• Received unsolicited, confidential, non-binding acquisition approach from a large private equity group
• Offer price of approximately NZ$1.00 per share, representing a +62% premium
• After discussions, determined the offer has no realistic chance of securing sufficient shareholder support

ikeGPS Group Limited (IKE) advises that in late 2024 it received an unsolicited, confidential, non-binding approach from a large, credible private equity group ('Potential Acquirer') to potentially seek to acquire IKE. Following negotiations, entry into a short period of exclusive due diligence, and soundings under confidentiality & stand-still agreements from several major shareholders, IKE considers that the Potential Acquirer's final offer of approximately NZ$1.00 per IKE share, representing an approximately +62% premium to IKE's share price as of 5 February 2025, has no realistic chance to secure sufficient support from shareholders to effect a scheme of arrangement. Accordingly, IKE has discontinued discussions with the potential acquirer. The current construct of IKE's share register is such that without the key support of its largest few shareholders, no takeover transaction can be successful. Having undertaken direct, confidential discussions, under stand-still agreements from these specific shareholders, IKE's Board determined that a transaction at this price has no realistic chance of securing sufficient support. IKE's Board therefore concluded that continuing to devote resources and incurring the very significant costs to progress this specific process would not be in the best interests of the Company and its shareholders and has accordingly ceased discussions. IKE continues to focus on its growth strategy targeting the delivery of distribution network software for the North American and other international electric utility and communications markets.

IKE believes that the increasing levels of M&A activity in this space is being driven by the multi-decade market tailwinds tied to the requirement to increasing electrical grid resilience and capacity. IKE's latest performance update for the 3Q FY25 period to December 2024 can be viewed at https://www.nzx.com/announcements/445776.