AB Agri Ltd. made an offer to acquire National Milk Records plc (OFEX:NMRP) from Livestock Improvement Corporation Limited (NZSE:LIC), ICM Investment Management Limited, Genus plc (LSE:GNS), Custodial Capital Management Limited, High Street Partners, Ltd, and Working Capital Partners Ltd £45.7 million on June 6, 2023. The offer per share is £2.15. The cash consideration payable to the NMR Shareholders under the terms of the Acquisition will be financed by existing cash resources available to ABF. The Acquisition will be on the terms and subject to the Conditions including, among other things, the approval of Scheme Shareholders at the Court Meeting and the passing of the Resolutions to be proposed at the General Meeting, the CMA confirming in response to a briefing note that it has no further questions or, alternatively, CMA approval, he sanction of the Scheme by the Court; and the Scheme becoming Effective no later than the Long Stop Date. The Acquisition does not require the approval of ABF shareholders. The long stop date of the transaction is February 29, 2024.

Stuart Vincent and Simon Cope-Thompson of N M Rothschild & Sons Limited as financial adviser to ABF, is satisfied that sufficient cash resources are available to ABF to enable it to satisfy in full the cash consideration payable to NMR Shareholders under the terms of the Acquisition. Addleshaw Goddard LLP is providing legal advice to ABF. Gowling WLG (UK) LLP is providing legal advice to NMR. Holly Gillis and Angharad Couch of Citigate Dewe Rogerson Ltd. acted as financial advisor to ABF. Megan Ray and Rachael Brooks of BlytheRay acted as financial advisor to NMR. Adam James and Harry Rees of Canaccord Genuity Limited acted as financial advisor to NMR. Equiniti Limited acted as a transfer agent to NMR. Canaccord Genuity Limited acted as fairness Opinion Provider to NMR. Tom Mercer of Ashurst LLP acted as legal advisor to N.M. Rothschild & Sons Limited in the transaction.