Why I am Buying XF1 (XREF), page-8

Very good question Charterrierist. I am aware of the positions of FIL & AusSuper.

• Australian Super have less than 5% of XF1 shares on issue. That equates to circa 8m units. Today's trading alone exceeded 2m units traded. That will give you an idea of how quickly the register could change over should they wish to exit fully.
• FIL have only 3.9% of total XF1 stock. That equates to circa 7m units.
• Both parties were selling during peak COVID (March and April), when the fund was going risk off from equities across the board (particularly small caps) -- at the time XF1 was not as close to cashflow breakeven and the line of sight was not yet in place (Q1 and Q2 CY2020 results). There is no guarantee that Australian Super or FIL will exit the remainder of their position, but if they do it will quickly be turned over.

There are 180m shares on issue. The two Co-Founders have 61m shares between them. This is a very tightly held stock. The re-rate will take place now that the line of sight to cashflow breakeven is in place and the stock will move very quickly once any stale hands change over.

Moreover, it is worth noting that Australian Ethical has been increasing their stake. They are now a substantial holder with more than 5% of SOI.

Cheers,

T.E.P.