BENJAMIN HORNIGOLD LIMITED — M&A Activity 2018

Dec 23, 2018

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Announcement

John Bridgeman Limited

ACN 603 477 185

24 December 2018

Update on John Bridgeman’s offer – freeing of defeating conditions to bid

John Bridgeman Limited (NSX: JBL) refers to previous announcements regarding its takeover offer ( JBL Offer ) for all of the shares and options in Benjamin Hornigold Limited (ASX: BHD).

JBL was pleased to obtain shareholder approval today, under NSX Listing Rules 6.41 and 6.43, to allow the JBL Offer to continue and ultimately proceed.

Following receipt of this approval, and having regard to the level of acceptances for the JBL Offer to date, JBL has decided to free the JBL Offer from all defeating conditions (including the minimum acceptance condition and regulatory approval condition) in accordance with section 650F Corporations Act.

Shareholders in Benjamin Hornigold Limited are encouraged to read the Target’s Statement released on 6 December 2018, and the accompanying independent expert’s report, together with the Bidder’s Statement released by JBL on 31 October 2018 and Supplementary Bidder’s Statement released on 22 November 2018.

JBL has been advised by its Share Registry this morning that it now has a relevant interest in 38.90% of BHD.

The offer period closes on 14 January 2019 and shareholders in BHD wishing to ACCEPT the JBL Offer must do so before it closes.

If you have any questions about the JBL Offer or how to accept it (including if you need new copies of the bid documentation and/or acceptance form), please call the shareholder information line:

• on 1300 963 991; or

• +61 1300 963 991 for overseas domiciled holders,

between 9.00am and 5.00pm (Sydney time) Monday to Friday.

ENDS

Kevin Mischewski Company Secretary John Bridgeman Limited

cosec@johnbridgeman.com.au