SPH – 2061 and connected persons

2061 LP (2061), and E K Trust Limited (EKT) have disclosed a change in nature of substantial holding in shares in BAI, and Christian Family Trust Limited (CFT) has disclosed a cessation of substantial holding in shares in BAI following exercise of the option described below.

As disclosed in a substantial product holder notice on 3 April 2024, on 29 March 2024 CFT granted EKT, as trustee for the EK Trust, an option to acquire all of the limited partnership interest in 2061, and the beneficial interest that CFT had in 270 million shares that 2061 held in BAI, for $31,750,000 in aggregate exercisable on written notice to be given by EKT to CFT at any time prior to 31 March 2026 (or such later period EKT and CFT may agree in writing) (the Option).

A copy of the Option deed was attached to the substantial product holder notice dated 3 April 2024.

On 12 August 2024, EKT exercised the Option, with the result that EKT is now the sole limited partner of 2061 in place of CFT and EKT also holds the beneficial interest in 270 million shares previously held by CFT. CFT no longer has a relevant interest in any BAI shares.

Evan Christian and Katherine Allsopp-Smith, as directors of the general partner for 2061 and the trustee for EKT, continue to have effective control of the voting rights in all BAI shares held by 2061, with the result that rule 6 of the Takeovers Code has not been triggered by the exercise of the Option.

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