Papyrus Australia LtdASX: PPY

ASX Announcement - Substantial Shareholder Notice

· Issued by Papyrus Australia Ltd

603

page 1/2 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/Scheme

ACN/ARSN

110 868 409

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

Papyrus Australia Ltd (PPY)

L39 Capital Pty Ltd 614 364 117

The holder became a substantial holder on

2. Details of voting power

18 /11 /2020

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)

Number of securities

Person's votes (5)

Voting power (6)

Ordinary Shares

41,666,667

41,666,667

9.74%

Options

41,666,667

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest

Nature of relevant interest (7)

Class and number of securities

L39 Capital Pty Ltd

Investment Manager

41,666,667 shares

L39 Capital Pty Ltd

Investment Manager

41,666,667 options

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest

Registered holder of securities

Person entitled to be registered as holder (8)

Class and number of securities

L39 Capital Pty Ltd

Certane CT Pty Ltd

41,666,667

L39 Capital Pty Ltd

Certane CT Pty Ltd

41,666,667

41,666,667 shares 41,666,667 options

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest

Date of acquisition

Consideration (9)

Class and number of securities

Cash

Non-cash

Certane CT Pty Ltd

02/10/2020

132,900

Ordinary shares

Certane CT Pty Ltd

18/11/2020

367,100.01

Ordinary shares an

Ordinary shares and

options