Nicholas Heine ends voting pact, cuts Netwealth Group stake

Nicholas St. Clair Max Heine has ceased to be a substantial holder in Netwealth Group Limited as of September 22, 2025, following the termination of a voting agreement. This change resulted in Heine's total voting power decreasing from 46.37% (113,495,015 votes) to 40.79% (100,086,750 votes). The termination specifically related to an agreement with Leslie Max Heine Pty Ltd as trustee for The LMH Trust, under which Michael Max Heine and Heine Brothers Pty Ltd could direct the votes of 13,408,265 shares.

The agreement's termination meant Michael Max Heine, a director of Netwealth Group Limited, ceased to hold a relevant interest in the 13,408,265 shares previously held by Leslie Max Heine Pty Ltd as trustee for The LMH Trust. This reduced Heine's indirect interests to 100,040,000 shares held by Heine Brothers Pty Ltd as trustee for The MMH Trust, and 40,000 shares held by Netwealth Investments Limited as custodian.

The termination notice, signed by Michael Heine and Heine Brothers Pty Ltd, was effective immediately upon countersignature by Leslie Max Heine Pty Ltd, agreeing to a shorter notice period than the stipulated 30 days. This collective action led to a significant shift in voting power and reflects a material change in the director's indirect interests.