SCHOOLBLAZER LIMITED — Capital/Financing Update 2020

Apr 16, 2020

Proposed issue of securities

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Announcement Summary

Entity name

HGL LIMITED

Announcement Type

New announcement

Date of this announcement

Friday April 17, 2020

The Proposed issue is: An accelerated offer

Total number of +securities proposed to be issued for an accelerated offer

ASX +Security Code +Security Description HNG ORDINARY FULLY PAID

Maximum Number of +securities to be issued 19,421,746

Trading resumes on an ex-entitlement basis (ex date) Monday April 20, 2020

+Record date

Tuesday April 21, 2020

Offer closing date for retail +security holders

Friday May 1, 2020

Issue date for retail +security holders

Thursday May 7, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

HGL LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

Registration Number

ABN 25009657961

1.3 ASX issuer code

HNG

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Friday April 17, 2020

1.6 The Proposed issue is:

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An accelerated offer

1.6b The proposed accelerated offer is

Accelerated non-renounceable entitlement offer (commonly known as a JUMBO or ANREO)

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 - Are any of the following approvals required for the entitlement offer to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +Security Code and Description

HNG : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

If the entity has quoted company options, do the terms entitle option holders to participate on exercise? No

Details of +securities proposed to be issued

ASX +Security Code and Description

HNG : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities For a given quantity of +securities to be issued held 5 16

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What will be done with fractional Maximum Number of +securities entitlements? proposed to be issued Fractions rounded up to the next 19,421,746 whole number Purpose of the issue The proceeds will be used to repay shareholder loans and also to replenish general working capital. Offer price details for retail security holders Issue Currency Offer Price per +security Estimated or Actual? Actual AUD - Australian Dollar AUD 0.20000 Offer price details for institutional security holders Could offer price per +security be determined by bookbuild? No Oversubscription & Scale back details Are +security holders allowed to oversubscribe? Yes Provide the oversubscription details Eligible Securityholders may apply for Additional New Shares above their pro rata Entitlements. Additional New Shares will only be issued out of any Entitlements which have not been taken up under the Entitlement Offer May a scale back be applied to this event? Yes Provide the scale back details The Directors reserve the right to scale back any application for Additional New Shares above a securityholder's pro rata Entitlement in their absolute discretion Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes Part 3D - Timetable 3D.1a First day of trading halt Friday April 17, 2020 3D.1b Announcement date of accelerated offer Friday April 17, 2020

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3D.2 Trading resumes on an ex-entitlement basis (ex date)

Monday April 20, 2020

3D.5 Date offer will be made to eligible institutional +security holders Friday April 17, 2020

3D.6 Application closing date for institutional +security holders

Friday April 17, 2020

3D.8 Announcement of results of institutional offer

Monday April 20, 2020

3D.9 +Record date

Tuesday April 21, 2020

3D.10 +Issue date for institutional +security holders

Wednesday April 22, 2020

3D.11 Date on which offer documents will be sent to retail +security holders entitled to participate in the +pro rata issue

Wednesday April 22, 2020

3D.12 Offer closing date for retail +security holders

Friday May 1, 2020

3D.13 Last day to extend retail offer close date

Tuesday April 28, 2020

3D.16 Entity announces results of retail offer, including the number and percentage of +securities taken up by existing retail +security holders. Tuesday May 5, 2020

3D.19 Issue date for retail +security holders

Thursday May 7, 2020

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? No

3E.2 Is the proposed offer to be underwritten? No

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3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Legal and registry costs standard for this type of issue

Part 3F - Further Information

3F.1 The purposes for which the entity intends to use the cash raised by the proposed issue

The proceeds will be used to repay shareholder loans and also to replenish general working capital

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

3F.4 Countries in which the entity has security holders who will not be eligible to participate in the proposed issue France, Hong Kong, Indonesia, Israel, Mauritius, Singapore, United States of America

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes

3F.5a Please provide further details

Information for Nominees and Custodians is contained in the offer booklet. The Share Registry will communicate with Nominees and Custodians in due course

3F.6 URL on the entity's website where investors can download information about the proposed issue https://HGLEntitlementOffer.thereachagency.com

3F.7 Any other information the entity wishes to provide about the proposed issue

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