On 18 May 2024, the Board of Keywords Studios plc (AIM:KWS) (?Keywords Studios? or the ?Company?) confirmed that it is in advanced discussions with a fund which is part of the EQT AB (publ) (OM:EQT) regarding a possible cash offer for Keywords Studios of 2,550 pence per share to acquire the entire issued and to be issued share capital of the Company (the ?Possible Offer?). Keywords Studios shareholders on the register on 24 May 2024 will also be entitled to receive the 2023 final dividend of 1.76 pence, as recommended on 13 March 2024, and payable on 28 June 2024 (?2023 Final Dividend?).

In accordance with Rule 2.6(a) of the Code, EQT was required, by not later than 5.00 p.m. on 15 June 2024 (the ?PUSU Deadline?), to either announce a firm intention to make an offer for Keywords Studios in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. To facilitate the finalisation of EQT's confirmatory due diligence, the Company has requested, and the Panel on Takeovers and Mergers (the ?Takeover Panel?) has consented to, an extension of the PUSU Deadline. Consequently, in accordance with Rule 2.6(c) of the Code, EQT is now required, by not later than 5.00 pm on 28 June 2024, either announce a firm intention to make an offer for Keywords Studios in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Keywords Studios, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

In accordance with Rule 2.6(c) of the Code, the revised deadline may be extended further at the request of the Board of Keywords Studios and with the consent of the Takeover Panel. In accordance with Rule 2.5(a) of the Code, EQT reserves the right to make an offer for Keywords Studios at a lower value or on less favourable terms than the Possible Offer: (i) with the agreement or recommendation of the Board of Keywords Studios; (ii) if a third party announces a firm intention to make an offer for Keywords Studios which, at that date, is of a value less than the value of the Possible Offer; or (iii) following the announcement by Keywords Studios of a Rule 9 waiver transaction pursuant to Appendix 1 of the Code or a reverse takeover (as defined in the Code). If Keywords Studios declares, makes or pays any further dividend or distribution or other return of value or payment to its shareholders, other than the 2023 Final Dividend, EQT reserves the right to make an equivalent reduction to the Possible Offer.

In connection with the possibility of EQT making a cash offer for Keywords Studios (if it were so inclined), EQT reserves the right to vary the form and /or mix of the consideration it would offer.