Challenger funds cease to be substantial holder in A2 Milk Company

Challenger Limited, along with entities listed in Annexure 2, ceased to be a substantial holder in The A2 Milk Company Limited (A2M) on August 22, 2025. The total voting power held by Challenger and its associates was 5.03%, representing 34,791,819 ordinary shares.

The change in relevant interests involved a net sale of 475,426 ordinary shares on August 21, 2025, through a "Sell - Transfer" transaction with a consideration of AUD 5,669,725. This was followed by various "Buy" transactions on August 22, 2025, involving multiple Challenger entities, acquiring shares for varying considerations.

State Street Bank and Trust Company, a subsidiary of State Street Corporation, is noted for its relevant interests arising from both lending securities to third parties, where it retains voting rights as the borrower, and taking a security interest over securities as collateral for loans. These transactions typically involve the right to vote if the borrower defaults or if the lender recalls the loan, though voting rights can be on-lent by the borrower in certain circumstances.