Underwritten Equity RaisingThe $65 million (before costs) Equity...

1. Underwritten Equity Raising

   The $65 million (before costs) Equity Raising is fully underwritten and comprises a:

   • ~$40 million institutional placement (“Placement”) to new and existing investors; and

   • ~$25 million, 1 for 13.65 accelerated pro-rata non-renounceable entitlement offer

     (“Entitlement Offer”)

     Approximately 16.5 million new IPD shares will be issued under the Equity Raising (“New Shares”), representing 19.0% of IPD’s existing shares on issue. New Shares will rank equally with existing IPD shares and IPD will, upon issue of those shares, seek quotation of the shares on ASX.

     Under the Entitlement Offer, eligible shareholders are invited to subscribe for 1 New Share for every 13.65 existing IPD shares (“Entitlement”) held on the Record Date, being 7:00 pm (Sydney time) on Thursday, 30 November 2023.

     All New Shares offered under the Equity Raising will be issued at a fixed price of $3.93 per New Share (“Offer Price”), representing a:

     • 6.4% discount to the last close of $4.20 as at Monday, 27 November 2023

     • 5.9% discount to the 5-day VWAP of $4.18 up to and including Monday, 27 November 2023