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Mader Group Limited (ASX:MAD), a global specialist technical services provider, has announced a change in the indirect shareholding interests of its CEO, Justin Nuich, following his wife Candice Nuich’s entry into a Loan Facility with Equities First Holdings LLC. As part of this arrangement, one million ordinary shares of Mader Group previously owned by Mrs Nuich were transferred to HSBC Custody Nominees (Australia) Pty Ltd acting as Custodian for Equities First. Of these, 750,000 shares are pledged as security for the loan, while 250,000 shares were transferred under a Share Possession Agreement. The three-year loan facility does not affect Mr Nuich’s beneficial ownership of these shares, a fact explicitly confirmed by the company. Investors and Market Participants monitoring director-related interests in MAD shares should note the custodial arrangement now governing these securities.
Key Points
- Mader Group Limited (ASX:MAD), a global specialist technical services firm headquartered in Applecross, Western Australia
- CEO Justin Nuich’s wife, Candice Nuich, has secured a three-year loan facility with Equities First Holdings LLC, backed by Mader Group shares
- One million ordinary shares transferred to HSBC Custody Nominees (Australia) Pty Ltd as custodian for Equities First — 750,000 shares pledged as loan security, 250,000 shares transferred under a Share Possession Agreement
- The beneficial ownership of the shares remains unchanged; shares will be returned to Mrs Nuich upon full loan repayment
- The change was recorded on 24 June 2026; company update released on 1 July 2026
- Investors should monitor for future disclosures regarding Margin Call events, loan repayment, or further changes to the director’s interest register
Details from Appendix 3Y Filing on Justin Nuich’s Indirect Share Interests
On 1 July 2026, Mader Group Limited submitted an Appendix 3Y — Change of Director’s Interest Notice — to the ASX concerning CEO Justin Nuich. This filing complies with ASX Listing Rule 3.19A.2 and Corporations Act section 205G, which require disclosure of changes in directors’ notifiable interests in securities and contracts. The change of interest is dated 24 June 2026, with the prior notice for Mr Nuich filed on 13 March 2026.
The filing clarifies that Mr Nuich’s interest in the shares is indirect, as they are held by his spouse, Candice Nuich. No direct acquisition or disposal of shares by Mr Nuich occurred in connection with this notice. The total number of fully paid ordinary shares in which Mr Nuich holds an indirect interest remains 1,245,576, though registered holdings across entities have been updated to reflect the new custodial arrangements for one million shares.
Structure of Candice Nuich’s Equities First Loan Facility
Candice Nuich has entered a Margin Lending facility with Equities First Holdings LLC, a global alternative asset manager specializing in non-recourse Equity-backed loans. Under this facility, Mrs Nuich transferred one million fully paid ordinary Mader Group shares to HSBC Custody Nominees (Australia) Pty Ltd, acting as custodian for Equities First. The transfer, described as an off-market transaction, is governed by a Master Loan Agreement, a Share Possession Agreement, and a Deed of Security.
Of these shares, 750,000 are pledged as security for the loan, while 250,000 were transferred under the Share Possession Agreement, a typical feature of Equities First arrangements. The loan term is three years. Upon full repayment of the loan, all shares will be returned to Mrs Nuich. The company explicitly confirmed there has been no change in beneficial ownership due to these arrangements.
Margin Call Terms Within the Equities First Facility
The company update did not disclose the loan amount, Interest Rate, or margin thresholds. However, the filing outlines that Equities First may require Mrs Nuich to provide cash to meet margin calls if the value of the secured shares falls below set levels.
Importantly, the notice states that Equities First may sell the 750,000 shares pledged as Collateral if margin calls are unmet or the loan is not repaid on time. This creates a conditional possibility that Mader Group shares could re-enter the market, contingent on default events. Investors tracking director-related share activity in MAD should be aware of this potential, although no immediate trigger is indicated in the current filing.
Overview of Justin Nuich’s Indirect Shareholdings Across Entities
Before 24 June 2026, Mr Nuich held an indirect interest in 1,245,576 fully paid ordinary Mader Group shares distributed as follows: 1,031,516 shares held directly by Candice Nuich; 2,700 shares jointly held by Justin and Candice Nuich; and 211,360 shares held by Nuich Betros Pty Ltd as Trustee for the Nuich Family super fund, where Mr Nuich is director, Shareholder, and beneficiary.
After the change, the shares held directly by Mrs Nuich were split: 31,516 remain in her name, while one million shares were transferred to HSBC Custody Nominees as custodian for Equities First, now separately disclosed. The total indirect interest of 1,245,576 shares remains unchanged. Additionally, Mr Nuich holds an indirect interest in 1,500,000 Performance Rights held as trustee for the J&C Nuich family trust, subject to vesting conditions disclosed in the company’s 7 September 2021 Notice of Annual General Meeting, expiring on 6 October 2026.
Upcoming Expiry of Performance Rights in October 2026
Separate from the loan facility, the Appendix 3Y highlights 1,500,000 Performance Rights held by Mr Nuich as trustee for the J&C Nuich Family Trust. These rights, subject to vesting conditions outlined in the company’s 7 September 2021 AGM notice, expire on 6 October 2026. The filing does not specify the vesting status or whether conditions have been met.
The October 2026 expiry represents a near-term event on the director’s interest register. Should these rights vest and convert to ordinary shares, a further Appendix 3Y filing would be required. No update on vesting was provided in this filing.
Mader Group’s Global Technical Services Scale Provides Disclosure Context
Mader Group Limited is a global leader in specialist technical services, serving over 490 customers with approximately 4,000 in-house personnel. The company operates on flexible, cost-effective terms across multiple industries and geographies, supported by its labour market platform. This diversified operational base underscores the significance of director-related disclosures.
Mader Group was awarded Employer of the Year and Overall Business of the Year at the 2025 WA Business Awards, reflecting its prominence in Western Australia’s business community. Given the company’s profile, material changes in director shareholdings attract attention from both institutional and retail investors, making transparent Appendix 3Y disclosures essential.
No Closed Period Trading Concerns from Share Transfer
The Appendix 3Y confirms that the off-market transfer of one million shares to HSBC Custody Nominees as custodian for Equities First did not occur during any closed or restricted trading period requiring prior clearance. This compliance confirmation assures that the transaction adhered to Mader Group’s securities dealing policies and regulatory requirements.
Investor Considerations Following the Director’s Interest Update
While the update concerns the financial arrangements of a director’s spouse rather than company operations, the Equities First facility’s terms mean future events could prompt further ASX disclosures. Upon full loan repayment at the end of three years, the shares will be returned to Mrs Nuich, triggering an Appendix 3Y update. Conversely, margin call events could lead to disposal of secured shares, also necessitating disclosure.
The immediate market impact of this procedural update was unclear. However, investors may wish to monitor Mader Group’s director interest register as the loan term progresses, especially with the 1,500,000 Performance Rights expiring in October 2026, which could further affect reported interests in MAD securities.
