Saunders International: new substantial holder emerges, executive shareholdings shift

M Wade Holdings Pty Ltd and M Wade SPV Pty Ltd became substantial holders in Saunders International Limited (ASX:SND) on November 25, 2025, with a combined interest of 9,478,874 fully paid ordinary shares, representing 6.75% of voting power. This acquisition is non-cash and related to escrow arrangements from a share sale transaction announced on July 15, 2025. Saunders International also has a relevant interest in these shares due to voluntary escrow deeds, which restrict disposal but not voting rights.

Concurrently, two key executives, Mark Benson and Angelo De Angelis, saw changes in their direct and indirect interests on November 28, 2025. Mark Benson's indirect interest in performance rights increased by 318,288, bringing his total to 1,368,425 performance rights through Benson Family Holdings Pty Ltd ATF Benson Family Trust. These were issued under the FY26 LTVR program, approved by shareholders at the 2025 Annual General Meeting.

Angelo De Angelis' direct interest also increased by 377,112 performance rights, bringing his total to 793,447 performance rights under the same FY26 LTVR program. These performance rights have a measurement period from July 1, 2025, to June 30, 2028, with vesting conditions based on rTSR and NEPSG.