Ann: Becoming a substantial holder, page-4

My read:

1. It looks like the company (US) is brought in by some directors during the 2023 placement? Doug?

2. On ASX, 5% or more of a listed company’s voting shares is considered as a substantial holding.
Ardsley became a substantial holder on 3/11/2023 during the placement. But they didn't notify ASX.
As explained:
"The late lodgement of the Form 603 and Form 604 is due to an inadvertent oversight. As soon as the oversight was identified, the documents were prepared and promptly filed with ASX (and provide a copy to FLC)."

Lots of holes in ASX like this.

3. Ardsley's current holding is 9.10%.

4. The shares are held under two funds.
- Sustainable Opportunities Fund (no change after 11/2023 placement except some share transfer to Duckdive fund)
- Duckdive Fund (hold and acquire shares on market)

"Duckdive", interesting name.

The fund increases holding by on-market acquisition. Maybe:
- No intention to hold significant shares by arranged transfer from other holders?
- Buy more to average down?
- Costs of on-market acquisition are low due to current share price and USD-AUD exchange rate?
- "this represents a passive investment in FLC." as mentioned in the announcement.

5. Last 5 years' share performance of its top holdings.
- Fluor Corporation (FLR)
- Broadcom Inc. (AVGO)
- Alamos Gold Inc. (AGI.TO)
- Celestica Inc. (CLS.TO)
- Okta Inc. (OKTA)

Half/half.

6. Under Hempleman's leadership, Ardsley Partners employs a research-intensive, fundamental investment approach. The firm focuses on identifying undervalued companies with strong growth potential, utilizing a long-short equity strategy to manage risk and capitalize on market opportunities.

"undervalued" - I hope they and we are right. Time will tell.