[SCHEDULE 13G/A] MAC Copper Limited SEC Filing

Rhea-AI Filing Summary

Freshworks Inc. (FRSH) director Zachary Nelson filed a Form 4 covering two transactions dated 1 Aug 2025 and 4 Aug 2025.

• Equity acquired: 9,380 Restricted Stock Units vested on 1 Aug, automatically converting to Class B and then Class A shares at $0 exercise cost. An additional 8,432 Class B shares were converted to Class A on 4 Aug.
• Equity disposed: On 4 Aug he sold 8,432 Class A shares under a Rule 10b5-1 plan at a weighted average price of $13.01 (range $12.85-$13.15), realising roughly $110 k gross proceeds.

Following the transactions Nelson’s direct holdings stand at 38,870 Class A shares plus 107,402 Class B shares (convertible one-for-one to Class A) and 9,370 unvested RSUs. The sales represent ~5.4 % of his post-conversion Class A position and were executed under a pre-arranged plan, limiting signalling value. Overall ownership of roughly 146 k shares maintains significant insider alignment.

Positive

• Director retains approximately 146,000 shares post-transaction, maintaining significant equity alignment with shareholders

Negative

• Sale of 8,432 shares (~$110k) could be perceived as mild insider profit-taking

Insights

Securities Analyst

TL;DR: Routine RSU vesting and small 10b5-1 sale; negligible impact on Freshworks’ fundamentals.

The filing shows normal monthly RSU vesting and a matching conversion from Class B to Class A, followed by the sale of 8,432 shares (~$0.11 m). Post-sale holdings stay above 146 k shares, so ownership dilution is minimal. Because transactions are under Rule 10b5-1 and represent a modest slice of total stake, market impact should be limited. No operational or financial metrics are affected; hence, I view the disclosure as neutral for valuation.

Corporate Governance Analyst

TL;DR: Insider remains materially invested; sale size small; governance risk unchanged.

Nelson continues to hold over 140 k shares after the sale, indicating ongoing alignment with shareholders. The 10b5-1 plan mitigates concerns over timing. Conversion mechanics follow the dual-class structure and do not alter voting power materially. No red flags on governance or unusual acceleration clauses are evident. I rate the event as not impactful from a governance-risk perspective.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

MAC Copper Ltd

(Name of Issuer)

CHESS Depositary Interest (CDI)

(Title of Class of Securities)

G60409110

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G60409110

1

Names of Reporting Persons

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,340,250.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,340,250.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,340,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MAC Copper Ltd
(b)	Address of issuer's principal executive offices: 3RD FLOOR, 3RD FLOOR, ST. HELIER, , JE4 9WG.
Item 2.
(a)	Name of person filing: United Super Pty Ltd (ABN 46 006 261623), as trustee for the Construction and Building Unions Superannuation Fund (ABN 75 493 363 262) (Cbus or the Reporting Person)
(b)	Address or principal business office or, if none, residence: The registered address of each of United Super Pty Ltd and Cbus is Level 22, 130 Lonsdale St, Melbourne, Victoria 3000, Australia.
(c)	Citizenship: Australia
(d)	Title of class of securities: CHESS Depositary Interest (CDI)
(e)	CUSIP No.: G60409110
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,340,250
(b)	Percent of class: 1.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,340,250
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,340,250
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund

Signature:	Shirlee Chan
Name/Title:	Head of Investment Risk and Compliance
Date:	08/05/2025

FAQ

How many Freshworks (FRSH) shares did Zachary Nelson sell?

He sold 8,432 Class A shares at a weighted average price of $13.01 on 4 Aug 2025.

What was the value of the insider sale at Freshworks?

Gross proceeds were roughly $110,000 (8,432 × $13.01).

Were the sales made under a 10b5-1 trading plan?

Yes, the filing states the trades were executed under a Rule 10b5-1 plan adopted on 28 Feb 2025.

How many shares does Nelson own after these transactions?

He now holds 38,870 Class A and 107,402 Class B shares, plus 9,370 unvested RSUs.

Does this Form 4 impact Freshworks’ financial performance?

No. It discloses insider transactions only and contains no operational or earnings data.