State Street Corporation Becomes Substantial Shareholder in G8 Education Limited

Global financial services giant State Street Corporation has formally emerged as a substantial shareholder in G8 Education Limited, securing a 5.03% voting interest, according to a regulatory filing lodged on January 23, 2026.

The threshold was crossed on January 21, 2026, with the position encompassing 38,814,048 ordinary shares. The acquisition reflects the consolidated holdings of various State Street entities through investment management mandates and securities lending arrangements.

State Street Corporation, headquartered in the United States, operates globally through multiple subsidiaries. The relevant interest in G8 Education is distributed across its investment and custodial arms:

• Investment Management: This includes entities such as State Street Global Advisors (Australia) Limited, SSGA Funds Management, Inc., and State Street Global Advisors Europe Limited. These firms manage portfolios and exercise voting rights on behalf of clients.
• Custody and Lending: State Street Bank and Trust Company, also based in Boston, acts as custodian and engages in securities lending programs. While shares may be lent to third parties, the entity retains a relevant interest in accordance with Australian corporate law.

The substantial holding involves multiple custodians and institutional clients. Shares are registered with third-party custodians such as Citibank NA, Northern Trust, JPMorgan AG, and State Street itself.

State Street’s investment entities possess the power to vote or dispose of the securities as part of their discretionary mandates. However, where shares are involved in lending programs, voting rights may be limited, particularly when State Street is acting as the lender.

Transaction Timeline and Valuation

Annexures to the filing reveal high-volume activity between September 2025 and January 2026. Share transactions occurred across a broad price range:

• September–October 2025: Trades mostly ranged between $0.82–$0.86.
• November 2025 onward: Share prices trended lower, with many transactions executed between $0.68–$0.72.

This price movement may reflect broader market conditions or sector-specific sentiment.

Much of the holding is structured under Global Master Securities Lending Agreements. These agreements allow for:

• Open-ended Terms: No fixed return date; securities can be recalled by State Street or returned by the borrower with notice.
• Voting Limitations: Voting rights are typically retained only if the borrower defaults or if the securities are recalled and re-registered.

This structure highlights the dynamic nature of institutional holdings, where shares may be mobilised to support liquidity while preserving long-term voting influence.

Read the full ASX Announcement here.