Vulcan Steel : Becoming a substantial holder

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001

Section 671B

only			Notice of initial substantial holder
ToCompanyName/Scheme	VULCAN STEEL LIMITED
	ACN/ARSN	652996015
	1. Details of substantial holder (1)	FORSYTH BARR GROUP LIMITED and FORSYTH BARR INVESTMENT MANAGEMENT LIMITED and
	Name	OCTAGON ASSET MANAGEMENT LIMITED
	ACN/ARSN (if applicable)
N/A
use
		04 / 02 / 22
	The holder becameasubstantial holderon

2. Details of voting power

The total numberof votes attached to all the voting shares in the company or voting interests in thescheme 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:
personal
Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
	FULLY PAID ORDINARY SHARE	6,589,114	6,589,114	5.014%
	(SHARES)

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 becamea substantial holder are as follows:

	Holder of relevant interest			Nature of relevant interest (7)	Class and number of securities
	FORSYTH BARR INVESTMENT			POWER TO CONTROL THE VOTING AND/OR DISPOSAL OF	6,569,711 SHARES
	MANAGEMENT LIMITED			SECURITIES PURSUANT TO POSITION AS INVESTMENT
	OCTAGON ASSET MANAGEMENT		MANAGER FOR VARIOUS CLIENT PORTFOLIOS		19,403 SHARES
		POWER TO CONTROL THE VOTING AND/OR DISPOSAL OF
	LIMITED			SECURITIES PURSUANT TO POSITION AS INVESTMENT
4. Details of present registered holders			MANAGER FOR OCTAGON INVESTMENT FUNDS
The persons registered as holders of the securities referred to in paragraph 3 above are as follows:
	Holder of relevant		Registered holder of	Person entitled to be registered	Class and number
	interest		securities	as holder (8)			of securities
	FORSYTH BARR INVESTMENT	FORSYTH BARR CUSTODIANS	N/A			6,569,711 SHARES
	MANAGEMENT LIMITED	LIMITED
	OCTAGON ASSET	TRUSTEES EXECUTORS	N/A			19,403 SHARES
	MANAGEMENT LIMITED	LIMITED

5. Consideration

The consideration paidforeach relevant interest referredto inparagraph 3above,and acquiredin thefourmonths prior to the day that the substantial holder

becamea substantial holderis as follows:
For
	Holder of relevant	Date of acquisition	Consideration (9)	Class and number
		interest				of securities
				Cash	Non-cash
		FORSYTH BARR INVESTMENT	See Annexure 'Á'	See Annexure 'Á'	See Annexure 'Á'See Annexure 'Á'
		MANAGEMENT LIMITED
		OCTAGON ASSET	See Annexure 'Á'	See Annexure 'Á'See Annexure 'Á'See Annexure 'Á'
		MANAGEMENT LIMITED

603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

		NameandACN/ARSN(if applicable)		Nature of association
		FORSYTH BARR INVESTMENT		FORSYTH BARR INVESTMENT MANAGEMENT LIMITED IS A WHOLLY OWNED
		MANAGEMENT LIMITED		SUBSIDIARY OF FORSYTH BARR GROUP LIMITED
		OCTAGON ASSET MANAGEMENT		OCTAGON ASSET MANAGEMENT LIMITED IS A WHOLLY OWNED SUBSIDIARY OF
7.		LIMITED		FORSYTH BARR GROUP LIMITED
Addresses
The addresses of persons named in this form are as follows:
only
	Name		Address
	FORSYTH BARR GROUP LIMITED		FORSYTH BARR HOUSE, CNR OCTAGON & STUART STREET, DUNEDIN, NEW
			ZEALAND
	FORSYTH BARR INVESTMENT		FORSYTH BARR HOUSE, CNR OCTAGON & STUART STREET, DUNEDIN, NEW
	MANAGEMENT LIMITED		ZEALAND
	OCTAGON ASSET MANAGEMENT	FORSYTH BARR HOUSE, CNR OCTAGON & STUART STREET, DUNEDIN, NEW
		LIMITED	ZEALAND

use
Signature
		print nameNeil Paviour-Smith	capacity: Managing Director
		signhere		date	04/03/2022
personal
		DIRECTIONS
(1)	If there are a numberof substantialholderswith similarorrelated relevant interests (eg.a corporation and itsrelated corporations,or the managerand trustee
		of an equity trust), the names could be included in an annexureto the form. If the relevant interests of a group of persons are essentially similar, they
		may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of membersis
		clearly set out in paragraph 7 of the form.
(2)	Seethe definition of "associate" insection 9of the Corporations Act 2001.
(3)	See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)	The voting shares of a company constitute one class unless divided into separate classes.
(5)	The total numberof votes attached to all the voting shares inthe company orvoting interests in the scheme (ifany) that the person or an associate has
		arelevant interestin.
(6)	The person's votes divided by the total votes in the body corporate orscheme multiplied by 100.
(7)	Include details of:

For(8)

1. any relevant agreementor other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of anydocumentsetting

out theterms of any relevant agreement,and astatement by the person givingfull and accuratedetails of any contract, schemeor arrangement,must accompanythis form, togetherwith a written statement certifying this contract,scheme or arrangement;and

1. any qualification of the powerof a person to exercise,control the exercise of,or influence the exercise of, the voting powers or disposalof the securities to which the relevant interest relates (indicating clearlythe particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

1. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, becomeentitled toreceive inrelation to that acquisition. Details must be includedeven if the benefit is conditional on the happening ornot of a contingency.. Details must be included of any benefit paid on behalf of the substantialholderor its associatein relation to the acquisitions,even if they are notpaid directlytothe person from whom the relevant interest was acquired.

For personal use only

ANNEXURE A

This is Annexure 'A' of 119 pages referred to in form 603, Notice of beginning to be a substantial holder, lodged for Forsyth Barr Group Limited, Forsyth Barr Investment Management Limited and Octagon Asset Management Limited.

Neil Paviour-Smith - Managing Director / Chief Executive Officer - Forsyth Barr Group Limited - 04/03/2022

only
Sign here:
			NATURE OF		CURRENC	QUANTIT	CLASS OF	VOTES
	DATE	REGISTERED COMPANY	CONSIDERATIO	SECURITIE	AFFECTE
	CHANGE	Y	Y
			N	S	D
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	580	ORDINARY	580
MANAGEMENT LTD	4,144
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	2700	ORDINARY	2700
MANAGEMENT LTD	19,440
use
FORSYTH BARR INVESTMENT	BUY	$	AUD	2700	ORDINARY	2700
4/11/2021
MANAGEMENT LTD	19,440
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	10000	ORDINARY	10000
MANAGEMENT LTD	71,257
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	3000	ORDINARY	3000
MANAGEMENT LTD	21,389
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	6000	ORDINARY	6000
MANAGEMENT LTD	42,900
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	NZD	780	ORDINARY	780
MANAGEMENT LTD	5,811
personal
FORSYTH BARR INVESTMENT	BUY	$	AUD	1800	ORDINARY	1800
4/11/2021	MANAGEMENT LTD	12,897
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	NZD	30000	ORDINARY	30000
MANAGEMENT LTD	225,467
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	1250	ORDINARY	1250
MANAGEMENT LTD	8,938
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	565	ORDINARY	565
MANAGEMENT LTD	4,027
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	700	ORDINARY	700
MANAGEMENT LTD	5,005
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	5500	ORDINARY	5500
MANAGEMENT LTD	39,298
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	7000	ORDINARY	7000
MANAGEMENT LTD	49,999
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	6000	ORDINARY	6000
MANAGEMENT LTD	42,683
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	1000	ORDINARY	1000
MANAGEMENT LTD	7,135
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	2600	ORDINARY	2600
MANAGEMENT LTD	18,720
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	1900	ORDINARY	1900
MANAGEMENT LTD	13,680
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	750	ORDINARY	750
MANAGEMENT LTD	5,400
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	950	ORDINARY	950
MANAGEMENT LTD	6,840
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	4200	ORDINARY	4200
MANAGEMENT LTD	30,240
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	NZD	2000	ORDINARY	2000
MANAGEMENT LTD	14,900
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	5000	ORDINARY	5000
MANAGEMENT LTD	35,851
For
FORSYTH BARR INVESTMENT	BUY	$	AUD	50000	ORDINARY	50000
4/11/2021	MANAGEMENT LTD	358,513
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	1000	ORDINARY	1000
MANAGEMENT LTD	7,170
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	3000	ORDINARY	3000
MANAGEMENT LTD	21,511
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	1000	ORDINARY	1000
MANAGEMENT LTD	7,200
4/11/2021	FORSYTH BARR INVESTMENT	BUY	$	AUD	750	ORDINARY	750
MANAGEMENT LTD	5,400

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FORSYTH BARR INVESTMENT

MANAGEMENT LTD

FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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FORSYTH BARR INVESTMENT

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BUY

BUY

BUY

BUY

BUY

BUY

BUY

BUY

BUY

BUY

BUY

BUY

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BUY

BUY

BUY

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BUY

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BUY

BUY

2

$

9,000

$

3,600

$

9,000

$

7,200

$

10,800

$

5,400

$

19,800

$

9,000

$

18,000

$

18,000

$

5,400

$

14,400

$

7,200

$

18,000

$

5,400

$

3,600

$

9,000

$

5,058

$

4,975

$

17,120

$

11,326

$

8,350

$

7,658

$

14,573

$

8,417

$

5,381

$

2,443

$

4,073

$

1,556

$

25,854

$

7,719

$

7,636

$

9,462

$

17,033

$

8,851

$

27,891

$

8,580

$

7,150

AUD	1250	ORDINARY	1250
AUD	500	ORDINARY	500
AUD	1250	ORDINARY	1250
AUD	1000	ORDINARY	1000
AUD	1500	ORDINARY	1500
AUD	750	ORDINARY	750
AUD	2750	ORDINARY	2750
AUD	1250	ORDINARY	1250
AUD	2500	ORDINARY	2500
AUD	2500	ORDINARY	2500
AUD	750	ORDINARY	750
AUD	2000	ORDINARY	2000
AUD	1000	ORDINARY	1000
AUD	2500	ORDINARY	2500
AUD	750	ORDINARY	750
AUD	500	ORDINARY	500
AUD	1250	ORDINARY	1250
NZD	673	ORDINARY	673
NZD	662	ORDINARY	662
NZD	2278	ORDINARY	2278
NZD	1507	ORDINARY	1507
NZD	1111	ORDINARY	1111
NZD	1019	ORDINARY	1019
NZD	1939	ORDINARY	1939
NZD	1120	ORDINARY	1120
NZD	716	ORDINARY	716
NZD	325	ORDINARY	325
NZD	542	ORDINARY	542
NZD	207	ORDINARY	207
NZD	3440	ORDINARY	3440
NZD	1027	ORDINARY	1027
NZD	1016	ORDINARY	1016
NZD	1259	ORDINARY	1259
AUD	2367	ORDINARY	2367
AUD	1230	ORDINARY	1230
AUD	3876	ORDINARY	3876
AUD	1200	ORDINARY	1200
AUD	1000	ORDINARY	1000