Ann: Update - Notification of buy-back - LSX, page-4

Hi MrCurly,

Hope this helps … the maximum price ( 0.4576 ) is derived this way,

"A company may only buy back shares under an on-market buy- back at a price which is not more than 5% above the average of the market price for securities in that class. The average is calculated over the last 5 days on which sales in the shares were recorded before the day on which the purchase under the buy- back was made."

This was the companies intention at the start of the buyback,

”The Company is undertaking the on-market buy-back as prudent capital management and plans to make purchases under the buy-back when the discount to NTA is approximately greater than 10%.”

So nta 0.67 - 10% = 60.3c.

Pleasingly they haven’t had to pay this high yet as they buyback in a controlled manner but provides a potential free kick to holders up the 60c level. Each cancelled buyback share actually raises the nta so effectively raises the potential price that could be paid. Win Win.

Just need patience as shares are bought back and another potential dividend in February. I think it will be larger than 1.5c when all Merdeka shares are cash settled.