Polarcus Limited (in provisional liquidation) ("Polarcus" or the "Company")
(OSE: PLCS) refers to the announcement issued on 2 February 2021 concerning,
among other matters, the status of discussions with its bank lenders ("Lenders")
following the Lenders' enforcement of certain security interests on 26 January
2021. Since the referenced announcement, the Company has been in discussion with
the Lenders on the terms of an agreement under which the Lenders would refrain
from exercising any further security interests and settlement terms for the
release of Lenders' residual claims against Polarcus and its subsidiaries
("Polarcus Group"). 

The Company, certain of its subsidiaries, the Lenders, the Company's former
subsidiaries which were transferred to new owners on 26 January 2021 and those
new owners have now agreed the terms of a standstill and settlement agreement
("SSA"). Under the terms of the SSA, the Lenders shall refrain from exercising
any further security interests over the Polarcus Group or their assets with
immediate effect. Further, on completion of certain conditions by the Polarcus
Group, including an order from the Grand Court of the Cayman Islands sanctioning
the entry into the SSA by the Company, the Lenders agree to release the Polarcus
Group from all claims and all remaining security interests held against the
Company and its subsidiaries in full and final settlement of the Lenders' claims
except for certain claims and security interests in three of the Company's
subsidiaries. The Company expects all conditions to be satisfied during Q2,
2021.

As referenced in the Company's release dated 29 March 2021, conclusion of the
SSA is an important step for the joint provisional liquidators appointed to the
Company to assess the appropriate next steps for the Company, including whether
to seek a court order to place the Company into official liquidation and to
appoint an official liquidator.  In the circumstances, the Company considers
that it is appropriate for trading in the Polarcus share to remain suspended. 

Contacts

Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com

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