Mesoblast director acquires 4m warrants, increasing indirect stake

Mesoblast Limited director Gregory George has expanded his indirect interest in the company with the acquisition of 4,000,000 warrants. These warrants are convertible into ordinary shares or the applicable number of American Depositary Shares (ADS) at the holder's election. The warrants were issued as a partial commitment fee for a convertible note facility, a transaction approved by shareholders on November 25, 2025. This acquisition did not involve any cash consideration for the warrants themselves.

Following this change on December 17, 2025, George's direct holdings remain at 5 ordinary shares, 12,829,328 ADSs, and 200,000 warrants convertible into ADS. His indirect holdings now stand at 9,640,077 ordinary shares, 12,908,777 ADSs, and 6,830,602 warrants to acquire ordinary shares. Some of George's previous ordinary shares have also been transmuted into ADSs on a 10-to-1 basis, a change that did not alter his notifiable interest in the underlying shares.

The indirect interests are held through various entities, including JP Morgan Nominees Australia Pty Limited (holding ADSs), G to the Fourth Investments, LLC (controlled by Gregory George), and ADSs held by James George and Grant George, who have granted George power of attorney. This notification updates George’s relevant interests since his last notice on September 12, 2025.