Ann: Change in substantial holding, page-8

Hi Boro Boy in Oz,

BNYM notice 6 May 2020 states 22,890,629 shares representing 25.38% of total KZA shares.
On 11 May 2020 Kazia will issue an additional 5,015,010 KZA shares covering the SPP for retail investors. Making a total of 94,598,350 shares.

Information I gathered from the Novogen 2015 Annual Report :-
Between 12 November 2014 and 6 June 2015, Novogen issued shares to US based Private Investment Funds and qualified US investors through multiple capital raising placements.

I cannot recall when KZIA ADRs where first traded on the Nasdaq. Yahoo has a price chart going back about 20 years.

Answer to (a) Refer to my post on 01 May 2020 to onesurfed, showing Yahoo's list of Institutional holders and asking onesurfed to contact BNYM.

(b)The private Investment Funds would most likely transact an off-market trade, if it was too large for the KZIA market to handle.
BNYM as the American Depository for the KZIA (ADRs) would need to buy and hold 10 KZA shares to cover 1 KZIA (ADR).

Extract from last page of Annexure C
":*Note1:Of the total of 22,890,629 securities in which the BNYMC Group has a relevant interest, BNYM has a relevant interest in 22,890,626 securities as depository for Kazia Therapeutics Limited ADR program administered under the Deposit Agreement.
BNYM's relevant interest in the securities arises as a result of the Deposit Agreement containing rights for BNYM to dispose of securities held under the ADR program in limited circumstances. Under the Deposit Agreement, ADR holders retain their rights to dispose of those securities and to give voting instructions for the exercise of voting rights attached to the securities. BNYMC Group's power to vote or dispose of these securities is qualified accordingly."

Regards