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Voluntary Announcement: General Issue of Shares for Cash
Marshall Monteagle PLC
(Incorporated in Jersey)
(Registration number: 102785)
(External registration number: 2010/024031/10)
JSE Code: MMP ISIN: JE00B5N88T08
Main Board – General Segment
("Marshall" or "the Company")
VOLUNTARY ANNOUNCEMENT: GENERAL ISSUE OF SHARES FOR CASH
The Company completed a successful rights offer and warrant issue on 10 November 2025 which
resulted in the Company receiving applications for 10,464,224 Marshall shares (8,051,337 share
applications and 2,412,887 excess applications) and raising US$10.7 million ("Rights Offer"). As part of
the Rights Offer, the Company also issued 4,482,074 warrants that are convertible into shares prior to
their expiry on 31 October 2030.
As the Company was only authorised to allot 8,964,377 shares under the Rights Offer, excess share
applications were significantly scaled back. In total, 2,412,887 excess applications were received, but
only 913,040 shares were available for allotment, leaving excess applications for 1,499,847 shares
unsatisfied.
While excess applications were fulfilled equitably based on the number of shares held and number of
shares applied for under the Rights Offer, some shareholders were allotted substantially fewer shares
than the number of shares that they had submitted excess applications for.
The Company allowed those shareholders the opportunity to apply for new shares (but not warrants)
as part of a separate issue of shares for cash in accordance with the general authority provided to the
Company at the Annual General Meeting held on 12 September 2025 ("Issue for Cash"). None of these
shareholders are related parties to the Company.
The Company confirms that the Issue for Cash has resulted in the issue of 1,300,000 shares raising
approximately US$2 million ("Additional Shares"). The Additional Shares will be listed on the JSE in
due course. The Additional Shares represent 3.63% of the total issued share capital as at 12 September
2025, and therefore this is a voluntary announcement for shareholder information purposes.
The Additional Shares will rank pari passu with existing listed shares. Following the Rights Offer and
the Issue for Cash, the issued share capital of the Company is 46,121,889.
By order of the Board:
24 February 2026
JSE Sponsor
Questco Corporate Advisory (Pty) Ltd
Date: 24-02-2026 01:10:00
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