Intention to acquire additional shares of Breedon

Further to the announcement by Abicad Holding Limited ("Abicad") on 9 March 2023, Abicad announces that it intends to continue to acquire additional ordinary shares of Breedon through market purchases over time.

Abicad currently holds approximately 14.1% of Breedon's total issued share capital. Its current board representative is Amit Bhatia, who is the Non-executive Chairman of Breedon.

As stated in its announcement on 9 March 2023, Abicad intends to hold its shares for investment purposes and confirms that it is not intending to make an offer for Breedon. This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies.

Rule 2.8 notes

Except with the consent of the Panel on Takeovers and Mergers (the "Takeover Panel"), Abicad is prohibited from announcing an offer or possible offer for Breedon and from taking certain other actions as set out in Rule 2.8 of the Code for a period of six months from the date of this announcement.

Under Note 2 on Rule 2.8 of the Code, Abicad reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances: (a) with the agreement of the Board of Breedon; (b) if a third party announces a firm intention to make an offer for Breedon; (c) if Breedon announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and (d) if there has been a material change of circumstances (as determined by the Takeover Panel).