• Matrix Composites & Engineering has received a confidential, non-binding and indicative proposal from Advanced Innergy Holdings Limited (AIH) to acquire all shares at $0.40 per share
• The proposal is incomplete and conditional, subject to due diligence, regulatory approvals and definitive documentation
• AIH has also entered into call option arrangements with certain Matrix shareholders for 19.9% of shares

Matrix Composites & Engineering Ltd (ASX: MCE) has received a confidential, non-binding and indicative proposal from Advanced Innergy Holdings Limited (ASX: AIH) in relation to a potential acquisition of all of the shares in Matrix at a price of $0.40 per share in cash. The Proposal is incomplete and conditional, including being subject to confirmatory due diligence, regulatory approvals and the negotiation of definitive transaction documentation. There is no certainty that the Proposal will result in a binding offer or that any transaction will proceed. AIH has also advised Matrix that it has entered into call option arrangements with certain Matrix shareholders in respect of 19.9% of Matrix's shares and that these arrangements will be disclosed by AIH in accordance with its disclosure obligations. The Matrix Board is assessing the Proposal with its advisers and will update the market in accordance with its continuous disclosure obligations.