Pexa Group Limited Substantial Holder Update: State Street Corporation Increases Stake to 7.25%

Complex Multi-Entity Shareholding Structure of State Street in Pexa Group

State Street Corporation and its subsidiaries maintain a multifaceted shareholding arrangement in Pexa Group Limited through several related entities. The Form 604 notice specifies relevant interests held by State Street Bank and Trust Company, State Street Global Advisors Europe Limited, State Street Global Advisors Trust Company, and various SSGA-managed funds. Collectively, these entities represent one of the largest shareholder groups in the property exchange operator, holding numerous ordinary share tranches. This structure exemplifies the intricate nature of institutional ownership where global custodians and asset managers hold securities via multiple legal entities and investment vehicles.

This arrangement aligns with common practices among major international financial institutions, where holding companies, custodian banks, and asset management subsidiaries maintain separate registrations and voting rights. State Street Bank and Trust Company alone holds multiple tranches totaling substantial ordinary share positions. The holdings encompass diverse relevant interests, including securities lending agreements, collateral securities, and borrowed securities obligations, reflecting sophisticated institutional investment management within the global property exchange sector.

Increase in Voting Power and Relevant Interests as per Latest Disclosure

The latest Form 604 notice reveals an increase in voting power held by State Street entities from 6.23% as of 19 June 2026 to 7.25% as of 17 July 2026. This rise indicates significant changes in aggregate shareholdings or reclassification of relevant interests under the Corporations Act during the three-week interval. State Street continues to hold substantial shareholder status under section 671B of the Corporations Act, marking it as a key institutional investor in Pexa Group.

The detailed breakdown shows holdings ranging from small parcels of 27 shares to large tranches exceeding one million shares. Entities such as State Street Global Advisors Trust Company, SSGA Funds Management Inc., and State Street Global Advisors Limited also maintain direct relevant interests. Many holdings are subject to securities lending agreements, where State Street retains relevant interest through on-lending, collateral securities, and derivative structures common in institutional asset management.

Securities Lending and Collateral Arrangements Within State Street’s Holdings

A considerable portion of State Street’s relevant interests in Pexa Group are structured via securities lending, with State Street Bank and Trust Company lending securities while retaining relevant interest under section 608(8A) of the Corporations Act. The Form 604 identifies "lent securities" holdings where obligations to return exist under formal lending agreements, alongside collateral securities held as lender security. These arrangements are standard for custodians and asset managers, enabling efficient capital deployment while preserving control over securities.

The notice also references memo pledge securities and borrowed securities held through related entities, involving relevant interests under sections 608(1) and 608(8) of the Corporations Act. These complex layered holdings illustrate how global custodians manage multiple interest types across institutional portfolios, necessitating detailed Form 604 disclosures to clarify each category. This breadth underscores State Street’s role as a major institutional custodian managing diverse asset classes and investment vehicles.

Third-Party Funds and Pension Systems Managed by State Street

The Form 604 lists numerous third-party funds, pension systems, and investment vehicles holding Pexa Group shares through State Street as investment manager, trustee, or custodian. Notable institutional investors include the Police and Firemens Retirement System of New Jersey, The Regents of the University of California, the Teacher Retirement System of Texas, the Federal Retirement Thrift Investment Board, and the Washington State Investment Board. These entities hold ordinary shares with State Street controlling voting and disposal rights, illustrating how superannuation funds and pension systems gain exposure to Australian property technology infrastructure via major global custodians.

Additional holdings come from SSGA funds such as SSGA SPDR ETFs Europe I PLC, SSGA SPDR ETFs Europe II PLC, and SSGA SPDR Index Share Funds. Specialist investment vehicles including Arrowstreet Capital funds, Mercer Global Investments funds, and Dimensional Fund Advisors also hold positions through State Street’s platform. This diverse institutional exposure spans index funds, actively managed strategies, and thematic funds, collectively demonstrating broad institutional interest in Pexa Group shares consolidated through State Street’s custodian network.

Australian Superannuation Fund Aware Super’s Investment in Pexa Group

The Form 604 explicitly identifies Aware Super Pty Ltd, trustee of Aware Super, as a substantial holder with relevant interests in Pexa Group ordinary shares. As one of Australia’s largest superannuation funds, Aware Super’s investment highlights significant domestic institutional capital exposure to the property exchange platform operator. The relevant interest is documented as control over voting rights and disposal of securities as trustee, indicating direct beneficial ownership.

Aware Super’s holding was maintained or adjusted between 19 June 2026 and 17 July 2026. This investment reflects Australian retirement savings exposure to digital property transaction infrastructure. Although the exact shareholding quantity is not disclosed, Aware Super’s status as a substantial holder under the Corporations Act underscores the growing trend of Australian superannuation funds diversifying into technology and infrastructure assets linked to essential property market functions.

Disclosure Timeline and Regulatory Compliance Under the Corporations Act

The Form 604 notice complies with the Corporations Act’s substantial holder disclosure requirements. The previous notice dated 19 June 2026 was provided to Pexa Group on 23 June 2026, while the current update reflects changes as of 17 July 2026, marking a three-week gap between disclosures. This interval suggests material changes in relevant interests triggered the updated notification. The Form 604 mandates detailed reporting of each change, including dates, consideration, affected parties, and nature of changes under relevant legal provisions.

Pexa Group’s disclosure aligns with ASX listing rules and Corporations Act mandates requiring notification within two business days of acquiring or ceasing relevant interests impacting voting power thresholds. The notice is subsequently lodged with the ASX to ensure public transparency of institutional shareholding movements. While annexures with detailed changes are referenced, full content was not included in the standard notice format. This regulatory framework promotes transparency around significant shareholding shifts, informing investors about control and voting power dynamics in major ASX-listed companies.

Pexa Group’s Strategic Role as Australia’s Leading Digital Property Exchange

Pexa Group Limited operates Australia’s premier digital property exchange platform, facilitating conveyancing and property transaction settlements nationwide. The company provides critical infrastructure connecting consumers, legal professionals, banks, and government agencies to streamline and digitize property transactions. Pexa generates revenue through transaction fees and service charges within its digital ecosystem. Institutional investors including State Street, global asset managers, Australian superannuation funds, and international pension systems recognize Pexa’s strategic importance and cash-generative business model tied to transaction volumes.

The concentration of institutional ownership revealed in the Form 604 highlights Pexa Group’s appeal to large international custodians and asset managers seeking exposure to essential Australian infrastructure assets with recurring revenues linked to property market activity. The platform operates amid rising property values, sustained transaction volumes, and growing digital adoption, supporting revenue growth that attracts major institutional capital. The disclosed shareholding patterns illustrate global capital flows into Australian regulatory infrastructure plays, with international pension systems, superannuation funds, and asset managers building positions in companies like Pexa that benefit from secular digital and property market trends.

Investor Considerations and Governance Impact of Institutional Holdings

Investors should closely monitor changes in Pexa Group’s substantial holders, as shifts in major shareholder bases may indicate evolving investment sentiment, fund strategy adjustments, or market dynamics affecting institutional confidence. The Form 604 disclosures show active portfolio management by State Street and affiliates, with voting power increasing by over 100 basis points within three weeks. Such movements may reflect portfolio rebalancing, mandate changes, or reactions to company developments and sector conditions. These disclosures provide transparency into institutional positioning, aiding investor decision-making on entry and exit timing.

The governance framework reflected in the substantial holder notice reveals multiple institutional shareholders exercising voting influence in board elections and key resolutions. While State Street and its managed funds dominate holdings, diverse institutional investors including Australian superannuation funds, U.S. pension systems, and international asset managers maintain meaningful stakes. This diversified institutional base generally supports robust governance through checks and balances. However, investors should remain vigilant for any consolidation of voting power or coordinated voting that could affect governance dynamics. The Form 604 disclosures facilitate ongoing monitoring of shareholder composition and concentration.