Exhibit 99.1

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

The definitions and interpretations commencing on page 23 of this Circular apply mutatis mutandis throughout this Circular, including this cover page and the Form of Acceptance, Election and Transfer (blue) attached to and forming part of this Circular unless specifically defined otherwise, or the context indicates a contrary intention.

Action required by MAS Shareholders:

This Circular is important and should be read in its entirety. MAS Shareholders are referred to page 8 of this Circular, which sets out the actions required of them regarding the Voluntary Bid, full details of which are set out in this Circular.

If you are in any doubt as to what action you should take arising from this Circular, you should consult your Broker, CSDP, banker, attorney, accountant, or other professional advisor immediately.

If you have disposed of all or some of your MAS Shares, then this Circular together with the enclosed Form of Acceptance, Election and Transfer (blue) and accompanying Prospectus and Programme Memoranda should, subject to compliance with applicable securities laws, be handed to the purchaser of such MAS Shares or to the Broker, banker, CSDP or other agent through whom the disposal was effected.

MAS Shareholders are referred to the Prospectus and the Programme Memoranda which accompany (but do not form part of) this Circular for more information in respect of PKI and the Consideration Instruments to be issued by PKI in relation to the Voluntary Bid.

PKI does not accept responsibility, and will not be held liable, under any applicable law, regulation or otherwise, for any action of, or omission by, any CSDP, Broker, or other service provider to, or other agent of, any beneficial owner of MAS Shares, including, without limitation, any failure on the part of the CSDP, Broker, or other service provider to, or agent of, any beneficial owner of MAS Shares to notify such beneficial owner of the matters set out in this Circular.

PK Investments Limited

(Incorporated in the Isle of Man)

(Registration number 014469V)

(“PKI” or “the Offeror”)

VOLUNTARY BID CIRCULAR TO MAS SHAREHOLDERS

relating to:

a Voluntary Bid by PKI to MAS Shareholders to acquire all of the MAS Shares not already held by it for a consideration comprising, at the election of each MAS Shareholder (i) the issue of Consideration Instruments, (ii) Cash Consideration, subject to the total Cash Acceptances not exceeding the Maximum Cash Amount, or (iii) a combination of Consideration Instruments and Cash Consideration;

and incorporating:

a Form of Acceptance, Election and Transfer (blue) for use by Certificated MAS Shareholders who hold Certificated MAS Shares on the MAS SA Register (such Certificated MAS Shareholders being the South African Certificated MAS Shareholders) only, who wish to accept the Voluntary Bid;

and accompanied by:

a Prospectus prepared in terms of the IOM Companies Act, the South African Companies Act and the South African Companies Regulations, in respect of PKI and the Consideration Instruments;

a Programme Memorandum (Listed) and the Applicable Pricing Supplement (Listed) prepared in terms of the CTSE Debt Listing Requirements in respect of, inter alia, the Consideration Instruments (Listed) to be issued by PKI in relation to the Voluntary Bid if SARB Approval is obtained on or before the Consideration Instrument Cut-Off Date and the Consideration Instruments list on the CTSE; and

a Programme Memorandum (Unlisted) and the Applicable Pricing Supplement (Unlisted) which will govern the terms of, inter alia, the Consideration Instruments (Unlisted), in the event that SARB Approval is not obtained on or before the Consideration Instrument Cut-Off Date and the Consideration Instruments do not list on the CTSE.

South African Legal Advisor to PKI in respect of the Voluntary Bid		Transaction Sponsor to PKI in respect of the Voluntary Bid and Transaction Advisor and Transaction Sponsor in respect of the listing of the Consideration Instruments
Malta Legal Advisor to PKI in respect of the Voluntary Bid		South African Legal Advisor to PKI in respect of the issue and listing of the Consideration Instruments
Isle of Man Legal Advisor to PKI in respect of the Voluntary Bid and the issue and listing of the Consideration Instruments

Date of issue: 4 August 2025

This Circular (and the accompanying Prospectus and Programme Memoranda) is available in English only. Copies of this Circular (and the accompanying Prospectus and Programme Memoranda) may be obtained from the registered offices of PKI and at the address of the Transaction Sponsor set out in the “Corporate Information and Advisors” section of this Circular, during normal office hours from the date of issue of this Circular until the Closing Date (both days inclusive). An electronic copy of this Circular (and the accompanying Prospectus and Programme Memoranda) will be available on PKI’s website, www.primekapital.com/pk-investments during the same period.

The contents of the Prospectus and the Programme Memoranda do not form part of, but accompany and should be read together with, this Circular.

IMPORTANT LEGAL NOTICES

The definitions and interpretations commencing on page 23 of this Circular apply mutatis mutandis to this section headed “Important Legal Notices”.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

The Voluntary Bid is only being made to and is only addressed to persons to whom it may lawfully be made.

This Circular may not be distributed or published in any jurisdiction except under circumstances that will be in compliance with applicable laws and regulations.

SOUTH AFRICA

The making of the Consideration Instruments available as Bid Consideration under the Voluntary Bid to MAS Shareholders who are South African residents constitutes an offer to the public in South Africa in terms of the South African Companies Act. To this end, PKI has prepared the Prospectus in respect of PKI and the Consideration Instruments, which has been approved and registered with the CIPC prior to the date of this Circular. PKI has also filed a copy of its constitutional documents and details of the PKI Directors with the CIPC as required in terms of the South African Companies Act.

This Circular does not constitute a prospectus as contemplated in the South African Companies Act or the South African Companies Regulations or a prospectus-equivalent document. However, it is accompanied by the Prospectus. MAS Shareholders are advised to read this Circular, which contains the full terms and conditions of the Voluntary Bid and the accompanying Prospectus and Programme Memoranda in respect of PKI and the Consideration Instruments, with care. Any decision to accept the Voluntary Bid or other response to the proposals should be made only on the basis of the information in this Circular and the accompanying Prospectus and the Programme Memoranda. Neither this Circular nor the accompanying Programme Memoranda and Prospectus are directed at any persons other than MAS Shareholders to whom the Voluntary Bid is made, and should not be relied on by any other persons in any form whatsoever.

The information contained in this Circular constitutes factual information as contemplated in section 1(3)(a) of the South African Financial Advisory and Intermediary Services Act, 37 of 2002, as amended, and should not be construed as an express or implied recommendation, guide or proposal that the Voluntary Bid, or the present or future business or investments of PKI and/or MAS is appropriate to the particular investment objectives, financial situations or needs of any MAS Shareholder or prospective investor, and nothing in this Circular should be construed as constituting the canvassing for, or marketing or advertising of, financial services in South Africa.

ISLE OF MAN

Neither this Circular nor the accompanying Prospectus and Programme Memoranda have been approved by or filed with any regulatory authority in the Isle of Man. It is not required for this Circular, the Prospectus or the Programme Memoranda to be approved by, filed or registered with any governmental or public body, authority or agency in the Isle of Man either on, before or after the date of their publication. As a matter of Isle of Man law, MAS Shareholders in the Isle of Man are entitled to accept the Voluntary Bid and/or Consideration Instruments without restriction.

FOREIGN SHAREHOLDERS

Neither the Circular nor the accompanying Prospectus and Programme Memoranda have been filed or registered or approved by any regulatory authority in any jurisdiction other than South Africa. The release, publication or distribution of this Circular in jurisdictions other than South Africa may be restricted by the laws of such jurisdictions and therefore any persons who are subject to the laws of any jurisdiction other than South Africa should inform themselves about and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction.

This Circular is not intended to and does not constitute or form part of an offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction in which such solicitation would be unlawful or in which securities may not be offered or sold without registration, filing or other regulatory approval or an exemption therefrom.

The Voluntary Bid, which is the subject of this Circular, may be affected by the laws of the relevant jurisdictions of Foreign Shareholders, and all MAS Shareholders who have a registered address in and/or who are nationals, citizens or residents of any country other than in South Africa will be deemed to be Foreign Shareholders. It is the responsibility of Foreign Shareholders to satisfy themselves as to the full observance of any applicable laws concerning the receipt of the Bid Consideration, including

(without limitation) obtaining any requisite governmental or other consents, observing any other requisite formalities and paying any transfer or other taxes due in such jurisdiction. Foreign Shareholders who are in any doubt as to their positions should consult their professional advisers immediately.

If a Foreign Shareholder elects to receive Consideration Instruments or a combination of Cash Consideration and Consideration Instruments in respect of all or a portion of the Bid Consideration, such Foreign Shareholder thereby irrevocably and unconditionally warrants to and in favour of PKI that the laws applicable in the jurisdiction in which such Foreign Shareholder has a registered address and/or of which such Foreign Shareholder is a national, citizen or resident (“Applicable Jurisdiction”) permit such Foreign Shareholder to elect, accept and receive Consideration Instruments in respect of all or a portion of the Bid Consideration. The Offeror may in its sole discretion make the issue of any Consideration Instruments to a Foreign Shareholder subject to such Foreign Shareholder proving to the Offeror’s satisfaction that the issue of such Consideration Instruments to such Foreign Shareholder in its Applicable Jurisdiction will be legal and not impose any additional legal or regulatory obligations on the Offeror in such Applicable Jurisdiction.

MAS Shareholders in the United States

MAS Shareholders in the United States of America (“United States” or “U.S.”) should note that the Consideration Instruments are securities issued by a company registered in the Isle of Man, and the Voluntary Bid is subject to procedural and disclosure requirements which are different from those of the United States. The financial information with respect to PKI referred to in this Circular and the Prospectus that accompanies this Circular has been prepared in accordance with IFRS and thus may not be comparable to financial information of companies in the United States or companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States.

MAS Shareholders should note that it may be difficult for U.S. holders of Consideration Instruments to enforce their rights and any claim they may have arising under the federal securities laws, since PKI is located in a foreign country, and some or all of its officers and the PKI Directors may be residents of a foreign country. U.S. holders of Consideration Instruments may not be able to sue PKI or its officers or the PKI Directors in a foreign court for violations of the U.S. securities laws. It may be difficult for U.S. holders of Consideration Instruments to compel a foreign company (being PKI) and its affiliates to subject themselves to a U.S. court’s judgment.

Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States or other jurisdiction, and, subject to certain limited exceptions, may not be offered or sold within the United States absent registration under the U.S. Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Consideration Instruments to be issued pursuant to the Voluntary Bid are not, and will not be, registered under the U.S. Securities Act and will be issued in reliance on the exemption from registration provided by Rule 802 under the U.S. Securities Act.

Neither the Securities and Exchange Commission nor any securities commission of any state of the United States has approved the Voluntary Bid, passed upon the fairness of the Voluntary Bid or passed upon the adequacy or accuracy of this Circular, the Prospectus and the Programme Memoranda. Any representation to the contrary is a criminal offence in the United States. In accordance with the exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder with respect to the Consideration Instruments to be issued in connection with the Voluntary Bid, PKI will submit to the U.S. Securities and Exchange Commission any informational document it publishes or otherwise disseminates to holders of MAS Shares related to the Voluntary Bid.

Any decision to accept the Voluntary Bid should be made on the basis of the information in this Circular, the Programme Memoranda and the Prospectus (and the publicly available information referred to herein).

MAS Shareholders in the European Economic Area

The Consideration Instruments are not being and will not be offered to the public in any Member State of the European Economic Area, except in such cases where the offer falls within any of the circumstances (and the resulting exemption from the obligation to publish a prospectus) set out in Article 1(4) of Prospectus Regulation (EU) 2017/1129.

MAS Shareholders in the United Kingdom

In relation to the United Kingdom, this Circular, the Prospectus, the Programme Memoranda and any other material in relation to the Consideration Instruments is only directed at, and any investment or investment activity to which this Circular, the Prospectus, the Programme Memoranda and any other material in relation to the Consideration Instruments relate is available only as follows: (A) to any legal entity which is a qualified investor as defined under Article 2 of the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (a “UK Qualified Investor”); (B) to fewer than 150 natural or legal person (other than UK Qualified Investors); or (C) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000.

Any MAS Shareholder which is resident in the United Kingdom and not a UK Qualified Investor is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration.

MAS Shareholders in Australia

PKI is not registered as a foreign company in Australia.

The provision of this Circular, the Prospectus and the Programme Memoranda to any person does not constitute an offer of Consideration Instruments to that person or an invitation to that person to apply for Consideration Instruments. It is only available to persons who are residents in Australia where they are receiving the offer to acquire MAS Shares under the Voluntary Bid. This Circular, the Prospectus and the Programme Memoranda is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.

This Circular, the Prospectus and the Programme Memoranda is not a disclosure document under Chapter 6D of the Corporations Act 2001 (“Australian Corporations Act”) or a product disclosure statement under Part 7.9 of the Australian Corporations Act. It is not required to, and does not, contain all the information which would be required in a disclosure document or a product disclosure document. It has not been lodged with the Australian Securities and Investments Commission.

No person referred to in this Circular, the Prospectus and the Programme Memoranda holds an Australian financial services licence. The information in this Circular, the Prospectus and the Programme Memoranda has been prepared without taking into account any investor’s investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs.

This Circular, the Prospectus and the Programme Memoranda has not been prepared specifically for Australian investors. It (A) may contain references to dollar amounts which are not Australian dollars; (B) may contain financial information which is not prepared in accordance with Australian law or practices; (C) may not address risks associated with investment in foreign currency denominated investments; and (D) does not address Australian tax issues.

This Circular, the Prospectus and the Programme Memoranda is issued by PKI. PKI is not licensed in Australia to provide financial product advice in relation to the Consideration Instruments. An investor in the Consideration Instruments will not have cooling off rights.

MAS Shareholders in Switzerland

Neither this Circular nor the accompanying Prospectus or Programme Memoranda is intended to constitute an offer or solicitation to purchase or invest in the Consideration Instruments. The Consideration Instruments may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (“FinSA”) and no application has or will be made to admit the Consideration Instruments to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments constitutes a prospectus pursuant to the FinSA, and neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments may be publicly distributed or otherwise made publicly available in Switzerland.

The Voluntary Bid and any related materials are directed only at shareholders of MAS who are resident or located in Switzerland and qualify as professional clients within the meaning of article 4 paragraph 3 FinSA, or where another exemption under articles 36 or 37 FinSA applies. Any MAS Shareholder in Switzerland who does not meet such requirements is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration. Each shareholder located or resident in Switzerland who accepts the Voluntary Bid will be deemed to have represented and warranted that it qualifies as a professional client or satisfies another applicable exemption under FinSA and that it is aware of and complies with the restrictions described above.

MAS Shareholders in Namibia

Neither this Circular nor the accompanying Prospectus or Programme Memoranda is intended to constitute an offer or solicitation to purchase or invest in the Consideration Instruments. The Consideration Instruments may not be publicly offered, directly or indirectly, in the Republic of Namibia (“Namibia”) in contravention of the Namibian Companies Act, 28 of 2004 (“Namibian Companies Act”), the Banking Institutions Act, 1998, (“Namibian Banking Institutions Act”) the Namibian Exchange Control Regulations, 1961, and/or any other applicable laws of Namibia in force from time to time.

Neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments constitutes a prospectus pursuant to the Namibian Companies Act, and neither this Circular nor accompanying Prospectus or Programme Memoranda nor any other offering or marketing material relating to the Consideration Instruments may be publicly distributed or otherwise made publicly available in Namibia.

In terms of the Namibian Stock Exchanges Control Act, 1985 (until such time as it is repealed and replaced by the Financial Institutions and Markets Act, 2021) (“Namibian Stock Exchanges Control Act”), no person, firm, company, corporation, government, state, or agency of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing, may carry on the business of buying and selling securities in Namibia unless such person is either a registered banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker. Accordingly, any person engaging in the business of buying or selling the Consideration Instruments in Namibia may be required to register as a stock broker in terms of the Namibian Stock Exchanges Control Act.

Any MAS Shareholder in Namibia who does not meet the abovementioned requirements is not eligible to receive Consideration Instruments and will, if eligible to participate in the Voluntary Bid, be entitled only to the Cash Consideration. Each shareholder located or resident in Namibia who accepts the Voluntary Bid will be deemed to have represented and warranted that it is registered as a banking institution (within the meaning of the Namibian Banking Institutions Act) or a registered stock broker or satisfies another applicable exemption under Namibian law and that it is aware of and complies with the restrictions described above.

FORWARD-LOOKING STATEMENTS AND RISKS

This Circular contains statements about PKI or MAS that are, or may be, forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements, including, without limitation, those concerning: strategy; the economic outlook for the industry; production; cash costs and other operating results; growth prospects and outlook for operations, individually or in the aggregate; liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation proceedings. These forward-looking statements are not based on historical facts, but rather reflect current expectations concerning future results and events and generally may be identified by the use of forward-looking words or phrases such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “forecast”, “likely”, “should”, “planned”, “may”, “estimated”, “potential” or similar words and phrases.

Examples of forward-looking statements include statements regarding a future financial position or future profits, cash flows, corporate strategy, anticipated levels of growth, estimates of capital expenditures, acquisition strategy, expansion prospects or future capital expenditure levels and other economic factors, such as, inter alia, interest rates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements as well as expectations based on existing disclosures regarding current or historical events and conditions. In addition to the information regarding these risks, uncertainties, assumptions and other factors set forth in this Circular, the Prospectus and the Programme Memoranda, important risk factors that may cause such a difference, and which should be considered in connection with a decision to participate in the Voluntary Bid. PKI cautions that forward-looking statements are not guarantees of future performance. Actual results, financial and operating conditions, liquidity and the developments within the industry in which PKI operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this Circular.

All these forward-looking statements about PKI are based on estimates and assumptions regarding PKI, as made by PKI, and although PKI believes them to be reasonable, are inherently uncertain. Such estimates, assumptions or statements may not eventuate. Factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in those statements or assumptions include other matters not yet known to PKI or not currently considered material by PKI.

MAS Shareholders should keep in mind that any forward-looking statement made in this Circular or elsewhere is applicable only at the date on which such forward-looking statement is made. New factors that could cause the business of PKI not to develop as expected may emerge from time to time and it is not possible to predict all of them. Further, the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement are not known. PKI has no duty to, and does not intend to, update or revise the forward-looking statements contained in this Circular after the date of this Circular, except as may be required by law.

Any forward-looking statement has not been reviewed nor reported on by the external auditors.

CURRENCIES

All references in this Circular to “Rand”, “R” or “ZAR” or “cents” are references to the lawful currency of South Africa. All references in this Circular to “€” “Euro”, “EUR” or “EURcents” are references to the lawful currency of the member states of the European Union that have adopted the single currency in accordance with the Treaty on the Functioning of the European Union.

TIMES

All references in this Circular to time are to South African Standard Time.

DATE OF INFORMATION PROVIDED

Unless the context clearly indicates otherwise, all information in this Circular is provided as at the Last Practicable Date.

REGULATORY AUTHORITY

The contents of this Circular have not been approved by any regulatory authority. The JSE have formally confirmed that PKI is not bound by the provisions of the JSE Listings Requirements in respect of the Voluntary Bid, and that the JSE Listings Requirements do not regulate the Voluntary Bid. This Circular does not take into account the investment objectives, financial situation or needs of any particular person. Further, the contents of this Circular do not constitute legal advice or purport to comprehensively deal with the legal, regulatory and tax implications of any matter contained in this Circular for each MAS Shareholder. MAS Shareholders are accordingly advised to consult their professional advisors about their personal legal, regulatory and tax positions regarding the matters contained in this Circular.

CORPORATE INFORMATION AND ADVISORS

TABLE OF CONTENTS

The definitions and interpretations commencing on page 23 of this Circular apply, mutatis mutandis, to this section headed “Table of Contents”.

ACTION REQUIRED BY MAS SHAREHOLDERS

The definitions and interpretations commencing on page 23 of this Circular apply, mutatis mutandis, to this section headed “Action Required by MAS Shareholders”.

This Circular is important and requires your immediate attention.

Please take careful note of the following provisions regarding the actions required by MAS Shareholders in connection with this Circular.

so as to be received by MAS’ SA Transfer Secretaries by no later than 12:00 on the Closing Date.

so as to be received by MAS’ European Transfer Secretaries by no later than 12:00 (11:00 UK time) on the Closing Date.

by phone: 0861 100 933 if calling from within South Africa and on +27 11 370 5000 if calling from outside of South Africa; or

by email: corporate.events@computershare.co.za; or

in person: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196,

provided that if MAS’ SA Transfer Secretaries are not contacted on the above contact details, and the withdrawal is not received by 12:00 on the Consideration Instrument Cut-Off Date, the Listed Only Election or Listed and Unlisted Election will be deemed not to have been withdrawn. No late withdrawals will be considered if received by MAS’ SA Transfer Secretaries after 12:00 on the Consideration Instrument Cut-Off Date.

by phone: +44 (0370) 702 0000; or

in person: Computershare Investor Services (BVI) Limited c/o The Pavilions Bridgwater Road, Bristol BS13 8AE

provided that if MAS’ European Transfer Secretaries are not contacted on the above contact details, and the withdrawal is not received by 12:00 on the Consideration Instrument Cut-Off Date, the Listed Only Election or Listed and Unlisted Election will be deemed not to have been withdrawn. No late withdrawals will be considered if received by the Transfer Secretaries after 12:00 on the Consideration Instrument Cut-Off Date.

Offer Form, the share certificates in respect of the Consideration Instruments (Unlisted) by not later than 10 business days after the Consideration Instruments Settlement Date;

then:

then:

IMPORTANT DATES AND TIMES

The definitions and interpretations commencing on page 23 of this Circular apply mutatis mutandis to this section headed “Important Dates and Times”.

Notes

DEFINITIONS AND INTERPRETATIONS

In this Circular, unless otherwise stated or clearly indicated by the context, the words in the first column have the meanings stated in the second column, an expression which denotes a gender includes the other genders, a natural person includes a juristic person and vice versa, the singular includes the plural and vice versa and cognate words and expressions shall bear corresponding meanings.

PK Investments Limited

(Incorporated in the Isle of Man)

(Registration number 014469V)

(“PKI” or “the Offeror”)

VOLUNTARY BID CIRCULAR TO MAS SHAREHOLDERS

subject to the terms and conditions set out this Circular.

The full terms of (i) the Preferred Shares (Listed) are set out in the Programme Memorandum (Listed) and (ii) the Preferred Shares (Unlisted) are set out in the Programme Memorandum (Unlisted), which accompanies, but does not form part of, this Circular.

Those MAS Shareholders who do not sell all of their MAS Shares pursuant to the Voluntary Bid will remain MAS Shareholders.

The Voluntary Bid will be open for acceptance by MAS Shareholders from 09:00 on the Opening Date until 12:00 on the Closing Date and accordingly, the Voluntary Bid will remain open for acceptance by those MAS Shareholders that are recorded in the Register at any time during that period.

MAS Shareholders are referred to the “Action Required by MAS Shareholders” section of the Circular, which sets out the procedure for acceptance of the Voluntary Bid and the action required by them in respect of the Voluntary Bid.

MAS Shareholders are referred to the “Action Required by MAS Shareholders” section of the Circular, which sets out the action to be taken by them for purposes of electing a settlement option.

Subject to paragraph 2.10 of the “Action Required by MAS Shareholders” section of the Circular and the fulfilment or waiver of the Minimum Cash Acceptance Condition, all acceptances of the Voluntary Bid received by PKI and the applicable MAS Transfer Secretaries, and treated as valid by them, shall be irrevocable.

MAS Shareholders who are Foreign Shareholders are referred to the paragraph titled “Foreign Shareholders” in the section headed “Important Legal Notices” and paragraph 3.4.3 of the “Action Required by MAS Shareholders” section of the Circular for information relating to the acceptance of the Voluntary Bid by Foreign Shareholders.

The tax implications for Bid Participants are dependent on the individual circumstances and the jurisdiction(s) and relevant tax laws of such jurisdiction(s) that may be applicable to such Bid Participants. Accordingly, it is recommended that if Bid Participants are uncertain about the tax treatment of the sale of the Bid Shares to PKI and the receipt of the Bid Consideration, they seek appropriate advice in this regard.

The STT payable in respect of the transfer of the Bid Shares to PKI, will be payable by PKI.

In the case of:

Note: Bid Participants who are Certificated MAS Shareholders and elect to receive Consideration Instruments (Listed) should note that the Consideration Instruments (Listed) will only be delivered in Dematerialised form.

If the information regarding the Authorised Dealer, bank account, CSDP or Broker account or instructions are not given, as required, (i) the Consideration Instrument (Listed) and/or cash will be held by the MAS’ Transfer Secretaries for the benefit of those Bid Participants concerned, pending receipt of the necessary information or instructions and (ii) share certificates in respect of the Consideration Instruments (Unlisted), will be posted to the applicable Bid Participants by PKI in accordance with paragraph 3 of the “Action Required by MAS Shareholders” section of Circular.

The following documents or copies thereof will be available for inspection during normal business hours at the registered office of PKI, or upon request from the Transaction Sponsor from the date of issue of this Circular until the Closing Date:

Signed in Douglas, Isle of Man by Tim Callister on behalf of PKI and all the PKI Directors on 4 August 2025 in terms of a PKI Directors’ written resolution.

Director

PK Investments Limited