Ann: Resignation of Non-Executive Director, page-45

Emmanuel Datt’s Position in Koonenberry Gold (ASX:KNB) – June 6, 2025

Datt Capital’s Stake and Board Involvement

Emmanuel Datt, via Datt Capital and his private vehicle Abadi Investments, had built a significant stake in Koonenberry Gold Ltd (ASX:KNB) during early 2025. By mid-May 2025, Datt Capital’s holding had grown to around 18% of Koonenberry’s shares . This made Datt Capital a substantial shareholder and gave them influence – indeed, Datt Capital requisitioned a shareholder meeting to push for board changes (a 249D action) . As part of an agreement with the company, Datt Capital secured a board seat: Mr. Yi “Tony” Gu (a partner/nominee of Datt) was appointed as a Non-Executive Director on May 15, 2025 . This followed Datt’s public campaign for better governance and alignment at Koonenberry.

Notably, on May 30, 2025, an ASX “Change in substantial holding” notice showed Datt Capital’s voting power reduce from 18.27% to 16.78%. This decrease was not due to selling, but rather dilution from a placement (i.e. Koonenberry issued new shares, slightly diluting existing holders) . Thus going into June, Datt Capital remained a major (≈17%) shareholder of Koonenberry Gold.

June 6, 2025 – Board Resignation and Market Reaction

On June 6, 2025, official ASX announcements revealed a significant development: Tony Gu resigned from Koonenberry’s board, effective that day. The company’s announcement explicitly notes Mr. Gu “was appointed as a nominee of … Datt Capital Pty Limited” , underscoring that his presence on the board represented Datt’s interests. Mr. Gu’s surprise resignation sent a strong signal to the market that Datt Capital’s involvement with Koonenberry was being scaled back or reconsidered.

Coinciding with the resignation (and a drilling results update the same day), Koonenberry’s share price plunged ~23–25% on June 6. This sharp drop fueled speculation that Datt Capital was unloading its stake. Industry observers noted that traders were “no longer speculating on visible gold in core, but whether Datt Capital is out” . In other words, the sudden board exit and heavy selling pressure led many to believe Emmanuel Datt’s fund had decided to exit its position in Koonenberry. One commentator questioned: why would Datt give up a board seat unless they were selling out? – a sentiment widely shared among investors at the time.

It’s important to stress that, as of June 6, this was market speculation. No public disclosure outright stated “Datt Capital has sold its shares”; however, all the circumstantial evidence (board nominee stepping down, stock dumping) pointed in that direction.

Regulatory Filings and Substantial Holder Notices

Under Australian regulations, when a substantial shareholder ceases to be substantial (i.e. falls below the 5% ownership threshold), they must file a Form 605 “Notice of ceasing to be a substantial holder” with the ASX. This filing would officially confirm if Datt Capital sold down its Koonenberry stake below 5% (effectively exiting the position). Such notices typically detail the date the holder ceased being substantial and the changes in shareholding.

As of June 6, 2025, no ASX announcement of a “ceasing to be a substantial holder” by Emmanuel Datt or Datt Capital had yet appeared in Koonenberry’s filings . The only relevant filings around that time were the director’s interest notices and the earlier substantial holder changes (e.g. the dilution notice on May 30) . In other words, by the close of June 6 there was no official ASX filing confirming a complete exit. Investors on that day were expecting such a notice to follow – indeed, forum discussions anticipated an upcoming Form 605 for E. A. Datt (Emmanuel Datt) given the day’s events .

It’s worth noting that if Datt Capital did fully divest its ~16.8% holding, the selling likely occurred over June 6 (and possibly surrounding days) either on-market or via a block trade. The Form 605, if and when filed, would most likely cite June 6, 2025 as the “date of change” (the date the holding fell below 5%). Typically, substantial holder notices are lodged within a couple of business days of the event. (Since June 9, 2025 was a public holiday in parts of Australia, any “ceasing to be a holder” notice would be expected on or after June 10, 2025.)

Conclusion

In summary: All signs point to Emmanuel Datt (Datt Capital) exiting his position in Koonenberry Gold around June 6, 2025, but at the time of writing this had not yet been explicitly confirmed by an ASX substantial holder notice. The official June 6 announcement of Datt’s board representative resigning , coupled with the heavy sell-off in KNB shares that day, strongly suggests that Datt Capital was liquidating its stake. Market observers openly speculated that “Datt Capital is out” .

However, no ASX announcement on June 6 itself formally declared that Datt had sold or that he ceased being a substantial shareholder . The last official holding info showed Datt at ~16.8% (as of late May) . We anticipate an official filing (Form 605) will be lodged to confirm the exit – for example, a “Notice of ceasing to be a substantial holder” would be the definitive proof once published. In the absence of that immediate filing, the best available evidence is the resignation notice and the context around it.

Bottom line:Emmanuel Datt’s fund appears to have effectively exited Koonenberry Gold as of June 6, 2025, as indicated by the resignation of Datt’s nominee director that day and reports of Datt Capital selling down its ~17% stake . Investors are awaiting the official substantial-holder exit notice to confirm this transaction.

Sources: Official Koonenberry Gold ASX announcement (Resignation of NED) ; substantial holder notice summary (Datt stake diluted to 16.78%) ; industry commentary on June 6 market reaction ; ASX announcements register .