Mayoral Trust no longer a substantial shareholder in Vulcan Steel

Mayoral Trust Limited (VCT) announced on October 2, 2025, that it is no longer a substantial product holder in Vulcan Steel Limited (VSL), with its holding falling below the 5% threshold. This change occurred on September 22, 2025. Prior to this, VCT held 5.515% of VSL, amounting to 7,247,780 shares out of a total of 131,408,572 shares.

The reduction in VCT's percentage ownership was primarily driven by VSL's fully underwritten 1-for-9 pro rata accelerated renounceable entitlement offer (AREO). On September 4, 2025, VSL completed the institutional component of the AREO, issuing 9,969,007 new shares. VCT participated, subscribing for 89,412 shares for NZ$590,038.73, which increased its holding to 7,337,192 shares. However, due to the enlarged share base of 141,754,399, VCT's percentage decreased to 5.176%.

Further contributing to the decline, VCT sold 59,608 shares off-market for NZ$393,359.16 on September 17, 2025, bringing its total to 7,277,584 shares (5.134%). The retail component of the AREO, completed on September 22, 2025, issued an additional 4,674,506 new shares in VSL, resulting in VCT's final holding of 7,277,584 shares representing 4.970% of the new total of 146,428,905 shares.