Pental : Notice of ceasing to be a substantial holder.pdf

Form 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

ToCompany Name/Scheme

ACN/ARSN/ABN

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

Pental Limited

091 035 353

Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies corporate as set out in Table 1 of Annexure A (together the Group), as investment manager for the funds or investment mandates listed at Table 2 of Annexure A

112 316 168 (ACN of Allan Gray Australia)

The holder ceased to be a substantial holder on	24 July 2020
The previous notice was given to the company on	16 July 2020
The previous notice was dated	16 July 2020

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant	Nature of	Consideration	Class (6) and number	Person's votes
	interest changed	change (4)	given in relation	of securities affected	affected
			to change (5)
See Annexure A, Tables 2
and 3

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
See Annexure A, Tables 1 and 2

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
The Group	C/- Allan Gray Australia, Level 2 Challis House, 4 Martin Place Sydney , NSW 2000

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Signature

print name	Elizabeth Lee	Company Secretary
sign here		Date: 28 July 2020

DIRECTIONS

1. If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
2. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
3. See the definition of "associate" in section 9 of the Corporations Act 2001.
4. Include details of:
5. 1. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
   2. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting
      powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001

1. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
2. The voting shares of a company constitute one class unless divided into separate classes.
3. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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Pental Limited

THIS IS ANNEXURE A OF 2 PAGES REFERRED TO IN THE ABOVE FORM 605

Print name	Elizabeth Lee	Company Secretary
Sign here		Date: 28 July 2020

Table 1 - Related bodies corporate

The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.

Orbis Allan Gray Limited			Orbis Mansfield Street Properties Ltd
Orbis Holdings Limited			Orbis Investment Management (BVI) Limited (OIMLBVI)
Orbis Investment Management Limited (OIML)			Orbis Investment Advisory Pty Limited
Orbis Asset Management Limited (OAML)			Allan Gray (Holdings) Pty Ltd
Orbis Administration Limited			Orbis Investment Management (Hong Kong) Limited
Orbis Investment Research Limited			Orbis Client Services (Canada) Limited
Orbis Investment Management (MIS) Limited			Orbis Holdings (UK) Limited
Triple Blue Holdings Limited			Orbis Investment Management (Europe) LLP
Pictet Overseas Trust Corporation and Pictet Trustee Company SA	Orbis Investment Management (Luxembourg) S.A
Allan & Gill Gray Foundation (Guernsey)			EmCap Limited (Guernsey)
Table 2 - Funds
An entity within the Group acts as investment manager for some or all of the assets in the following funds.
No	Fund name	Manager	Code	Registered holder		Persons entitled to be registered
						holder
1.	Allan Gray Australia Equity Fund	AGA	SMEF	Citibank N.A., Sydney Branch as		Equity Trustees Limited as SMEF's
				SMEF's custodian		responsible entity
2.	Allan Gray Australia Balanced Fund	AGA	SMBF	Citibank N.A., Hong Kong Branch		Equity Trustees Limited as SMBF's
				as SMBF's custodian		responsible entity
3.	Allan Gray Australia Stable Fund	AGA	SMSF	Citibank N.A., Sydney Branch as		Equity Trustees Limited as SMSF's
				SMSF's custodian		responsible entity
4.	Morningstar Australian Shares High	AGA	SMIA	JP Morgan Nominees Australia		Morningstar Investment Management
	Alpha Fund			Ltd as SMIA's custodian		Australia Limited SMIA's trustee
5.	Construction and Building Unions	AGA	SMCB	JP Morgan Nominees Australia		United Super Pty Ltd as SMCB's trustee
	Superannuation Fund			Ltd as SMCB's custodian
6.	HESTA Superannuation Fund	AGA	SMHT	JP Morgan Nominees Australia		H.E.S.T. Australia Ltd as SMHT's trustee
				Ltd as SMHT's custodian
7.	Hostplus Pooled Superannuation	AGA	SMHP	Citibank N.A., Sydney Branch as		Host Plus Pty ltd as SMHP's trustee
	Trust			SMHP's custodian
8.	Russell Australian Opportunities Fund	AGA	SMRI	State Street Australia Ltd as		Russell Investment Management Ltd as
				SMRI's custodian		SMRI's responsible entity
9.	MyLifeMyMoney Superannuation	AGA	SMCS	NAB Custodial Services as		CSF Pty Ltd as SMCS's trustee
	Fund			custodian for SMCS
10.	Maritime Super	AGA	SMMS	NAB Custodial Services as		Maritime Super Pty Ltd as SMMS's
				custodian for SMMS		trustee
11.	Non-Government Schools	AGA	SMNG	State Street Australia Ltd as		Non-Government Schools
	Superannuation Fund		SMNP	SMNG's custodian		Superannuation Fund Pty Ltd as
						SMNG's trustee
12.	REST Superannuation Fund	AGA	SMRT	State Street Australia Ltd as		Retail Employees Superannuation Pty
				SMRT's custodian		Ltd as SMRT's trustee
13.	Government Employees	AGA	SMGB	Northern Trust Corporation as		Government Employees Superannuation
	Superannuation Board			SMGB's custodian		Board
14.	Statewide Superannuation Trust	AGA	SMSW	NAB Custodial Services as		Statewide Superannuation Pty Ltd as
				custodian for SMSW		SMSW's trustee

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No	Fund name	Manager	Code	Registered holder	Persons entitled to be registered
					holder
15.	Legal Super	AGA	SMLS	BNP Paribas Fund Services	Legal Super Pty Ltd as trustee of
				Australasia Pty Ltd as SMLS's	legalsuper
				custodian
16.	AMP Capital Specialist Australian	AGA	SMAP	BNP Paribas Fund Services	AMP Capital Funds Management
	Share Fund			Australasia Pty Ltd as SMAP's	Limited as responsible entity of AMP
				custodian	Capital Specialist Australian Share Fund
17.	Orbis Global Equity Fund (Australia	OIML	GAPL	Citibank N.A., Hong Kong Branch,	Equity Trustees Limited as GAPL's
	Registered)			as GAPL's custodian	responsible entity
18.	Orbis Emerging Markets Equity Fund	OIML	EMAF	Citibank N.A., Hong Kong Branch,	Equity Trustees Limited as EMAF's
	(Australia Registered)			as EMAF's custodian	responsible entity
19.	Orbis Global Equity LE Fund	AGA	GALE	Citibank N.A., Hong Kong Branch,	Equity Trustees Limited as GALE's
	(Australia Registered)			as GALE's custodian	responsible entity
20.	Orbis Global Equity Fund Limited	OIML	OGEF	Citigroup Fund Services Canada,	OGEF
				Inc (Citi Canada) as OGEF's
				custodian
21.	Orbis Optimal SA Fund Limited	OIML	OSAP	Citi Canada as OSAP's custodian	OSAP
22.	Institutional Global Equity Fund	OIML	IGEF	Citi Canada as IGEF's custodian	IGEF
23.	Orbis Optimal LP	OIML	OOLP	Citi Canada as OOLP's custodian	OOLP
24.	Orbis International Equity LP	OIML	IELP	Citi Canada as IELP's custodian	IELP
25.	Orbis Institutional Global Equity LP	OIML	OGLP	Citi Canada as OGLP's custodian	OGLP
26.	Orbis Institutional International Equity	OIML	ONLP	Citi Canada as ONLP's custodian	ONLP
	LP
27.	Orbis Institutional U.S. Equity LP	OIML	USLP	Citi Canada as USLP's custodian	USLP
28.	Orbis Institutional Emerging Markets	OIML	EMLP	Citi Canada as EMLP's custodian	EMLP
	Equity LP
29.	Orbis SICAV - Global Equity Fund	OIML	SGPL	Citibank International plc	SGPL
				(Luxembourg Branch) (Citi Lux)
				as SGPL's custodian
30.	Orbis SICAV - Asia- Ex Japan Fund	OIML	XJPL	Citi Lux as XJPL's custodian	XJPL
31.	Orbis SICAV - Global Balanced Fund	OIML	GBSA	Citi Lux as GBSA's custodian	GBSA
32.	Orbis SICAV - International Equity	OIML	SNPL	Citi Lux as SNPL's custodian	SNPL
33.	Orbis OEIC Global Equity Fund	OIML	UKGE	Citi Lux as UKGE's custodian	UKGE
34.	Orbis Institutional Global Equity	OIML	OGEO	Citi Canada as OGEO's custodian	OGEO
	(OFO)
35.	OEIC Global Cautious Fund	OIML	OCS4	Citi Lux as OCS4's custodian	OCS4
36.	Orbis SICAV Global Cautious Fund	OIML	OCSU	Citi Lux as OCSU's custodian	OCSU

Table 3 - Change in relevant interest

Trade Date	Reference Code	Action	No of security	Consideration
15 Jul 20 to 24 Jul 20	SMCB	Sell	-538,861	-$ 202,317
15 Jul 20 to 24 Jul 20	SMEF	Sell	-1,041,090	-$ 392,971
15 Jul 20 to 24 Jul 20	SMHP	Sell	-385,297	-$ 144,325
15 Jul 20 to 24 Jul 20	SMHT	Sell	-390,254	-$ 146,214
	Total		-2,355,502	-$ 885,827

All trades occur on market, under a dividend reinvestment plan, or pursuant to a capital raising (as applicable).

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