SCHOOLBLAZER LIMITED — Capital/Financing Update 2020

Nov 19, 2020

20 November 2020

Company Announcements Office Australian Securities Exchange Authorised by the Board for immediate release

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COMPLETION OF RETAIL ENTITLEMENT OFFER

HGL Limited ACN 009 657 961 (ASX: HNG) ( HGL or the Company ) today announces the completion of the retail component of its 1 for 4 accelerated pro-rata non-renounceable entitlement offer of new fully paid ordinary shares in HGL at an offer price of $0.125 per new share, details of which were announced on 21 October 2020 ( Retail Entitlement Offer ).

The Retail Entitlement Offer closed on 17 November 2020. Under the Retail Entitlement Offer, 6,237,374 HGL shares were subscribed for at a price of $0.125 per share to raise approximately $780,000 (before transaction costs). This represents a total take-up rate by eligible retail shareholders of approximately 58.2% of their pro rata entitlement.

The shortfall of the Retail Entitlement Offer, comprising 4,478,691 HGL shares, has been placed by Wentworth Securities to new sophisticated investors, to raise a further approximately $560,000 (before transaction costs).

The outcome of the Private Placement and Accelerated Component of the Entitlement Offer was announced to the market on 27 October 2020. In aggregate, the Private Placement, Accelerated Entitlement Offer and Retail Entitlement Offer will raise approximately $4.1 million before costs.

New HGL shares offered under the Retail Entitlement Offer (including shortfall shares) are expected to be issued on 24 November 2020 and commence trading on the ASX on a normal settlement basis on 25 November 2020.

Following completion of the Entitlement Offer, and as a result of strong demand received for shortfall shares available under the Retail Entitlement Offer, HGL now proposes to offer a further $500K of shares at the issue price of $0.125, (the Further Private Placement ). Approval for the Further Private Placement is expected to be sought at the next Annual General Meeting to be held in February 2021. The proposed Further Private Placement comprises an additional approximately $290K on top of the placement size initially intended and disclosed in the ASX Announcement dated 21 October 2020. The Further Private Placement is proposed to be made to parties associated with Sandy Beard and Wentworth Securities.

Iain Thompson CFO & Company Secretary

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About HGL Ltd

HGL is an investment company which invests in small to medium size businesses with a sustainable competitive advantage and strong growth prospects, providing them with specialist business management skills and equity capital to leverage these growth opportunities. Our core purpose is to create shareholder value through active long-term ownership in our portfolio businesses, driving sustainable growth through a strong focus on customers and employees.

www.hgl.com.au

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