State Street Corporation Falls Below 5% Ownership in Kingsgate Consolidated as of 29 June 2026

State Street Ends Substantial Holder Status in Kingsgate Consolidated as of 29 June 2026

State Street Corporation, a leading global custodial banking and asset management firm, formally notified Kingsgate Consolidated Limited that it and its subsidiaries ceased to be substantial holders in the gold miner effective 29 June 2026. The notification, submitted via Form 605 under Section 671B of the Corporations Act 2001, was signed by authorised signatory Alok Maheshwary and lodged with the ASX on 1 July 2026.

Australian securities regulations require entities holding 5% or more of a listed company’s voting shares to notify the company upon crossing this threshold in either direction. The Form 605 filing indicates State Street’s aggregate relevant interest in Kingsgate Consolidated ordinary shares dropped below 5%, ending its substantial holder obligations. The prior notice was submitted on 25 June 2026 and dated 23 June 2026, highlighting a swift succession of position changes within days.

Collateral and Stock Lending Transactions Drove the Reduction in State Street’s Relevant Interest

The update specifies that the reduction in State Street’s relevant interest was primarily due to collateral received transactions and at least one stock lending movement. Most activity occurred on 24 June 2026, with State Street Bank and Trust Company identified as the entity responsible for the majority of changes detailed in Annexure A. One transaction was a "Lend - for stock lend" involving 1,200 ordinary shares at $5.53 per security, while others were "collateral received" with no stated consideration.

Additionally, State Street Global Advisors, Australia, Limited recorded a transfer in of 562,596 ordinary shares on 24 June 2026. When aggregated, these transactions resulted in the combined relevant interest falling below the 5% substantial holder threshold. The company update did not summarize exact share counts or percentage holdings before and after the cessation, though Annexure A provides detailed line-by-line security movements.

Subsidiaries Named in the Form 605 Filing

The Form 605 lists six State Street entities whose combined relevant interest is addressed: State Street Bank and Trust Company (1 Congress Street, Boston MA 02114, USA); SSGA Funds Management, Inc. (One Congress Street, Suite 1, Boston MA 02114, USA); State Street Global Advisors Trust Company (Boston-based); State Street Global Advisors Limited (20 Churchill Place, London, UK); State Street Global Advisors Europe Limited (78 Sir John Rogerson's Quay, Dublin 2, Ireland); and State Street Global Advisors, Australia, Limited (Level 15, 420 George Street, Sydney NSW 2000, Australia).

Each non-bank entity is described as a subsidiary of State Street Corporation, establishing their common control for disclosure purposes. State Street Bank and Trust Company, the custodial arm, handled most collateral-related share movements, while the Australian subsidiary was responsible for the large 562,596-share transfer in on 24 June 2026.

Significance of the 562,596-Share Transfer In

The largest single transaction noted in Annexure A is the transfer in of 562,596 ordinary shares to State Street Global Advisors, Australia, Limited on 24 June 2026. Classified as a "Transfer in" rather than collateral receipt, this indicates a movement of securities into custody or beneficial ownership rather than a temporary collateral arrangement.

Despite this substantial inflow, the net effect of all transactions—including smaller collateral receipts and outbound movements—lowered State Street’s combined relevant interest below 5%. The company update does not provide a consolidated figure for pre- and post-transaction holdings; investors must aggregate individual line items in Annexure A and reference the 23 June 2026 notice for precise calculations.

Context Provided by the 23 June 2026 Substantial Holding Notice

This cessation notice follows a prior substantial holding notice lodged on 25 June 2026, dated 23 June 2026, which confirmed State Street’s substantial holder status at that time. The rapid sequence of filings—a substantial holder notice followed by a cessation notice within six days—reflects swift portfolio adjustments, collateral arrangements, and lending activities within State Street’s Australian equities operations during late June 2026.

The timing aligns with the Australian financial year-end on 30 June 2026, a period when institutional managers, custodians, and index-tracking funds often rebalance portfolios, close lending arrangements, and adjust collateral to meet reporting requirements. While the update does not explicitly attribute the changes to year-end activity, the concentration of transactions on 24 June and cessation on 29 June is consistent with these market patterns.

Kingsgate Consolidated’s Institutional Ownership and Shareholder Register

Kingsgate Consolidated is an Australian gold mining company known for the Chatree Gold Mine in Thailand, which has a complex operational and regulatory history. Institutional investors have shown interest due to the company’s gold exposure and efforts to resume or expand Chatree operations. State Street typically holds shares through index funds or discretionary mandates, reflecting passive index weightings rather than active investment decisions specific to Kingsgate.

State Street’s exit from the substantial holder register does not necessarily indicate a negative outlook on Kingsgate’s business prospects. As a custodial and index manager, State Street’s position changes often result from fund flows, index rebalancing, collateral mechanics, and securities lending rather than company-specific analysis. Investors should consider this when interpreting the filing. No immediate share price impact was evident at the time of publication.

Australian Securities Law Requirements for Ceasing Substantial Holder Status

Under Section 671B of the Corporations Act 2001, any person whose relevant interest falls below 5% of a company’s voting shares must notify the company and ASX promptly, within two business days of becoming aware. The prescribed Form 605 is used for this notification. State Street’s filing on 1 July 2026, effective 29 June 2026, complies with these statutory requirements.

The "relevant interest" concept encompasses direct ownership and interests arising from agreements, proxies, options, securities lending, and collateral arrangements. Consequently, a custodial bank like State Street Bank and Trust Company may hold relevant interest through securities lending programs without conventional ownership. When the aggregate relevant interest across State Street’s entities dropped below 5%, the obligation to file a Form 605 was triggered.

Details on Securities Lending and Collateral Transactions

The predominant transaction type in Annexure A is "Collateral received," denoting securities posted as collateral by borrowers in securities lending arrangements. When State Street Bank and Trust Company acts as securities lending agent, it may receive shares as collateral against loans of other securities. These collateral receipts temporarily create relevant interest, even though State Street may not be the beneficial owner.

Unwinding or reducing collateral positions can cause fluctuations in State Street’s aggregate relevant interest over short periods. This explains the presence of both positive (collateral received, transfer in) and negative movements in the filing within a brief timeframe. Retail investors unfamiliar with institutional securities lending should note these movements do not necessarily indicate open-market buying or selling of Kingsgate shares on the ASX.

Investor Considerations Following State Street’s Substantial Holder Exit

With State Street no longer a substantial holder, investors should monitor whether other institutional investors approach or exceed the 5% threshold on Kingsgate’s register, which would trigger new Form 604 substantial holder notices. Changes in institutional ownership of a mid- or small-cap miner like Kingsgate can influence trading liquidity and share price volatility, especially if a large holder builds or reduces a strategic stake.

Upcoming milestones for Kingsgate investors are likely operational and regulatory, related to the company’s core gold mining activities and developments at the Chatree project in Thailand. This update is a corporate governance disclosure only, containing no operational guidance, financial results, or production data. Investors should consult Kingsgate’s latest operational updates, quarterly reports, and announcements regarding mining operations and legal matters in Thailand to assess the company’s outlook.