Regal Partners Lowers Stake in Enero Group from 17.94% to 16.03% Following Late June Trades

Regal Partners’ Voting Stake in Enero Group Drops to 16.03% After June Transactions

On 2 July 2026, Regal Partners Funds Management Pty Limited and its associates lodged a Form 604 Notice of Change of Interests of Substantial Holder with Enero Group Ltd, revealing a decrease in their combined relevant interest following transactions completed by 30 June 2026. The prior notification was submitted on 25 June 2026, dated 23 June 2026.

Previously, Regal Partners and its associates held 16,273,648 ordinary shares, representing 17.94% of Enero Group’s voting power. After the recent transactions, their holding stands at 14,541,688 shares, or 16.03%, based on the company’s total share count of 90,735,121. This reflects a net reduction of 1,731,960 shares during the reporting period, marking a notable change in one of the company’s largest institutional holdings.

Details of Buy and Sell Transactions Between 24 and 30 June 2026

The filing’s annexure specifies the transactions causing the change. On 24 June 2026, Regal Partners sold 1,500,000 ordinary shares for $457,500.00 and simultaneously repurchased the same number of shares for the identical amount. Additionally, on the same day, they sold 93,894 shares for $29,323.10.

On 25 June 2026, they sold 59,111 shares for $17,207.21 and 189,319 shares for $54,220.96. The final transactions on 30 June 2026 included a sale of 1,700,000 shares for $544,000.00 and a purchase of 310,364 shares for $99,316.48. Collectively, these trades resulted in a net reduction of approximately 1.73 million shares in Regal Partners’ relevant interest in Enero Group.

Distribution of Regal Partners’ Holdings Across Multiple Custodians

The notice reveals that Regal Partners and its associates hold their interests through various custodian and nominee arrangements. The largest block comprises 6,673,112 shares registered with UBS Nominees Pty Ltd, with UBS AG, Australia Branch as the entitled party. Another 4,276,042 shares are held via HSBC Custody Nominees (Australia) Limited A/C 2, with Morgan Stanley & Co Intl PLC as the entitled party.

Other holdings include 2,490,487 shares through Palm Beach Nominees Pty Limited for Barrenjoey Markets Pty Limited, 607,252 shares via Merrill Lynch (Aus) Nominees Pty Ltd linked to Merrill Lynch International Limited, 444,595 shares through Citicorp Nominees Pty Limited for Citigroup Global Markets Limited, and 50,200 shares registered with J.P. Morgan Prime Nominees Ltd on behalf of J.P. Morgan Securities PLC. Regal Partners’ relevant interest arises from the power to dispose or control the disposal of these securities. The total across all custodians equals 14,541,688 ordinary shares.

Corporate Entities Behind Regal Partners’ Substantial Holding

The substantial holding is attributed to Regal Partners Funds Management Pty Limited (ACN 610 797 138) acting as investment manager. Where applicable, Regal Partners Holdings Pty Limited (ACN 107 576 821) serves as trustee. Regal Partners Limited (ACN 129 188 450) is the ultimate controller of these entities and is a relevant party due to this control relationship.

All three entities share the registered address: Level 46, Gateway, 1 Macquarie Place, Sydney NSW 2000. The notice was signed by Ilana Stringer in her capacity as Director, dated 2 July 2026. This corporate structure—comprising an investment manager, trustee, and ultimate controller—is typical among institutional fund managers operating in Australian equity markets under the Corporations Act 2001 and reflects the broad definition of "relevant interest" under Section 671B of the Act.

Interpretation of the Simultaneous Buy and Sell of 1.5 Million Shares on 24 June

A notable aspect of the disclosed transactions is the simultaneous sale and purchase of 1,500,000 shares on 24 June 2026, both at $457,500.00. Such transactions, where identical numbers of shares are sold and repurchased at the same price on the same day, often occur within institutional fund management for administrative, portfolio allocation, or custodian-transfer purposes—such as transferring securities between managed funds or restructuring beneficial ownership within an associated group.

The announcement does not specify the exact rationale for this simultaneous trade. Importantly, this pair of transactions had a neutral net effect on Regal Partners’ total relevant interest, while the other transactions between 24 and 30 June produced the net reduction that triggered the updated substantial holder notice.

Significance of the 16.03% Holding Threshold in Enero Group’s Share Register

In Australia, substantial holding notices must be filed when a person or group holds 5% or more of a company’s voting shares and updated when the interest changes by 1% or more. The decrease from 17.94% to 16.03%—a drop of approximately 1.91 percentage points—exceeds this threshold, requiring Regal Partners to file the updated notice within two business days of the 30 June 2026 change, consistent with the 2 July 2026 filing.

At 16.03%, Regal Partners remains a major shareholder with significant influence over ordinary resolutions. The reduction brings their stake closer to 15%, a level some analysts monitor as a potential indicator of changes in institutional investor conviction.

Use of Enero Group’s Share Count of 90,735,121 for Percentage Calculations

Percentage holdings are calculated using Enero Group’s disclosed total of 90,735,121 ordinary shares as of 25 June 2026. This consistent denominator supports verification of both the prior 17.94% and current 16.03% holdings.

Any future changes in total shares on issue—such as capital raisings, buybacks, or option exercises—would affect percentage holdings even if the absolute number of shares held remains unchanged. Enero Group has not announced any such changes in connection with this notice. Investors should consult the company’s updates for the latest capital structure information.

Implications for Investors Tracking Institutional Sentiment in Enero Group

Movements by institutional substantial holders are closely watched as indicators of sentiment among sophisticated market participants. Regal Partners’ reduction from nearly 18% to about 16% of voting shares represents a net disposal of roughly 1.73 million shares over the week ending 30 June 2026. The disclosed consideration values imply transaction prices around $0.30 to $0.32 per share for the sales, though these figures are approximate and may not exactly reflect market prices.

The immediate impact on Enero Group’s share price from this reduction is unclear. Investors may monitor upcoming substantial holder notices from Regal Partners for signs of further changes—either increases or decreases—that could signal shifts in investment conviction. As of 30 June 2026, Regal Partners and its associates remain a substantial and active shareholder with 14,541,688 ordinary shares and 16.03% voting power.

Future Disclosure Requirements and Triggers for Additional Substantial Holder Notices

Under the Corporations Act 2001, Regal Partners and associates must file further substantial holder notices if their relevant interest changes by 1% or more from the current 16.03% level, whether upward or downward. This corresponds to a movement of approximately 907,351 shares or more and must be reported within two business days of the change.

Investors should view the 16.03% stake as a current snapshot rather than a fixed position. Given the volume of trading activity over a short period, further changes in Regal Partners’ holding are possible. The market will look for any new Form 604 filings in the coming weeks to gain updated insight into Regal Partners’ investment direction in Enero Group. Absent such filings, the 2 July 2026 notice remains the most recent and legally current record of their substantial interest.