Macquarie Group reduces stake in Metcash

Perpetual Limited and its related bodies corporate, including Macquarie Group Limited and its controlled entities, have ceased to be a substantial holder in Metcash Limited. The group's voting power in Metcash Limited has decreased from 6.971% (76,526,096 votes) to 5.853% (64,325,993 votes). The change in interests occurred on September 16, 2025.

The reduction in voting power is a result of numerous sales and borrow returns of Metcash Limited shares by Macquarie Bank Limited (MBL), Macquarie Investment Services Limited (MISL), Macquarie Investment Management Limited (MIML), Pendal Fund Services Limited (PFSL), Pendal Institutional Limited (PIL), and Perpetual Trustee Company Limited (PTCO). These transactions, which primarily involved stock sales, occurred between October 14, 2024, and September 16, 2025, and included both on-market and off-market transactions. Notable transactions included the sale of -260,714 shares by PFSL on September 16, 2025, for AUD -1,025,961.73 and a borrow return of -31,900 shares by MBL on September 15, 2025.

Relevant interests are held across various entities, including Perpetual Limited and its controlled bodies corporate, with Macquarie Bank Limited acting as the holder of voting rights in securities lending agreements. These agreements allow the transferee/borrower the right to vote or not vote at their discretion.