Sandon Capital Director Gabriel Radzyminski Increases Indirect Holding by 10,818 Shares via Dividend Reinvestment Plan at $0.7493

Director Gabriel Radzyminski Enhances Indirect Stake via Dividend Reinvestment Plan

Sandon Capital Investments Limited director Gabriel Radzyminski expanded his indirect shareholding by 10,818 ordinary shares through the company’s Dividend Reinvestment Plan, as detailed in a Change of Director's Interest Notice lodged on 30 June 2026. The shares were issued at $0.74930 each, with no traditional cash payment involved since DRP shares replace cash dividends.

This acquisition, described as an "issue of securities under the Dividend Reinvestment Plan," reflects a passive reinvestment of dividends rather than an active market purchase. This distinction is important for investors evaluating director share movements, as DRP participation indicates a structural reinvestment commitment rather than a tactical market transaction.

Allocation of Shares Among Radzyminski’s Seven Associated Entities

Radzyminski’s indirect interest is held through seven associated entities, including superannuation funds, family trusts, and corporate vehicles. Five entities received DRP shares: the LJM & GF Radzyminski ATF LR Super Fund was allotted 2,115 shares; GNR Holdings Pty Ltd ATF Ross Shire Super Fund received 4,395 shares; Sandon Capital Pty Ltd acquired 1,187 shares; Gefare Pty Ltd ATF Radzyminski Family Trust obtained 2,736 shares; and Gefare Pty Ltd ATF Centennial Trust was issued 385 shares.

The remaining two entities, RFTC No 1 Pty Ltd and RFTC No. 2 Pty Ltd, did not receive additional shares in this cycle, maintaining holdings of 125,810 and 678,216 shares respectively. The company did not disclose reasons for their non-participation. Overall, the net increase was 10,818 shares with no disposals.

Detailed Shareholding Changes by Entity

Before the DRP allocation on 30 June 2026, Radzyminski’s total indirect holding was 2,634,198 shares. Post-transaction, this rose by approximately 0.41% to 2,645,016 shares. Breakdown by entity shows the LJM & GF Radzyminski ATF LR Super Fund increasing from 337,202 to 339,317 shares; GNR Holdings Pty Ltd ATF Ross Shire Super Fund from 700,582 to 704,977 shares; Sandon Capital Pty Ltd from 189,320 to 190,507 shares; Gefare Pty Ltd ATF Radzyminski Family Trust from 436,185 to 438,921 shares; and Gefare Pty Ltd ATF Centennial Trust from 166,883 to 167,268 shares. RFTC No 1 Pty Ltd and RFTC No. 2 Pty Ltd holdings remained steady at 125,810 and 678,216 shares respectively. These figures are sourced directly from the company’s update and have not been independently verified.

Significance of Sandon Capital’s Dividend Reinvestment Plan

The DRP enables eligible shareholders, including directors, to receive additional shares instead of cash dividends. Market participants generally interpret DRP participation as a positive indicator of confidence in the company’s long-term outlook, reflecting a preference to reinvest dividends rather than receive cash payouts.

As a listed investment company focused on activist and value investing in Australian equities, Sandon Capital leverages the DRP to conserve cash and align director and shareholder interests. Radzyminski’s multiple associated entities’ consistent DRP participation suggests a deliberate and ongoing reinvestment strategy within his broader investment framework.

DRP Share Issue Price of $0.7493 and Its Implications

The shares were issued at $0.74930 each, as disclosed. This price typically reflects a volume-weighted average price or a slight discount to market price during a specified period, although Sandon Capital did not specify the exact calculation method in this filing.

While the immediate market impact of this disclosure was not evident at the time, the issue price provides a benchmark for investors to compare against current trading prices and evaluate whether the DRP shares were issued at a premium or discount. This figure may also assist investors in assessing Sandon Capital’s net tangible asset (NTA) per share relative to market price.

Indirect Shareholding Structure and Entities Involved

Radzyminski’s interests are held indirectly through a combination of superannuation funds, family trusts, and corporate entities for which he serves as director and, in many cases, indirect beneficiary. This layered structure is common among senior Australian investment professionals and directors for wealth management and succession planning purposes.

The registered holders include LJM & GF Radzyminski ATF LR Super Fund (trustee), GNR Holdings Pty Ltd ATF Ross Shire Super Fund (director and indirect beneficiary), Sandon Capital Pty Ltd (director and indirect beneficiary), Gefare Pty Ltd ATF Radzyminski Family Trust (director and indirect beneficiary), Gefare Pty Ltd ATF Centennial Trust (director and indirect beneficiary), RFTC No 1 Pty Ltd (director and indirect beneficiary), and RFTC No. 2 Pty Ltd (director and indirect beneficiary). No changes related to contracts were reported.

Compliance with Closed Period Regulations Confirmed

The transaction was confirmed to have occurred outside any closed period requiring prior written clearance, complying fully with Sandon Capital’s trading policy and ASX Listing Rules. The DRP issuance, being an automatic allocation, typically does not require clearance, reinforcing the routine nature of this transaction.

Previous Disclosure on 2 June 2026 Indicates Active Monitoring

The prior director’s interest notice for Radzyminski was filed on 2 June 2026, less than a month before the current notice. This suggests active monitoring and timely reporting of shareholding changes, consistent with ASX listing rule 3.19A.2 requirements.

The frequency of these notices may also reflect Sandon Capital’s dividend payment schedule and corresponding DRP allotments. Investors should observe the timing of future disclosures to better understand dividend cycles and Radzyminski’s ongoing reinvestment strategy. No further details on the triggering dividend payment were provided.

Investor Insights on Director Shareholdings at Listed Investment Companies

In listed investment companies like Sandon Capital, director shareholdings are particularly significant as the company’s main asset is its investment portfolio. Directors with substantial stakes are directly exposed to investment outcomes, which many investors view positively from a governance perspective. Radzyminski’s combined indirect holding of over 2.6 million shares across seven entities constitutes a meaningful interest.

The sustained DRP participation at consistent price points signals a long-term commitment by the director. However, investors should note that past DRP involvement does not guarantee future dividends or share price performance. Prospective shareholders are advised to review Sandon Capital’s latest NTA reports, portfolio disclosures, and investor communications for a comprehensive understanding.

Upcoming Events and Considerations for Sandon Capital Investors

Investors should watch for upcoming NTA updates, portfolio disclosures, and the company’s next dividend announcement, which will trigger subsequent DRP cycles and potentially further director interest notices. Given Radzyminski’s recent filings on 2 June and 30 June 2026, ongoing monitoring of director activity is recommended.

Changes in DRP participation levels across Radzyminski’s entities could indicate shifts in his valuation outlook relative to NTA. Any adjustments to DRP discount rates or terms would also be relevant to shareholders participating in the plan. This filing contained no forward-looking statements or strategic updates and should be viewed solely as a routine disclosure of a director’s change in securities interest.