Announcement PDF SPACETALK LTD ACN 091 351 530 NOTICE OF GENERAL MEETING Notice is given that the Meeting will be held at: TIME: 11:00 am (AEDT) DATE: Wednesday, 5 November 2025 PLACE: via Virtual Meeting at https://meetings.lumiconnect.com/300-970-384-520 The business of the Meeting affects your shareholding and your vote is important. The Meeting is being held by way of a virtual meeting (electronically). Shareholders are urged to attend and vote at the Meeting electronically using online meeting technology or vote by lodging the Proxy Form attached to this Notice. This Notice should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting. The Directors have determined pursuant to Regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Meeting are those who are registered Shareholders at 7.00 pm (AEDT) on Monday 3 November 2025. INDEPENDENT EXPERT’S REPORT Shareholders should carefully consider the Independent Expert’s Report prepared for the purposes of section 611 (item 7) of the Corporations Act. The Independent Expert’s Report comments on the fairness and reasonableness of the transaction the subject of Resolution 2 to the non-associated Shareholders. The Independent Expert has determined the transaction the subject of Resolution 2 is not fair but reasonable to the non-associated Shareholders. BOARD RECOMMENDATION The Directors believe the transaction the subject of Resolution 2 is in the best interests of Shareholders and accordingly, recommend that Shareholders vote in favour of Resolution 2. The Directors unanimously recommend that you vote in favour of all resolutions. And the Chair intends to vote all undirected proxies in favour of all resolution. 5875-05/3778827_2 2 B US I NE S S OF T HE ME E T I NG AGENDA 1. RESOLUTION 1 – RATIFICATION OF PRIOR ISSUE OF APRIL PLACEMENT SHARES To consider and, if thought fit, the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 9,035,715 April Placement Shares to the April Placement Participants on the terms and conditions set out in the Explanatory Statement.” 2. RESOLUTION 2 – APPROVAL TO ISSUE SHARES ON CONVERSION OF THORNEY NOTES To consider and, if thought fit, to pass, the following resolution as an ordinary resolution: “That, for the purposes of section 611 (Item 7) of the Corporations Act and for all other purposes, approval is given for the Company to issue up to: (a) that number of Principal Shares as is calculated by dividing the Principal Amount of the Thorney Notes by the Conversion Price; and (b) that number of Interest Shares as is calculated by dividing the interest accrued on the Thorney Notes by the Interest Conversion Price, to members of the Thorney Investment Group, which will result in an increase to the Thorney Investment Group’s voting power in the Company beyond 20% on the terms and conditions set out in the Explanatory Statement.” Independent Expert’s Report: Shareholders should carefully consider the Independent Expert’s Report prepared by RSM Corporate Australia Pty Ltd (RSM) for the purposes of section 611 (item 7) of the Corporations Act. The Independent Expert’s Report comments on the fairness and reasonableness of the transaction the subject of this Resolution to the non-associated Shareholders. The Independent Expert has determined the transaction the subject of this Resolution is not fair but reasonable to the non-associated Shareholders. 3. RESOLUTION 3 – APPROVAL TO ISSUE PAM NOTES To consider and, if thought fit, to pass, the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company to issue 1,000,000 PAM Notes to PAM (or its nominees) on the terms and conditions set out in the Explanatory Statement.” 4. RESOLUTION 4 – APPROVAL TO ISSUE SEPTEMBER PLACEMENT SHARES To consider and, if thought fit, to pass, the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company to issue 13,636,364 September Placement Shares to the September Placement Participants on the terms and conditions set out in the Explanatory Statement.” 5. RESOLUTION 5 – APPROVAL TO ISSUE SHARES ON CONVERSION OF SEPTEMBER NOTES To consider and, if thought fit, to pass, the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company to issue up to that number of Shares to the September Noteholders (or their nominees) which, when multiplied by the Conversion Price, will have a value equal to the Principal Amount plus accrued interest in respect of the September Notes, on the terms and conditions set out in the Explanatory Statement.” Dated: 7 October 2025 3 Voting Exclusion Statements In accordance with Listing Rule 14.11 and item 7 of section 611 of the Corporations Act, the Company will disregard any votes cast in favour of the Resolution set out below by or on behalf of the following persons: Resolution 1 – Ratification of prior issue of April Placement Shares The April Placement Participants or any person who participated in the issue or an associate of that person or those persons. Resolution 2 – Approval of issue of Shares on Conversion of Thorney Notes No votes may be cast in favour of this Resolution by: (a) the person proposing to make the acquisition and their associates; or (b) the persons (if any) from whom the acquisition is to be made and their associates. Accordingly, the Company will disregard any votes cast on this Resolution by any member of the Thorney Investment Group and any of their associates. Resolution 3 – Approval to issue PAM Notes PAM (or its nominees) or any person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a holder of ordinary securities in the Company) or an associate of that person or those persons. Resolution 4 – Approval to issue September Placement Shares The September Placement Participants or any person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a holder of ordinary securities in the Company) or an associate of that person or those persons. Resolution 5 – Approval to issue Shares on Conversion of September Notes The September Noteholders (or their nominees) or any person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a holder of ordinary securities in the Company) or an associate of that person or those persons. However, this does not apply to a vote cast in favour of the Resolution by: (a) a person as a proxy or attorney for a person who is entitled to vote on the Resolution, in accordance with the directions given to the proxy or attorney to vote on the Resolution in that way; or (b) the Chair as proxy or attorney for a person who is entitled to vote on the Resolution, in accordance with a direction given to the Chair to vote on the Resolution as the Chair decides; or (c) a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met: (i) the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on the Resolution; and (ii) the holder votes on the Resolution in accordance with directions given by the beneficiary to the holder to vote in that way. 4 Voting by proxy To vote by proxy, please complete and sign the enclosed Proxy Form and return by the time and in accordance with the instructions set out on the Proxy Form. In accordance with section 249L of the Corporations Act, Shareholders are advised that: • each Shareholder has a right to appoint a proxy; • the proxy need not be a Shareholder of the Company; and • a Shareholder who is entitled to cast two or more votes may appoint two proxies and may specify the proportion or number of votes each proxy is appointed to exercise. If the Shareholder appoints two proxies and the appointment does not specify the proportion or number of the member’s votes, then in accordance with section 249X(3) of the Corporations Act, each proxy may exercise one-half of the votes. Shareholders and their proxies should be aware that: • if proxy holders vote, they must cast all directed proxies as directed; and • any directed proxies which are not voted will automatically default to the Chair, who must vote the proxies as directed. Online Voting Procedures during the Meeting Shareholders who wish to participate in the Meeting online may do so: • From their computer or mobile device, by entering the following URL into their browser: https://meetings.lumiconnect.com If you choose to participate in the Meeting online you can log in to the Meeting by entering: • the Meeting ID, which is 300-970-384-520 • your username, which is your Voting Access Code which can be located on the first page of your Proxy Form or Notice of Meeting email; and • your password, which is the postcode registered to your holding if you are an Australian Shareholder. Overseas Shareholders will need to enter the country of their registered address as it appears on a recent statement. If you have been nominated as a third-party proxy, please contact the Company’s share registry on +61 2 9290 9600 or 1300 737 760. Attending the Meeting online enables Shareholders to view the Meeting live and to also ask questions and cast direct votes at the appropriate times whilst the Meeting is in progress. Technical difficulties may arise during the course of the Meeting. The Chair of the Meeting has discretion as to whether and how the Meeting should proceed in the event that a technical difficulty arises. In exercising this discretion, the Chair will have regard to the number of Shareholders impacted and the extent to which participation in the business of the Meeting is affected. Where the Chair of the Meeting considers it appropriate, the Chair may continue to hold the Meeting and transact business, including conducting a poll and voting in accordance with valid proxy instructions. For this reason, Shareholders are encouraged to submit a directed proxy in advance of the Meeting in accordance with the instructions above, so that votes can still be counted even if you plan to attend the Meeting online. Should you wish to discuss the matters in this Notice please do not hesitate to contact the Company Secretary, Hasaka Martin, at hasaka.martin@singletoncosec.com.au. 5 E XP L ANAT ORY S T AT E ME NT This Explanatory Statement has been prepared to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions. 1. BACKGROUND 1.1 April Placement On 9 April 2025, the Company announced that it had received binding commitments from institutional and wholesale investors (April Placement Participants) to subscribe for 9,035,715 Shares (April Placement Shares) at an issue price of $0.14 per Share to raise approximately $1,265,000 (April Placement). The April Placement Shares were issued on 14 April 2025. The April Placement was lead managed by Unified Capital Partners Pty Ltd (ACN 666 560 050) (Unified Capital Partners). The Company is seeking Shareholder approval under Listing Rule 7.4 for ratification of the April Placement Shares (Resolution 1 – refer to Section 2 for further details). 1.2 July Capital Raising On 11 July 2025, the Company announced that it had entered into the following subscription agreements for the issue of unsecured notes converting into Shares (July Notes): (a) the following subscription agreements with members of the Thorney Investment Group pursuant to which it issued 3,000,000 July Notes (Thorney Notes) on 14 July 2025 to raise $3,000,000 July Notes Principal Amount TIGA Trading Pty Ltd (ACN 118 961 210) (TIGA) 2,000,000 $2,000,000 Thorney Technologies Ltd (ACN 096 782 188) (TEK) 1,000,000 $1,000,000 TOTAL 3,000,000 $3,000,000 (b) a subscription agreement with Pure Asset Management Pty Ltd (ACN 616 178 771) (PAM) under which the Company agreed, subject to Shareholder approval, to issue 1,000,000 July Notes to PAM in order to discharge $1,000,000 in secured debt currently owing to PAM (PAM Notes). The Company is seeking Shareholder approval under item 7 of section 611 of the Corporations Act for the issue of Shares on conversion (including on conversion of interest accrued) of the Thorney Notes (Resolution 2 – refer to Section 3 for further details) and under Listing Rule 7.1 for the issue of the PAM Notes (Resolution 3 – refer to Section 4 for further details). 1.3 September Capital Raising On 15 September 2025, the Company announced that it had: (a) received binding commitments from institutional and professional investors (September Placement Participants) to subscribe for 13,636,364 Shares (September Placement Shares) at an issue price of $0.11 per Share to raise $1,500,000 (September Placement); (b) entered into subscription agreements with institutional and professional investors (September Noteholders) for the issue of unsecured notes converting into Shares (September Notes) pursuant to which it issued 2,000,000 September Notes on 17 September 2025 to raise $2,000,000; and (c) entered into subscription agreements with certain Directors and members of senior management (Management) for the issue of unsecured notes converting into Shares (Management Notes) pursuant to which it agreed to issue, subject to Shareholder approval, 550,000 Management Notes with an aggregate face value of $550,000. 6 The September Placement was co-lead managed by Unified Capital Partners and Taurus Capital Pty Limited (ACN 091 980 764) (Taurus Capital). The Company is seeking Shareholder approval under Listing Rule 7.1 for the issue of the September Placement Shares (Resolution 4 – refer to Section 5 for further details) and September Notes (Resolution 5 – refer to Section 6 for further details). The Company is not seeking Shareholder approval for the issue of the Management Notes at the Meeting. It is anticipated that Shareholder approval will be sought for the issue of the Management Notes at the Company’s annual general meeting to be held in the coming months (AGM). 1.4 Converting Notes The material terms and conditions of the Thorney Notes, PAM Notes, September Notes and Management Notes (together, Converting Notes) are set out below: Clause Thorney Notes PAM Notes and Management Notes September Notes Face Value $1.00 per Converting Note (Face Value). Issue Date 14 July 2025. Five (5) Business Days following Shareholder approval. 17 September 2025. Conversion Date 31 July 2026 The date that is five (5) Business Days following Shareholders approving Resolution 5. If Shareholders do not approve Resolution 5, subject to Shareholder approval, the September Notes will convert on 31 July 2026. Security Unsecured. Conversion Price The Principal Amount of each Converting Note will convert into Shares (Principal Shares) at a conversion price equal to the lesser of: (a) $0.14; and (b) the issue price of Shares under any equity raise prior to the Conversion Date under which the Company raises a minimum of $1,500,000. (Conversion Price), subject to the Floor Price (defined below). If Shareholders approve Resolution 4, the Conversion Price will be $0.11. Floor Price $0.08 per Share Interest Accrual Interest shall accrue at the rate of 10% per annum from the date of issue of the Converting Notes until the Converting Notes are either redeemed or converted. Interest Conversion Interest will be payable through an issue of Shares (Interest Shares) on the date that is 5 Business Days following the end of each calendar quarter and on the Conversion Date (Interest Payment Date) at an issue price per Share equal to the greater of: (a) $0.08; and (b) the VWAP for the relevant calendar quarter or lesser period up to the Conversion Date (Interest Conversion Price). If Shareholder approval is not obtained for the issue of Shares to Thorney on conversion of interest, Interest will be satisfied through a cash payment. Interest will convert into Shares at the Conversion Price on the Conversion Date, or if Shareholder approval is not obtained will be satisfied through a cash payment. Redemption The Company will be required to redeem the Converting Notes for their Face Value (plus any accrued but unpaid interest) within 10 Business Days of a demand by the 7 Clause Thorney Notes PAM Notes and Management Notes September Notes holder on the occurrence of an Event of Default (as defined below) which has not been remedied within the prescribed time (Redemption Date). Early Redemption The Company may redeem the whole or part of the Converting Notes for their Face Value (plus any accrued but unpaid interest) on any day prior to the Conversion Date or Redemption Date, on giving not less than 14 days prior written notice to the holder (Prepayment Notice). If a Prepayment Notice is issued, the holder may elect to convert the Converting Notes (subject to Shareholder approval, to the extent not already obtained) and in the event Shareholder approval is not forthcoming the Company must redeem the Converting Notes within 5 Business Days following the Shareholder meeting. Early Conversion At any time on or before 31 July 2026, the holder may give written notice to the Company of its intention to convert the Converting Notes early (Early Conversion Notice), in which case: (a) in the event that a Shareholder approval is not in effect for such conversion, the Company must seek Shareholder approval as soon as reasonably practicable following receipt of an Early Conversion Notice and the Company shall give effect to conversion within 5 Business Days of receiving Shareholder approval; or (b) in the event that a Shareholder approval is in effect for such conversion, the Company shall give effect to conversion within 5 Business Days following the Early Conversion Notice. In the event the holder gives an Early Conversion Notice and a Shareholder approval is not in effect for conversion, if the Company’s Shareholders do not approve conversion in respect of the Early Conversion Notice, early conversion of the Converting Notes will not occur and it will not be an Event of Default. Subsequent Capital Raising If, at any time prior to the Conversion Date, the Company issues notes converting into Shares to any other investor on terms more favourable than those contained in the subscription agreements, the Company shall promptly notify the holder of such issuance and the holder shall have 10 Business Days to elect to have the terms of their agreements amended to match the more favourable terms offered to such other investor, with such changes as are required to ensure that all requisite Shareholder and regulatory approvals are incorporated. Reconstruction In the event the Company undertakes a reconstruction of its issued capital, the number of Shares issued on conversion shall be adjusted accordingly to ensure the parties’ rights and liabilities are not affected. Event of Default It is an event of default, whether or not it is within the control of the Company, where: (a) Failure to pay or convert: the Company fails to pay or repay any amount due by it under the subscription agreements and the Company does not remedy the failure within 7 days, after receipt by the Company of a notice from the Noteholder specifying the failure; (b) Remediable failure: the Company fails to perform or observe any material undertaking, obligation or agreement expressed in the subscription agreements and the Company does not remedy such failure within 14 days, after receipt by the Company of a notice from the Noteholder specifying the failure; (c) Non-remediable failure: the Company fails to perform or observe any other material undertaking, obligation or agreement expressed or implied in the subscription agreements and that failure is not remediable; or (d) Insolvency event: an insolvency event occurs in respect of the Company, (together, the Events of Default). 8 1.5 Capital Structure The Company’s current capital structure, and its capital structure following the issue of all Securities contemplated by this Notice, is as set out below: Shares Warrants2 Incentive Rights Converting Notes Current1 73,412,682 2 683,960 5,000,000 PAM Notes - - - 1,000,000 September Placement 13,636,364 - - - TOTAL 87,049,046 2 683,960 6,000,000 Notes: 1. This includes the Thorney Notes (issued on 14 July 2025) and September Notes (issued on 17 September 2025). 2. As a result of the capital raisings contemplated by this Notice, the warrants currently on issue will undergo a re-pricing in accordance with their terms of issue (refer to the Company’s notices of meeting dated 24 October 2023 and 14 March 2025 for summaries of the material terms of the warrants). If Shareholders approve all Resolutions in this Notice and all Converting Notes are converted, the revised exercise price of the warrants is as set out below: Warrant Shares Expiry Date Current Exercise Price New Exercise Price 2023 Warrant 2,000,000 31 December 2026 $0.27 0.131 2025 Warrant 9,000,000 31 March 2027 $0.2269 0.131 2. RESOLUTION 1 – RATIFICATION OF PRIOR ISSUE OF APRIL PLACEMENT SHARES 2.1 General As set out in Section 1.1, the Company issued 9,035,715 April Placement Shares at an issue price of $0.14 per Share to the April Placement Participants on 14 April 2025. This Resolution therefore seeks Shareholder ratification of the April Placement Shares for the purposes of Listing Rule 7.4. 2.2 Listing Rule 7.1 Broadly speaking, and subject to a number of exceptions, Listing Rule 7.1 limits the amount of equity securities that a listed company can issue without the approval of its shareholders over any 12-month period to 15% of the fully paid ordinary securities it had on issue at the start of that period. The issue does not fit within any of the exceptions set out in Listing Rule 7.2 and, as it has not yet been approved by Shareholders, it effectively uses up part of the 15% limit in Listing Rule 7.1, reducing the Company’s capacity to issue further equity securities without Shareholder approval under Listing Rule 7.1 for the 12-month period following the date of the issue. 2.3 Listing Rule 7.4 Listing Rule 7.4 allows the shareholders of a listed company to approve an issue of equity securities after it has been made or agreed to be made. If they do, the issue is taken to have been approved under Listing Rule 7.1 and so does not reduce the company’s capacity to issue further equity securities without shareholder approval under that rule. The Company wishes to retain as much flexibility as possible to issue additional equity securities in the future without having to obtain Shareholder approval for such issues under Listing Rule 7.1. Accordingly, the Company is seeking Shareholder ratification pursuant to Listing Rule 7.4 for the issue. 9 2.4 Technical information required by Listing Rule 14.1A If this Resolution is passed, the issue will be excluded from the Company’s 15% limit in Listing Rule 7.1, effectively increasing the number of equity securities the Company can issue without Shareholder approval over the 12-month period following the date of the issue. If this Resolution is not passed, the issue will be included in the Company’s 15% limit in Listing Rule 7.1, effectively decreasing the number of equity securities that the Company can issue without Shareholder approval over the 12-month period following the date of the issue. 2.5 Technical information required by Listing Rule 7.5 Required Information Details Names of persons to whom Securities were issued or the basis on which those persons were identified/selected The April Placement Participants, who were clients of Unified Capital Partners. Thorney Technologies Limited participated in the April Placement, subscribing for 2,057,873 Shares at $0.14 per Share, amounting to 2.8% of the current issued capital. No other Material Persons were issued more than 1% of the Company’s current issued capital. None of the participants were related parties or members of key management personnel of the Company or their associates. Number and class of Securities issued 9,035,715 April Placement Shares were issued. Terms of Securities The April Placement Shares were fully paid ordinary shares in the capital of the Company issued on the same terms and conditions as the Company’s existing Shares. Date(s) on or by which the Securities were issued 14 April 2025. Price or other consideration the Company received for the Securities $0.14 per Share. Purpose of the issue, including the intended use of any funds raised by the issue The purpose of the issue was to raise capital, which the Company applied towards completing development of the Company’s next generation of kids’ and seniors’ hardware, plus a new software experience for the Company’s customers and users with the new app, as well as for general working capital. Summary of material terms of agreement to issue The April Placement Shares were not issued under an agreement. Voting Exclusion Statement A voting exclusion statement applies to this Resolution. Compliance The issue did not breach Listing Rule 7.1. 3. RESOLUTION 2 – APPROVAL TO ISSUE SHARES ON CONVERSION OF THORNEY NOTES 3.1 General As set out in Section 1.2 above, the Company has issued 2,000,000 Thorney Notes to TIGA and 1,000,000 Thorney Notes to TEK on 14 July 2025. Under the terms of the Thorney Notes, holders will be issued Conversion Shares and Interest Shares. Refer to Section 1.4 for a summary of the material terms of the Thorney Notes. As set out in Sections 3.3 and 3.4 below, Shareholder approval under item 7 of section 611 of the Corporations Act is required if a person’s voting power increases from a starting point that is above 20% and below 90%. TIGA and TEK are members of the Thorney Investment Group, which currently has a voting power in the Company in excess of 20%. As such, this Resolution seeks Shareholder approval for the purpose of Item 7 of section 611 of the Corporations Act to allow the Company to issue (a) such number of Conversion Shares as is calculated by dividing the Principal Amount owing on the Thorney Notes by the Conversion Price; and 10 (b) such number of Interest Shares as is calculated by dividing the interest accrued on the Thorney Notes by the Interest Conversion Price, (together, the Thorney Conversion Shares). The tables below set out the relevant interests in Shares and voting power of each member of the Thorney Investment Group with an interest in the Company, as at the date of this Notice and on conversion of the Thorney Notes, both under the most dilutive terms of conversion and on the currently anticipated terms of conversion: Most Dilutive Terms Holder Current Shares Current Voting Power Thorney Conversion Shares Post- Conversion Shares Post- Conversion Voting Power TIGA 11,854,817 16.21% 27,616,438 39,471,255 34.46% TEK 9,705,654 13.27% 13,808,219 23,513,873 20.53% Sub-total 21,560,471 29.49% 41,424,658 62,985,129 54.99% Other Shareholders 51,552,211 70.51% 0 51,552,211 45.01% TOTAL 73,112,682 100.00% 41,424,658 114,537,340 100.00% Assumptions: 1. Conversion of the Thorney Notes occurs on 31 July 2026 (the latest Conversion Date under the terms of the Thorney Notes). 2. The Conversion Price and Interest Conversion Price are each $0.08 (being the Floor Price under the terms of the Thorney Notes). 3. No additional Shares are issued by the Company. 4. No Converting Notes, other than the Thorney Notes, are issued or converted into Shares. 5. No converting securities are converted into Shares between now and the Conversion Date. Anticipated Terms Holder Current Shares Current Voting Power Shares to Be Issued Post- Conversion Shares Post- Conversion Voting Power TIGA 11,854,817 16.21% 20,084,682 31,939,499 21.24% TEK 9,705,654 13.27% 10,042,341 19,747,995 13.13% Sub-total 21,560,471 29.49% 30,127,024 51,687,495 34.37% Other Shareholders 51,552,211 70.51% 47,146,327 98,698,538 65.63% Total 73,112,682 100.00% 77,273,350 150,386,032 100.00% Assumptions: 1. Shareholder approval is granted: (a) for the issue of the September Placement Shares and PAM Notes at the Meeting; and (b) for the Management Notes at the AGM. 2. The issue of: (a) the September Placement Shares, PAM Notes and September Conversion Shares occurs on 30 October 2025; and (b) the Management Notes occurs on 28 November 2025. 3. Conversion of the Thorney Notes, PAM Notes and Management Notes occurs on 31 July 2026. 4. The Conversion Price and Interest Conversion Price for each of the Converting Notes is $0.11 (being the Conversion Price following completion of the September Placement). 5. No additional Shares are issued by the Company. 6. No Converting Notes, other than as contemplated above, are issued or converted into Shares. 7. No converting securities are converted into Shares between now and the Conversion Date. When aggregated with the existing Shares held by the Thorney Investment Group, and assuming no further Shares are issued prior to conversion, the maximum increase in the Thorney Investment Group’s voting power in the Company as at the date of this Notice is an increase from 29.49% as at the date of this Notice, up to 54.99%. 11 3.2 Listing Rule 7.1 A summary of Listing Rule 7.1 is set out in Section 2.2 above. Pursuant to ASX Listing Rule 7.2 (Exception 8), Listing Rule 7.1 does not apply to an issue of securities approved for th