AUS
NZ
UK
CA
USA
IND
Cremorne Capital Limited, serving as the responsible entity for the Lowell Resources Fund, has officially ceased to be a substantial holder in Prima BioMed (ASX:PR2) following a series of share disposals in late June 2026. The fund sold a total of 8,040,659 ordinary shares across three transactions, bringing its voting interest below the 5% reporting threshold mandated by the Corporations Act 2001. This change in ownership was formally communicated in a company update signed by Company Secretary Julie Edwards on 2 July 2026. Market participants tracking Prima BioMed’s register will note the exit of this previously disclosed institutional-style investor.<\/p> <\/div>
Key Points<\/h3>
- Company: Prima BioMed (ASX:PR2)<\/li>
- Cremorne Capital Limited (responsible entity for Lowell Resources Fund) no longer holds a substantial stake in PR2<\/li>
- Three share sales occurred on 26 June, 29 June, and 30 June 2026, disposing of 8,040,659 ordinary shares for approximately $161,314.62 in total<\/li>
- The fund had previously acquired 1,470,588 shares on 7 November 2025 for $250,000<\/li>
- Investors should monitor the PR2 register for further changes and potential new substantial holders following this exit<\/li>
<\/ul>
<\/div>
Cremorne Capital's Gradual Withdrawal from Prima BioMed in June 2026<\/h2>
The company update details that Cremorne Capital Limited, acting as responsible entity for the Lowell Resources Fund, completed its exit from Prima BioMed’s share register through three sales on 26, 29, and 30 June 2026. These transactions collectively disposed of 8,040,659 ordinary shares. The phased approach aligns with typical institutional practices aimed at minimizing market impact when liquidating significant holdings.<\/p>
The largest sale occurred on 30 June 2026, when 7,522,888 shares were sold for $149,961.25. Additionally, 500,000 shares were sold on 26 June for $10,963.70, and 17,771 shares on 29 June for $389.67. Together, these disposals generated approximately $161,314.62, as disclosed in the annexure to the Form 605 filing.<\/p>
Analysis of Sale Prices and Implied Per-Share Values Received by Lowell Resources Fund<\/h2>
The disclosed figures indicate the 30 June sale price was just under $0.02 per share, based on 7,522,888 shares sold for $149,961.25. The 26 June sale of 500,000 shares and the 29 June sale of 17,771 shares both imply a price near $0.0219 per share. These calculations are derived from the disclosed consideration and share amounts and are provided for informational purposes.<\/p>
Notably, the fund’s earlier purchase on 7 November 2025 involved acquiring 1,470,588 shares for $250,000, implying a purchase price of about $0.17 per share. The significant gap between acquisition and disposal prices suggests the fund realized a considerable loss on at least part of its Prima BioMed holding. However, the update does not disclose the full composition or average cost basis of the fund’s position prior to the sell-down, nor does it provide additional financial details.<\/p>
Context of the November 2025 Share Acquisition Within Lowell Resources Fund’s History<\/h2>
Annexure A of the Form 605 confirms Cremorne Capital, on behalf of the Lowell Resources Fund, purchased 1,470,588 ordinary shares in Prima BioMed on 7 November 2025 for $250,000. This transaction represents the most recent acquisition recorded before the fund’s full exit less than eight months later.<\/p>
The fund’s decision to invest in PR2 in late 2025 and fully divest by June 2026 may attract interest from market observers. The update does not provide any explanation for either the initial investment or the subsequent complete disposal. Given the Lowell Resources Fund’s typical focus on the resources sector and Prima BioMed’s operations in life sciences and biotechnology, the strategic rationale behind the investment remains unclear.<\/p>
Cremorne Capital’s Role and the Importance of the Form 605 Filing<\/h2>
The Form 605, titled "Notice of ceasing to be a substantial holder," is a mandatory disclosure under Section 671B of the Corporations Act 2001. It must be lodged when an entity’s interest in a listed company falls below the 5% substantial holding threshold. This requirement promotes transparency regarding significant ownership changes that may impact shareholders and market participants.<\/p>
Cremorne Capital Limited submitted the Form 605 as responsible entity for the Lowell Resources Fund, with Company Secretary Julie Edwards signing on 2 July 2026—two business days after the final sale on 30 June 2026. The filing appears timely and compliant with regulatory deadlines. The form references the prior substantial holder notice that triggered this cessation, though the exact date of that notice is not legible in the update.<\/p>
Impact on Prima BioMed’s Share Register After Lowell Resources Fund’s Exit<\/h2>
The Lowell Resources Fund’s departure reduces the number of disclosed substantial holders on Prima BioMed’s register. For smaller ASX-listed companies like PR2, changes at this level can signal shifts in institutional sentiment and register stability. The full liquidation of a fund-style holder, rather than a partial reduction, may raise questions among shareholders about the company’s institutional support.<\/p>
This update solely addresses Cremorne Capital’s ownership change and does not comment on Prima BioMed’s operational or financial status, clinical developments, or other company matters. The immediate effect on the share price was not apparent from public information. Investors seeking a full view of the shareholder register should review all substantial holder notices lodged with the exchange.<\/p>
Aggregate Proceeds from June 2026 Share Sales<\/h2>
The three June 2026 sales combined to dispose of 8,040,659 ordinary shares for approximately $161,314.62. This total comprises $149,961.25 from 30 June, $10,963.70 from 26 June, and $389.67 from 29 June. All sales were straightforward share disposals, with no indication of options, warrants, convertible securities, or off-market arrangements.<\/p>
The disclosed consideration reflects gross proceeds received by the Lowell Resources Fund for the shares sold. The filing does not mention brokerage fees, taxes, or other transaction costs, which is typical for Form 605 disclosures. No further details on net proceeds or expenses were provided.<\/p>
Julie Edwards’ Role in Cremorne Capital’s Disclosure Process<\/h2>
The Form 605 was signed by Julie Edwards as Company Secretary of Cremorne Capital Limited on 2 July 2026, within the regulatory timeframe following the last share sale on 30 June 2026. Such sign-off by a company secretary is standard for responsible entities managing investment funds holding listed securities.<\/p>
Cremorne Capital Limited, as responsible entity for the Lowell Resources Fund, holds legal and fiduciary duties for managing the fund’s assets and meeting disclosure obligations. The substantial holder notice names Cremorne Capital rather than the underlying unitholders, consistent with Australian managed investment scheme structures under the Corporations Act 2001.<\/p>
Potential Implications of a Resources-Focused Fund Exiting a Biotechnology Holding<\/h2>
The Lowell Resources Fund’s focus on the resources sector contrasts with Prima BioMed’s life sciences and biotechnology operations, suggesting the fund’s investment may have been opportunistic or part of a diversified strategy. The update offers no insights into the fund’s reasons for entering or exiting the position, leaving any interpretation speculative.<\/p>
Investors monitoring Prima BioMed should watch for new substantial holder disclosures that might indicate renewed institutional interest after this exit. The update does not mention any agreements between Lowell Resources Fund and other parties regarding the transferred shares, nor any arrangements beyond the described market sales. Future company announcements will provide the best source of information on material developments affecting Prima BioMed.<\/p>
Regulatory Framework: Substantial Holder Reporting Under Australian Law<\/h2>
Australian corporations law requires any person or entity holding a "substantial holding"—defined as a relevant interest of 5% or more of voting shares in a listed company—to notify both the company and the exchange. Subsequent changes of 1% or more also trigger disclosure. When a substantial holder’s interest falls below 5%, a Form 605 must be lodged to formally record the cessation.<\/p>
These rules ensure market transparency and provide investors with accurate information about significant ownership changes. For Prima BioMed shareholders, this Form 605 lodgement confirms that as of 30 June 2026, the Lowell Resources Fund no longer holds a substantial interest, with the change officially notified in compliance with the Corporations Act 2001.<\/p>
Cremorne Capital's Gradual Withdrawal from Prima BioMed in June 2026<\/h2>
The company update details that Cremorne Capital Limited, acting as responsible entity for the Lowell Resources Fund, completed its exit from Prima BioMed’s share register through three sales on 26, 29, and 30 June 2026. These transactions collectively disposed of 8,040,659 ordinary shares. The phased approach aligns with typical institutional practices aimed at minimizing market impact when liquidating significant holdings.<\/p>
The largest sale occurred on 30 June 2026, when 7,522,888 shares were sold for $149,961.25. Additionally, 500,000 shares were sold on 26 June for $10,963.70, and 17,771 shares on 29 June for $389.67. Together, these disposals generated approximately $161,314.62, as disclosed in the annexure to the Form 605 filing.<\/p>
Analysis of Sale Prices and Implied Per-Share Values Received by Lowell Resources Fund<\/h2>
The disclosed figures indicate the 30 June sale price was just under $0.02 per share, based on 7,522,888 shares sold for $149,961.25. The 26 June sale of 500,000 shares and the 29 June sale of 17,771 shares both imply a price near $0.0219 per share. These calculations are derived from the disclosed consideration and share amounts and are provided for informational purposes.<\/p>
Notably, the fund’s earlier purchase on 7 November 2025 involved acquiring 1,470,588 shares for $250,000, implying a purchase price of about $0.17 per share. The significant gap between acquisition and disposal prices suggests the fund realized a considerable loss on at least part of its Prima BioMed holding. However, the update does not disclose the full composition or average cost basis of the fund’s position prior to the sell-down, nor does it provide additional financial details.<\/p>
Context of the November 2025 Share Acquisition Within Lowell Resources Fund’s History<\/h2>
Annexure A of the Form 605 confirms Cremorne Capital, on behalf of the Lowell Resources Fund, purchased 1,470,588 ordinary shares in Prima BioMed on 7 November 2025 for $250,000. This transaction represents the most recent acquisition recorded before the fund’s full exit less than eight months later.<\/p>
The fund’s decision to invest in PR2 in late 2025 and fully divest by June 2026 may attract interest from market observers. The update does not provide any explanation for either the initial investment or the subsequent complete disposal. Given the Lowell Resources Fund’s typical focus on the resources sector and Prima BioMed’s operations in life sciences and biotechnology, the strategic rationale behind the investment remains unclear.<\/p>
Cremorne Capital’s Role and the Importance of the Form 605 Filing<\/h2>
The Form 605, titled "Notice of ceasing to be a substantial holder," is a mandatory disclosure under Section 671B of the Corporations Act 2001. It must be lodged when an entity’s interest in a listed company falls below the 5% substantial holding threshold. This requirement promotes transparency regarding significant ownership changes that may impact shareholders and market participants.<\/p>
Cremorne Capital Limited submitted the Form 605 as responsible entity for the Lowell Resources Fund, with Company Secretary Julie Edwards signing on 2 July 2026—two business days after the final sale on 30 June 2026. The filing appears timely and compliant with regulatory deadlines. The form references the prior substantial holder notice that triggered this cessation, though the exact date of that notice is not legible in the update.<\/p>
Impact on Prima BioMed’s Share Register After Lowell Resources Fund’s Exit<\/h2>
The Lowell Resources Fund’s departure reduces the number of disclosed substantial holders on Prima BioMed’s register. For smaller ASX-listed companies like PR2, changes at this level can signal shifts in institutional sentiment and register stability. The full liquidation of a fund-style holder, rather than a partial reduction, may raise questions among shareholders about the company’s institutional support.<\/p>
This update solely addresses Cremorne Capital’s ownership change and does not comment on Prima BioMed’s operational or financial status, clinical developments, or other company matters. The immediate effect on the share price was not apparent from public information. Investors seeking a full view of the shareholder register should review all substantial holder notices lodged with the exchange.<\/p>
Aggregate Proceeds from June 2026 Share Sales<\/h2>
The three June 2026 sales combined to dispose of 8,040,659 ordinary shares for approximately $161,314.62. This total comprises $149,961.25 from 30 June, $10,963.70 from 26 June, and $389.67 from 29 June. All sales were straightforward share disposals, with no indication of options, warrants, convertible securities, or off-market arrangements.<\/p>
The disclosed consideration reflects gross proceeds received by the Lowell Resources Fund for the shares sold. The filing does not mention brokerage fees, taxes, or other transaction costs, which is typical for Form 605 disclosures. No further details on net proceeds or expenses were provided.<\/p>
Julie Edwards’ Role in Cremorne Capital’s Disclosure Process<\/h2>
The Form 605 was signed by Julie Edwards as Company Secretary of Cremorne Capital Limited on 2 July 2026, within the regulatory timeframe following the last share sale on 30 June 2026. Such sign-off by a company secretary is standard for responsible entities managing investment funds holding listed securities.<\/p>
Cremorne Capital Limited, as responsible entity for the Lowell Resources Fund, holds legal and fiduciary duties for managing the fund’s assets and meeting disclosure obligations. The substantial holder notice names Cremorne Capital rather than the underlying unitholders, consistent with Australian managed investment scheme structures under the Corporations Act 2001.<\/p>
Potential Implications of a Resources-Focused Fund Exiting a Biotechnology Holding<\/h2>
The Lowell Resources Fund’s focus on the resources sector contrasts with Prima BioMed’s life sciences and biotechnology operations, suggesting the fund’s investment may have been opportunistic or part of a diversified strategy. The update offers no insights into the fund’s reasons for entering or exiting the position, leaving any interpretation speculative.<\/p>
Investors monitoring Prima BioMed should watch for new substantial holder disclosures that might indicate renewed institutional interest after this exit. The update does not mention any agreements between Lowell Resources Fund and other parties regarding the transferred shares, nor any arrangements beyond the described market sales. Future company announcements will provide the best source of information on material developments affecting Prima BioMed.<\/p>
Regulatory Framework: Substantial Holder Reporting Under Australian Law<\/h2>
Australian corporations law requires any person or entity holding a "substantial holding"—defined as a relevant interest of 5% or more of voting shares in a listed company—to notify both the company and the exchange. Subsequent changes of 1% or more also trigger disclosure. When a substantial holder’s interest falls below 5%, a Form 605 must be lodged to formally record the cessation.<\/p>
These rules ensure market transparency and provide investors with accurate information about significant ownership changes. For Prima BioMed shareholders, this Form 605 lodgement confirms that as of 30 June 2026, the Lowell Resources Fund no longer holds a substantial interest, with the change officially notified in compliance with the Corporations Act 2001.<\/p>
