NAB ceases to be substantial holder in Spenda after share issue dilutes stake

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The latest update is out from National Australia Bank Limited ( (AU:NAB) ).

National Australia Bank Limited and associated entities have notified Spenda Limited that they have ceased to be a substantial holder in the company as of 15 June 2026, following a dilution of their relevant interest. The change arose because Spenda issued new fully paid ordinary shares, reducing NAB’s voting power without any consideration changing hands, which may slightly alter Spenda’s shareholder base and institutional ownership profile but does not reflect an active disposal by NAB.

The notice specifies that 31,328,761 fully paid ordinary shares were affected by the dilution, indicating the scale of the shift in NAB’s voting interest in Spenda. With no new associates disclosed and no change in association structures reported, the development appears to be a technical outcome of capital issuance rather than a strategic exit, though it underscores how equity raisings can materially affect the status of substantial shareholders under Australian corporate disclosure rules.