Western Areas : Change in substantial holding from MS

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

onlyToCompany Name/Scheme

ACN/ARSN

1. Details of substantial holder (1) Name

ACN/ARSN (if applicable)

WESTERN AREAS LIMITED

091 049 357

Morgan Stanley and its subsidiaries listed in Annexure A

Not Applicable

There was a change in the interests of the
use	February 25, 2022
substantial holder on
The previous notice was given to the company on	February 28, 2022
The previous notice was dated	February 24, 2022
The holder became aware on	March 01, 2022

2. Previous and present voting power

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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)

Previous notice

Present notice

Person's votes

Voting power (5)

Person's votes

Voting power (5)

Ordinary Shares

39,765,178

12.36%

25,255,369

7.85%

Based on 321,643,155

Based on 321,643,155

personal

Ordinary Shares

Ordinary Shares

Outstanding

Outstanding

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or

cheme, since the substantial holder was last required to give a substantial holding notice to the company or

scheme are as follows:

Date of

Nature of change

Consideration given in

Class and number of

Person's

Person whose relevant interest changed

votes

change

(6)

relation to change (7)

Securities affected

affected

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

110.55

33 Ordinary Shares

33

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

5,119.73

1,526 Ordinary Shares

1,526

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

20,686.25

6,175 Ordinary Shares

6,175

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

3,774.20

1,130 Ordinary Shares

1,130

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

39,285.45

11,727 Ordinary Shares

11,727

For

Morgan Stanley Australia Securities Limited

Buy

2,120.36

632 Ordinary Shares

632

02/25/2022

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

649.90

194 Ordinary Shares

194

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

295,885.32

88,456 Ordinary Shares

88,456

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

457.58

137 Ordinary Shares

137

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

693.45

207 Ordinary Shares

207

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

522,937.14

155,868 Ordinary Shares

155,868

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

381,758.16

114,128 Ordinary Shares

114,128

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

4,777.52

1,424 Ordinary Shares

1,424

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

670.00

200 Ordinary Shares

200

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

1,055.44

316 Ordinary Shares

316

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

3.35

1 Ordinary Share

1

02/25/2022

Morgan Stanley Australia Securities Limited

Buy

613.05

183 Ordinary Shares

183

02/25/2022

Morgan Stanley Australia Securities Limited

Sell

78,996.35

23,581 Ordinary Shares

23,581

02/25/2022

Morgan Stanley Australia Securities Limited

Sell

3,368,293.14

1,008,471 Ordinary Shares

1,008,471

02/25/2022

Morgan Stanley Australia Securities Limited

Sell

3,336,660.00

1,000,000 Ordinary Shares

1,000,000

1

	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	22,494,058.32	6,734,748 Ordinary Shares	6,734,748
	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	20,714,439.52	6,201,928 Ordinary Shares	6,201,928
	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	277,968.16	83,224 Ordinary Shares	83,224
	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	44,508.84	13,326 Ordinary Shares	13,326
	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	5,148.95	1,537 Ordinary Shares	1,537
	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	1,812.35	541 Ordinary Shares	541
	02/25/2022	Morgan Stanley Australia Securities Limited	Sell	6,951,865.98	2,081,397 Ordinary Shares	2,081,397
only	Morgan Stanley Australia Securities Limited	Sell	29,458.80	8,820 Ordinary Shares	8,820
02/25/2022
02/25/2022	Morgan Stanley Australia Securities Limited	Sell	28,927.74	8,661 Ordinary Shares	8,661
02/25/2022	Morgan Stanley Australia Securities Limited	Sell	451,079.94	134,852 Ordinary Shares	134,852
02/25/2022	Morgan Stanley & Co. International plc	Borrow Returned	N/A	26,167 Ordinary Shares	26,167
	02/25/2022	Morgan Stanley & Co. International plc	Collateral Received	N/A	2,435,107 Ordinary Shares	2,435,107

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

	Holder of relevant	Registered holder	Person entitled	Nature of relevant interest (6)	Class and number	Person's
		interest	of securities	to be registered	of securities	votes
		as holder (8)
	Morgan Stanley & Co.	HSBC Custody		Shares held or in respect of which the holder may exercise	9,564,326 Ordinary
	Nominees	Not Applicable	control over disposal in the ordinary course of sales and	9,564,326
	International plc				Shares
use		(Australia) Limited		trading businesses.
	Morg n Stanley & Co.	HSBC Custody		Holder of securities subject to an obligation to return under a	10,788,499
	Nominees	Not Applicable	10,788,499
	International plc	prime brokerage agreement.	Ordinary Shares
	(Australia) Limited
	Morgan Stanley	Morgan Stanley		Shares held or in respect of which the holder may exercise
	Australia Securities		3,680,838 Ordinary
	Australia Securities	Not Applicable	control over disposal in the ordinary course of sales and	3,680,838
	Limited		(Nominee) Pty		trading businesses.	Shares
		Limited
	Morgan Stanley	HSBC Custody		Shares held or in respect of which the holder may exercise	1,449 Ordinary
	Inve tment	Nominees	Not Applicable	control over disposal in the ordinary course of investment	1,449
	Shares
	Management Inc.	(Australia) Limited		management business.
	Morgan Stanley Smith	HSBC Custody		Shares held or in respect of which the holder may exercise	3,125 Ordinary
	Nominees	Not Applicable	control over disposal in the ordinary course of discretionary	3,125
	Barn y LLC	(Australia) Limited		managed business.	Shares
			Morgan Stanley
	Morgan Stanley Wealth	Wealth		Shares held or in respect of which the holder may exercise
personalManagement Australia	Management	Not Applicable	control over disposal in the ordinary course of discretionary	303,450 Ordinary	303,450
	Pty Ltd		Australia Pty		managed business.	Shares
		discretionary client
			account
	Parametric Portfolio			Shares held or in respect of which the holder may exercise	913,682 Ordinary
	Unknown	Not Applicable	control over disposal in the ordinary course of investment	913,682
	Ass ciates LLC	Shares
			management business.
	Each of the entities (as
	listed in Annexure A) in			Each of the above entities is a body corporate that each	25,255,369
	the Morgan Stanley			upstream entity controls and therefore has the relevant	25,255,369
			Ordinary Shares
For				interests that the above entities collectively have.
	group upstream of the
	above entities

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

2

Name and ACN/ARSN (if applicable)

Not Applicable

6. Addresses

The addresses of persons named in this form are as follows:

only		Name
Morgan Stanley
Morgan Stanley & Co. International plc
Morgan Stanley Investment Management Inc.
Morgan Stanley Australia Securities Limited
use	Morgan Stanley Wealth Management Australia Pty Ltd
Morgan Stanley Smith Barney LLC
		Parametric Portfolio Associates LLC
	Signature
personalFor	print name Wilson Li

sign here

Nature of association

Not Applicable

Address

1585 Broadway, New York, New York, 10036, USA.

Legal & Compliance Department, 25 Cabot Square, Canary Wharf, London, E14 4QA,

UNITED KINGDOM.

522 5th Avenue, 6th Floor, New York, 10036, USA.

Level 39, Chifley Tower, 2 Chifley Square, Sydney, 2000, AUSTRALIA.

Level 39, Chifley Tower, 2 Chifley Square, Sydney, 2000, AUSTRALIA.

1585 Broadway, New York, 10036, USA.

800 Fifth Avenue, Suite 2800, Seattle, 98104, USA.

capacity	Vice President
date	March 01, 2022

3

Annexure A

only
List of Morgan Stanley and its subsidiaries that have a relevant interest or deemed to have a relevant interest in the shares or units stated in Section 4.
		Name
		└─┬─Morgan Stanley
		├─┬─Morgan Stanley International Holdings Inc.
		│ ├─┬─Morgan Stanley International Limited
		│ │ └─┬─Morgan Stanley Investments (UK)
		│ │ └───Morgan Stanley & Co. International plc
		│ └─┬─Morgan Stanley (Australia) Securities Holdings Pty Limited
		│ └───Morgan Stanley Australia Securities Limited
use		└─┬─Morgan Stanley Capital Management, LLC
	└─┬─Morgan Stanley Domestic Holdings, Inc.
	├───Morgan Stanley Wealth Management Australia Pty Ltd
		├─┬─Eaton Vance Acquisitions LLC
		│ └───Parametric Portfolio Associates LLC
		├───Morgan Stanley Smith Barney LLC
		└───Morgan Stanley Investment Management Inc.

Signature personalFor

print name Wilson Li

sign here

capacity	Vice President
date	March 01, 2022

4

onlyuse(1)

(2)

(3)

personal(4)

(5)

(6)

(7)

(8)

(9) For

DIRECTIONS

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to 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 members is clearly set out in paragraph 7 of the form.

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

See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

The voting shares of a company constitute one class unless divided into separate classes.

The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

Include details of:

1. any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
2. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the 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.'"

Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

5