Morgan Stanley boosts stake in Vulcan Energy to become substantial holder

Morgan Stanley and its subsidiaries have become a substantial holder in Vulcan Energy Resources Limited, boosting their voting power from 6.38% to 9.39% of ordinary shares. This change reflects an increase from 14,961,345 to 22,020,835 votes, based on 234,429,181 ordinary shares outstanding. The change in interests occurred on November 24, 2025, with the holder becoming aware on November 26, 2025.

The shift in ownership is primarily driven by a series of buy and sell transactions by Morgan Stanley Australia Securities Limited, alongside securities lending agreements and prime brokerage activities. Morgan Stanley’s relevant interests are held through various entities, including HSBC Custody Nominees (Australia) Limited and DTC through Morgan Stanley, under several securities lending and prime brokerage agreements. These agreements involve obligations to return securities, with voting rights generally held by the borrower.