings I Pty Limited
CPH Zhaopin Holdings Pty Limited
CPH S.One I Pty Limited
CPH Gaming II Pty Limited
We attach our notice of change in nature of relevant interest in respect of Black Pearl
CPH (Ellerston Leisure) Holdings Pty Limited
CPH Gaming IVB Pty Limited
CPH Gaming IVA Pty Limited
CPH Gaming III Pty Limited
Ellerston Capital Limited
EC Ventures GP Pty Limited
ECS Investment Partners Pty Ltd
CPH Zillow Holdings I Pty Limited
CPH Gaming I Pty Limited
096 130 899
606 074 864
166 264 375
603 299 074
603 300 090
603 295 923
603 295 674
122 328 652
CPH S.One Holdings Pty Limited
Jaslib Pty Ltd
Hoyts Cinemas Operations Pty Ltd
Northkom I Pty Limited
Consolidated Press (Finance) II Pty Ltd603 295 834
Consolidated Press (Finance) III Pty Ltd604 881 030
Consolidated Press Property Pty Ltd
Consolidated Press Investments Pty Ltd
080 695 754Cavalane Holdings Pty Ltd
Ellerston Opportunities Pty Ltd
CPH Crown Holdings Pty Limited
110 397 674
603 298 344
603 298 719
603 297 310
608 726 334
603 296 546
603 297 927
603 296 537
603 296 162
603 296 804
001 557 035
071 513 409
008 394 492
160 602 853
088 047 974
This is Annexure B of 2 pages referred to in Form 2 SPH Disclosure of movement or change in SPH
Black Pearl Group Limited
date28/11/2025
Signature
print name
Ian Kellycapacity
Company
Secretary
sign here
008 394 134
001 735 075
123 039 305
Castwo Pty Ltd084 494 520
CPH Capital Pty Ltd
The following entities represent the Passive Substantial Holders. Each is a related body corporate of the Principal Person
or a person that controls a related body corporate of the Principal Person and so an associate of the Primary Person under
section 12(2)(a) of the Corporations Act, and therefore a substantial holder in the Company.
PARTY/ENTITY NAME
AUSTRALIAN
COMPANY
008 457 869
008 394 509
004 160 703
000 089 118
Consolidated Custodians Pty Ltd
Conpress Securities Pty Limited
Consolidated Press Holdings Pty Limited
Consolidated Press Financial Services Pty Ltd
Consolidated Press (Finance) Pty Ltd
Consolidated Gaming Pty Ltd
Bareage Pty Ltd
Chermon Pty Ltd
Conpress Holdings Pty Ltd
Cairnton Holdings Limited
Cairnton Pty Ltd
060 526 865

PARTY/ENTITY NAME
AUSTRALIAN
COMPANY
627 444 464
633 536 179
633 535 565
002 348 503
056 229 728
058 139 923
084 494 495
084 494 575
602 375 253
084 712 774
066 234 900
601 640 215
Siltwo Pty Ltd
Silthree Pty Ltd
Toray Pty Ltd
Toranaga Pty Ltd
Tastee Shears Holdings Pty Limited
Wilbur One Aus Pty. Limited
Wilbur Holdings Aus Pty. Limited
ScrumPac Pty Ltd
Savabow Pty Ltd
Samenic Pty Limited
S.One Holding Company Pty Limited
Ridgegate Proprietary Limited