BlackRock became substantial Technology One shareholder, then ceased

Phil Davis was appointed as a director of Technology One Limited (ASX:TNE) effective October 1, 2025. At the time of his appointment, Mr. Davis held no direct relevant interests in the company’s securities. This director appointment coincided with BlackRock Group, comprising BlackRock Inc. and its subsidiaries, becoming a substantial holder in Technology One Limited on the same date.

BlackRock Group reported a total voting power of 5.03%, representing 16,470,210 ordinary shares in Technology One Limited. The acquisition transactions leading to BlackRock's substantial holding occurred throughout June, July, August, and September 2025, with individual share acquisitions ranging from $37.19 to $42.49 per share. These transactions involved cash purchases on the market and collateral transfers through various BlackRock entities.

Further details reveal the nature of BlackRock’s relevant interest, primarily stemming from its capacity as an investment manager or responsible entity. These holdings include securities held by entities such as BlackRock Investment Management (Australia) Limited, BlackRock Advisors (UK) Limited, and BlackRock Institutional Trust Company, National Association. BlackRock ceased to be a substantial holder on October 2, 2025, through a series of on-market sell transactions and collateral transfers.