29 North – additional interest in Royal Foods

WA-01123

Boutique Capital Pty Ltd, as trustee for the Royal Foods Unit Trust (**Boutique**), proposes to acquire 22.32% of the issued share capital in Royal Foods Aust Pty Ltd (**Royal Foods**) (the **Acquisition**). Boutique is an independent professional trustee and Australian financial services licensee that acts as trustee and administrator for trusts operated by independent investment managers. It holds no beneficial interest in the Royal Foods Unit Trust or its assets. Boutique is a related entity of 29 North Pty Ltd (**29 North**), which is an existing shareholder of Royal Foods. 29 North is a private investment and funds management business that acquires and manages interests in operating businesses across a range of sectors. These investments are either held through 29 North or other unit trusts established to hold those investments. 29 North is the exclusive investment manager of the Royal Foods Unit Trust under an investment management agreement and is a corporate authorised representative of Boutique. Royal Foods supplies food products to both the food service sector and the retail supermarket industry in Australia. 29 North currently owns 10% of the issued share capital in Royal Foods. As a result of the Acquisition, 29 North and Boutique will together hold approximately 33% of the shares on issue in Royal Foods.