• Discussions with Adamantem Capital regarding acquisition proposal ceased
• 1H25 revenue expected to be in line with prior period, but EBITDA to be $11m-$13m
• Temporary unfavourable business mix and delay in Mexicali facility opening impact EBITDA

Close the Loop Limited (ASX:CLG) has announced the termination of discussions with Adamantem Capital regarding the latter's indicative proposal to acquire 100% of the company's shares for $0.27 per share. The parties were unable to reach alignment on the commercial terms for a successful transaction. Close the Loop remains confident in delivering its strategic plan as a standalone entity, including capturing the significant global growth opportunity in IT refurbishment. The company is also committed to maximizing shareholder value and will continue to assess any future change of control transaction proposals if received. In an update on its 1H25 trading performance, Close the Loop expects revenue to be broadly in line with the prior corresponding period, but EBITDA to be in the range of $11 million to $13 million. This is due to a temporary unfavourable shift in business mix and a delay in the opening of the Mexicali facility. The company is actively addressing these short-term challenges and expects resolution in the coming months. Further details will be provided at the upcoming half-year results release.

Close the Loop remains confident of delivering on its strategic plan as a standalone entity, including capturing the significant global growth opportunity in IT refurbishment.