We refer to the announcements dated 27 April 2023 (“Earlier Announcement”) and 2 May 2023 in relation to the Proposed Disposal (collectively, “Announcements”). Unless otherwise defined, the definitions used throughout this announcement shall have the same meaning(s) as those used in the Announcements.

We refer to Section 2.3.9 of the Earlier Announcement wherein it is provided that under the SPA, the Purchaser may elect to convert the transaction to a purchase of 100% of the ownership interests in RW Miami instead of the Miami Herald Land within 10 Business Days after the Effective Date (“Election to Convert”).

On behalf of the Company, AmInvestment Bank wishes to announce that the Purchaser had, on 10 May 2023 (United States Eastern date/time), exercised the Election to Convert. Accordingly, the Purchaser and RW Miami shall work in good faith to negotiate an amendment to the SPA to effect the change in the transaction structure of the Proposed Disposal to a disposal of 100% of the ownership interests in RW Miami. 

Further details will be announced by the Company once the agreement in respect of the amendments to the SPA has been entered into.

This announcement is dated 11 May 2023.