• AIH proposes to acquire all MCE shares for $0.40 cash per share
• Offer represents a 66.7% premium to MCE's closing price on 26 March 2026
• Acquisition is a key part of AIH's strategy to build a market-leading technical buoyancy and subsea ancillaries platform

Advanced Innergy Holdings Limited (AIH) has submitted a non-binding and indicative proposal to the Board of Matrix Composites & Engineering Ltd (MCE) to acquire all of the shares in MCE for AUD$0.40 cash per MCE share. The proposed acquisition price represents a 66.7% premium to the closing price of MCE shares on 26 March 2026, the last trading date prior to AIH acquiring a 19.9% relevant interest in MCE. The acquisition is a key part of AIH's strategy to build a market-leading technical buoyancy and subsea ancillaries platform and establish its manufacturing presence in the Asia-Pacific region. AIH believes the combination of AIH and MCE creates a platform well positioned to capture a greater share of value in a growing market. The Indicative Proposal remains subject to a number of standard conditions, including completion of due diligence, regulatory approvals, and final AIH Board approval. AIH has also entered into call option deeds with entities associated with several significant MCE shareholders, granting AIH the right to acquire an additional 19.9% of MCE shares at the Offer Price if a competing proposal emerges.

The proposed acquisition of MCE is a key part of AIH's strategy to build a market-leading technical buoyancy and subsea ancillaries platform and establish its manufacturing presence in the Asia-Pacific region. AIH believes the combination of AIH and MCE creates a platform well positioned to capture a greater share of value in a growing market.