Regal Partners Boosts Stake in Select Harvests to 12.48% After Multiple Share Transactions

Overview of Select Harvests and Agricultural Investment Landscape

Select Harvests Limited is an Australian agribusiness listed on the ASX, specialising in horticulture and agricultural production, particularly tree nuts and dried fruits. Its operations contribute significantly to Australia’s rural economy through cultivation, processing, and food exports. With 141,374,561 shares outstanding as of 26 June 2026, Select Harvests presents a compelling opportunity within agricultural commodities that has attracted institutional investor attention.

The agricultural sector, especially the tree nuts and dried fruits segments where Select Harvests operates, faces fluctuating market conditions influenced by export demand, commodity prices, drought, and global trade factors. Institutional investors like Regal Partners actively monitor these fundamentals and adjust holdings accordingly. Substantial holder notices are regulatory mandates ensuring transparency when shareholdings cross key thresholds or undergo material changes.

Regal Partners’ Expanded Stake and Custodian Account Framework

Regal Partners Funds Management Pty Limited holds its Select Harvests shares through a complex network of custodian and nominee accounts, typical for institutional investors. The shares are registered under nine separate holders, including Merrill Lynch (AUS) Nominees Pty Ltd, UBS Nominees Pty Ltd, HSBC Custody Nominees (Australia) Limited, among others. This structure facilitates efficient management of investment exposure and custodial relationships with major global financial institutions.

The largest single holding within the Regal Partners group is 7,251,950 ordinary shares via one custodian account, followed by a 4,300,353-share holding, with smaller positions ranging from 199,114 to 252,537 shares distributed among other custodians. All holdings grant full disposal rights, indicating active control and investment decision authority by Regal Partners Funds Management.

Transaction Timeline: December 2025 to June 2026

Regal Partners engaged in a series of transactions from 24 December 2025 through 22 June 2026, reflecting dynamic portfolio management. The initial sale on 24 December 2025 involved 1,350,000 shares for AUD 6,844,500, followed by a smaller sale of 64,260 shares on 28 January 2026 for AUD 303,943.37.

Buying activity intensified starting 6 February 2026 with 600,000 shares acquired for AUD 2,520,000, alongside concurrent sales. Subsequent purchases occurred throughout February and March 2026, with transactions ranging from 5,039 to 114,036 shares. This pattern suggests systematic accumulation or portfolio rebalancing in response to market conditions.

Significant June 2026 Trades and Net Position Growth

June 2026 saw the most substantial trading, notably on 22 June when Regal Partners sold 2,304,501 shares for AUD 9,171,913.98 but simultaneously purchased 1,890,585 shares for AUD 7,524,528.30. This indicates portfolio repositioning rather than divestment.

Earlier on 16 June, the group sold 330,206 shares for AUD 1,310,785.74 while acquiring 925,227 shares for AUD 3,663,898.92. These transactions contributed to a net increase in holdings, culminating in the 12.48% substantial holding reported. The trading activity reflects active management aligned with evolving market or strategic considerations during the first half of 2026.

Growth Trajectory Since December 2025

The previous substantial holder notice dated 11 December 2025, filed on 15 December 2025, reported Regal Partners holding 15,230,650 shares (10.77% voting power). The current holding of 17,730,767 shares represents a 16.4% increase over approximately seven months, elevating voting power to 12.48%.

Despite significant sales, particularly in June 2026, the net effect has been a notable accumulation of shares, indicating sustained confidence in Select Harvests or alignment with portfolio objectives. The increase in voting power signals growing institutional influence within the company’s shareholder base.

Corporate Structure of Regal Partners and Associated Entities

The disclosed interests are held by Regal Partners Funds Management Pty Limited as investment manager, with Regal Partners Holdings Pty Limited acting as trustee and Regal Partners Limited as the controlling entity of both. This structure is standard among Australian investment firms, separating management, ownership, and trustee roles. All entities operate from Level 46, Gateway, 1 Macquarie Place, Sydney NSW 2000.

Candice Driver is identified as the Company Secretary responsible for the notice. No other associated parties are disclosed, indicating a straightforward institutional ownership without joint ventures or partnerships affecting voting rights.

Custodian Account Distribution Among Global Financial Institutions

Regal Partners’ holdings are spread across multiple custodian accounts with leading Australian and international financial institutions. Merrill Lynch (AUS) Nominees Pty Ltd holds the largest portion at 7,251,950 shares, followed by UBS Nominees Pty Ltd (beneficial interest UBS AG, Australia Branch) with 4,300,353 shares. HSBC Custody Nominees (Australia) Limited holds 1,085,340 shares, Morgan Stanley & Co International plc (via J.P. Morgan Prime Nominees Ltd) holds 873,443 shares, and Goldman Sachs International (London) holds 252,537 shares.

Additional holdings include Citicorp Nominees Pty Limited (Citigroup Global Markets Limited beneficial interest) with 1,267,913 shares and Palm Beach Nominees Pty Limited (Barrenjoey Markets Pty Limited beneficial interest) with 199,114 shares. This broad custodian diversification aligns with institutional best practices for managing significant capital across multiple market participants.

Regulatory Compliance and Disclosure Requirements

The substantial holder notice complies with Section 671B of the Corporations Act 2001 (Cth), which mandates disclosure when voting interests reach or cross the 5% threshold or undergo material changes. The 24 July 2026 filing confirms Regal Partners’ adherence by reporting the increase from 10.77% to 12.48% within the required timeframe.

The notice includes detailed transaction data as required, listing dates, transaction types, consideration, and share quantities. This transparency ensures market participants and regulators can monitor institutional share movements and potential shifts in control or influence within Select Harvests.

Investment Timing and Market Implications

The six-month transaction period from December 2025 to June 2026 coincides with potentially fluctuating conditions in Select Harvests and the broader agricultural sector. While the notice does not specify underlying investment rationale, the continuous buy and sell activity indicates ongoing active management rather than a single strategic decision.

The significant June 2026 transactions and net stake increase suggest Regal Partners perceives value or strategic alignment with Select Harvests’ agricultural commodity focus. Market observers may interpret this increased stake as a sign of growing institutional confidence in agricultural equities.