Ann: Change in substantial holding, page-16

The announcement on 25 May 2023 regarding GH's block trade confirmed it was made as an off market transaction, to two institutional investors, in consultation with the Company. Irrespective of the price of the sale, it appears that GH's sell down was conducted in a managed and controlled manner, which would benefit other shareholders by institutionalising the share register, and doing so in an off market setting which does not eat into the buyer side demand, whereas Sarah Jansen's sell off was not done in this manner, and in my view, her sale was done in a manner which did eat into the buyer side demand, and whilst it may have been managed and for a specific intent, I believe that it was for her (and his) own interests as opposed to having any regard for the share price of the Company or the other shareholders.

The announcement also stated that GH had no intention to sell any shares in the near future, and would consult with the Company if that changes. I may be wrong, and would actually be happy to be corrected, but I don't recall Sarah Jansen, or Ben Jansen, making any statements of a similar intention to the market. In my opinion, the absence of such a statement, and the previous conduct of Sarah Jansen (and by association, Ben) in her sell downs, have created uncertainty and instability in the market perception of the Company and its share register, which has eroded buyer confidence in the Company.