FirstCape Group Boosts Ryman Healthcare Stake to 8.803% Following Continued Market Purchases

FirstCape Group Surpasses 8.8% Ownership Mark in Ryman Healthcare Shares

The update filed with NZX Limited on 1 July 2026 confirms that Wellington-based financial services and investment management firm FirstCape Group Limited has substantially increased its economic interest in Ryman Healthcare. This change triggers disclosure requirements under Sections 277 and 278 of New Zealand's Financial Markets Conduct Act 2013, mandating substantial product holders to report any holding changes of 1% or more.

FirstCape now holds 89,433,860 ordinary shares through its subsidiary network, representing 8.803% of Ryman's total share class of 1,015,729,081 ordinary shares. This positions FirstCape among the largest institutional shareholders of the company. The increase of over one percentage point since April 2025 reflects a deliberate and meaningful accumulation over roughly 14 months, as detailed in the disclosure.

Position Built Through On-Market Trades by Four Subsidiaries

The disclosure details the accumulation across four wholly-owned FirstCape subsidiaries. Harbour Asset Management led the activity, acquiring 19,384,272 shares valued at $46,765,849.61 and disposing of 17,177,089 shares for $43,020,088.23 during the period. BNZ Investment Services Limited purchased 3,840,738 shares for $9,496,923.98 and sold 4,397,202 shares for $10,802,943.27, resulting in a net decrease in its individual holding, though the overall group position increased.

JBWere (NZ) Limited was a significant net buyer, acquiring 9,517,943 shares for $22,875,144.04 and selling 1,745,856 shares for $4,372,622.68, along with an additional 215,298 shares transferred via net DIMS (Discretionary Investment Management Service) transfers. Consilium Limited contributed minimally, purchasing 15,490 shares for $33,062.74 and recording no sales during the period. Collectively, these transactions resulted in a net gain of approximately 10.21 million shares for FirstCape overall.

Harbour Asset Management Holds Largest Individual Stake at 6.661%

As of 30 June 2026, Harbour Asset Management Limited holds 67,653,109 Ryman shares, equivalent to 6.661% of the total shares on issue. This makes Harbour the largest single contributor to FirstCape's aggregate position. Harbour's relevant interest arises from investment powers granted by trust deeds and investment management agreements with clients, including BNZ Investment Services Limited, meaning some shares attributed to Harbour and BNZ Investment Services overlap in the group total.

The disclosure states Harbour has the authority to exercise or control voting rights and to acquire or dispose of shares on behalf of clients. FirstCape Group Limited holds these powers indirectly as Harbour's ultimate owner. This structure is common in institutional investment management, where the parent entity aggregates positions managed by its subsidiaries to become a substantial holder.

JBWere (NZ) and BNZ Investment Services Hold 2.143% and 1.620% Respectively

JBWere (NZ) Limited now holds 21,765,261 Ryman shares, representing 2.143% of the total share class after the event date. Similar to Harbour, JBWere (NZ) holds its relevant interest through investment management agreements with clients who are the beneficial owners. FirstCape exercises these powers indirectly as JBWere (NZ) Limited's ultimate owner. During the period, JBWere's gross purchases of $22.9 million significantly exceeded its $4.4 million in sales, making it a notably active net buyer.

BNZ Investment Services Limited (BNZIL) holds 16,451,433 shares, or 1.620% of the total class. Uniquely, BNZIL has beneficial ownership of its shares, which Harbour manages under an investment management agreement, so BNZIL's position is also included within Harbour's total. Consilium Limited maintains a minor position of 15,490 shares, representing 0.002% of the class, reflecting limited activity during the period.

Previous Substantial Holding Disclosure Filed in April 2025

FirstCape's prior formal disclosure was lodged on 28 April 2025, reporting ownership of 79,223,802 Ryman shares, or 7.800% of the then total share class of 1,015,712,784 ordinary shares. The current disclosure thus covers approximately 14 months of cumulative on-market trading by the four subsidiaries before surpassing the 1% threshold that mandates a new disclosure.

Ryman Healthcare's total shares on issue have increased slightly from 1,015,712,784 to 1,015,729,081 during this period, indicating minimal new equity issuance. Consequently, most of FirstCape's stake increase is attributable to active purchasing rather than dilution effects, underscoring a strategic accumulation approach.

Legal Basis of FirstCape's Relevant Interest in Ryman Shares

The disclosure complies with New Zealand's Financial Markets Conduct Act 2013, which requires substantial product holders to report changes of 1% or more in their holdings. FirstCape Group Limited is identified as the ultimate owner of the four subsidiaries, holding its relevant interest in Ryman shares indirectly through their investment management powers.

The nature of relevant interest varies by subsidiary. Harbour and JBWere (NZ) derive their interest from voting and disposal powers under investment management agreements and trust deeds with clients. BNZ Investment Services holds a direct beneficial ownership stake managed by Harbour. Consilium's interest pertains only to voting rights without acquisition or disposal powers. This legal structure is typical in New Zealand's managed funds environment and does not diminish the combined economic significance of the position.

Shares Registered Through Custodians and Nominees for Subsidiaries

The disclosure lists various registered holders acting as nominees or custodians for FirstCape subsidiaries. For on-market purchases, the registered holder is often unknown at disclosure time—a standard feature of settlement-period reporting—with intended registered holders including nominees or custodians for Harbour Asset Management Limited, JBWere (NZ) Nominees Limited, and FNZ Custodians Limited.

For on-market sales, registered holders include nominees or custodians for Harbour Asset Management, JBWere (NZ) Nominees Limited, FNZ Custodians Limited, and BNZ Investment Services. The use of nominee and custodian arrangements is standard in institutional equity management and does not affect conclusions about beneficial ownership.

Implications of Stake Increase for Institutional Sentiment on Ryman Healthcare

Ryman Healthcare operates one of Australasia's largest retirement village and aged-care networks across New Zealand and Australia. The company has faced challenges including cost pressures, capital-intensive development projects, and ongoing refinancing and balance sheet management. The sustained accumulation by a major investment group like FirstCape may indicate perceived value in Ryman's stock at current levels.

It is important to note that substantial holder disclosures reflect past transactions rather than future intentions. The disclosure does not specify reasons for FirstCape's accumulation, and attributing any particular investment thesis would be speculative. Moreover, shares are held across managed funds on behalf of clients, so decisions reflect the views of Harbour, JBWere (NZ), and Consilium investment teams rather than a single strategic call by FirstCape Group Limited. No immediate share price impact was evident from publicly available information.

Certification and Contact Information for the Disclosure

The disclosure is certified by Madeleine Pumphrey, who affirms the accuracy of the information to the best of her knowledge and confirms her authority to make the disclosure on behalf of all relevant parties. Contact details place her at FirstCape Group's Wellington office, Level 21, 171 Featherston Street, Wellington. She can be reached via the JBWere (NZ) email and telephone contacts provided in the document.

The disclosure also confirms no other person is believed to have made or be required to make a separate disclosure under the Financial Markets Conduct Act 2013 regarding the same financial products. This ensures the market has a complete view of FirstCape's aggregate substantial holding in Ryman Healthcare as of 30 June 2026, subject to future movements triggering further disclosures.

Investor Considerations Following the Stake Increase

Investors should monitor any subsequent disclosures from FirstCape Group indicating a 1% or more change—upward or downward—in its aggregate Ryman Healthcare holding. Continued accumulation approaching 9% to 10% would likely attract further market attention, while significant reductions might signal shifts in investment outlook by FirstCape's subsidiary fund managers.

Additionally, investors may wish to track Ryman Healthcare's own corporate announcements for updates on earnings guidance, balance sheet developments, or strategic plans that could influence institutional positioning. This disclosure is solely a substantial holder notification and does not include new operational or financial guidance. For comprehensive insights into Ryman's financial performance and outlook, investors should consult the company’s separate market disclosures and results announcements.