Ellerston Capital Becomes Substantial Holder in DXN Limited with 11.10% Voting Power

Aditi Sarkar

03 November 2026 08:45 PM AEDT

Ellerston Capital Becomes Substantial Holder in DXN Limited with 11.10% Voting Power

Image Source: Krish Capital Pty Ltd

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DXN Limited (ASX:DXN) has received a notice of initial substantial holding from Ellerston Capital Limited, which disclosed a relevant interest in 41,811,420 DXN securities, representing 11.10% voting power, with the substantial holder status effective from 30 October 2026.

Key Points

Ellerston Capital Limited became a substantial holder in DXN Limited on 30 October 2026
The relevant interest covers 41,811,420 securities, equating to 11.10% voting power
Ellerston Capital holds the interest in its capacity as investment manager for various clients or as trustee/responsible entity for investment vehicles
Securities are registered with JP Morgan Nominees Australia Limited (1,518,381 securities) and State Street (Australia) Ltd (40,293,039 securities)

Notice of Initial Substantial Holder Filed 3 November 2026

Ellerston Capital Limited (ACN 110 397 674), holding an Australian Financial Services Licence, lodged a Form 603 Notice of Initial Substantial Holder with the ASX on 3 November 2026 in respect of DXN Limited (ACN 620 888 548). The filing was signed by Ian Kelly, Company Secretary of Ellerston Capital Limited. The notice states that the shares reported are owned by third-party accounts under the discretionary investment management of Ellerston Capital Limited, and that neither Ellerston Capital nor any of its shareholders or their associates hold a direct interest in any shares disclosed in the form.

Nature of Relevant Interest and Registered Holders

According to the filing, Ellerston Capital, as the primary person, holds its relevant interest in its capacity as investment manager for various clients or as trustee or responsible entity for investment vehicles. This relevant interest gives Ellerston Capital the power to exercise, or control the exercise of, voting rights attached to the securities, as well as the power to dispose of, or control the disposal of, those securities. The 41,811,420 securities are registered across two custodians: JP Morgan Nominees Australia Limited holds 1,518,381 securities, and State Street (Australia) Ltd holds 40,293,039 securities.

Transaction History Across September and October 2026

Annexure A of the filing discloses a series of individual transactions by the primary person between 2 September 2026 and 2 November 2026. Purchases during this period included a single transaction on 30 October 2026 involving 21,404,302 securities for consideration of $2,884,580.80, and a transaction on 2 November 2026 involving 2,000,000 securities for $247,000.00. One sell transaction was recorded on 15 October 2026, with consideration of $304,155.89 relating to a reduction of 1,078,567 securities. Other buy transactions ranged in size from 34,116 securities to 3,771,532 securities across the period covered by the annexure.

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