We refer to the Company's announcements made on 18 June 2021, 22 September 2021, 23 September 2021, 30 November 2022, 10 February 2023 and 15 February 2023 wherein the Board of Directors of the Company had announced that it proposed to undertake amongst others, the acquisition of a hydro asset ("Proposed Acquisition"). As a result of the Proposed Acquisitions, the collective shareholdings of the Offeror and its parties acting in concert will increase from below 33% to above 50%. Thus, in accordance with Paragraph 4.01(a) of the Rules, the Offeror and its parties acting in concert are obliged to undertake the Offer.

Pursuant to Paragraph 19.05 of the Rules, the Company had on 19 December 2023 received a notification from the Chief Executive Officer/Director of the Company, who is not person acting in concert with the Offeror, on dealings in JSB Warrants taken place on 18 December 2023, of which the details are as follows:-

This announcement is dated 19 December 2023.