Commercial in confidence

As I mentioned on our teleconference, we have two bidders actively working through the questions presented in the data room.  The leadership team, PwC and Seaview have spent the day ensuring information and responses have been detailed and represent Madison well.  We believe there is sufficient data for the final bidders to make an informed offer.  Today I was asked “when will the advisers know who the winning bidder is?”.  I spoke to Bob this evening and he provided the following;

• Expectation is final bids will be made by Friday 24 April
• The winning bidder will be informed Monday 27 April
• As both parties are ASX listed and have continuous disclosure obligations; Bob will seek permission to inform our advisers (noting the winning bidder may have to formally notify the ASX prior to informing us)

Once the winning bidder is informed, Bob and his team will work with relevant parties to ensure deal terms and contracts are progressed.  In the meantime, our team will prepare for the transition process and ensure we are ready to support the community and the new owner.  Jaime and Sophie have spent quite a bit of time on this already and we have the structure of the project plan in place.  I will continue to provide daily updates until such time we all feel we’ve said enough!

Thank you for the kind messages on the teleconference today.

PS – Someone ask Phil Clinton if he’s called Richard Branson 🙂

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Sincerely,

Annick Donat