• Court orders convening of Scheme Meeting for Mad Paws shareholders to vote on acquisition
• Scheme Booklet to be released, including Independent Expert's report concluding Scheme is fair and reasonable
• Mad Paws Board and major shareholders unanimously recommend shareholders vote in favor of Scheme

Mad Paws Holdings Limited (ASX:MPA) has announced that the Supreme Court of New South Wales has made orders for Mad Paws to convene and hold a meeting of shareholders to consider and vote on the proposed acquisition of 100% of Mad Paws shares by Rover Group, Inc. by way of a scheme of arrangement (Scheme). The Court has also approved the distribution of an explanatory statement, the Scheme Booklet, providing information about the Scheme, including the Notice of Scheme Meeting. The Scheme Meeting will be held on Friday, 24 October 2025 and shareholders will be able to attend either in person or via an online platform. The Scheme Booklet, which will be released following registration with ASIC, will include a copy of the independent expert's report prepared by Stantons Corporate Finance Pty Ltd. The Independent Expert has concluded that the Scheme is fair and reasonable and in the best interest of Mad Paws shareholders, in the absence of a Superior Proposal. The Independent Expert has assessed the value of a Mad Paws share, on a control basis, to be between $0.0833 to $0.1097, with a preferred value of $0.0965. The Scheme Consideration of $0.14 per Mad Paws share exceeds both the Independent Expert's assessed valuation range and preferred value. The Mad Paws Board continues to unanimously recommend that shareholders vote in favor of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interest of shareholders. Two major shareholders, Bombora Special Investments Growth Fund and former Executive Director Howard Humphreys, together holding 22.91% of Mad Paws shares, have notified the Board that they intend to vote all their shares in favor of the Scheme, subject to the same qualifications.