Vitol Investment Partnership II Limited reached agreement on the terms of a recommended cash offer to acquire 64% stake in Vivo Energy plc (LSE:VVO) from Hip Oils Mauritius Ltd, Helios Fairfax Partners Corporation (OTCPK:FFXX.F), Baclaud Investments Ltd and others for $1.5 billion on November 25, 2021.Under the terms, Vitol Investment will pay $1.85 per share. The Offer will be effected by means of a Court-sanctioned scheme of arrangement wherein Vitol will acquire the issued share capital of Vivo excluding Vivo Shares held by the Existing Vitol Shareholders which hold approximately 36% of Vivo. The Consideration payable under the Offer will be financed through a combination of fully committed debt financing from HSBC Bank plc ("HSBC") and its affiliates, and equity from VIP II. Transaction is subject to shareholders approval of Vivo, antitrust approval, court and regulatory approval. Independent Vivo Directors recommends unanimously that Vivo Shareholders vote in favour of the Scheme. As of January 17, 2022, the Financial Surveillance Department of the South African Reserve Bank has approved the Scheme. On January 20, 2022, Vivo majorities eligible Scheme Shareholders had approved the Scheme at the Court Meeting and the Special Resolution to implement the Scheme at the General Meeting. All of the Conditions relating to regulatory and antitrust approvals have now been satisfied. . Transaction is expected to occur prior to the 2022 Interim Dividend Record Date, in line with the terms of the Offer set out in the Scheme Document, Vivo is pleased to declare (subject to the sanctioning of the Scheme by the Court) the 2022 Special Dividend of $0.02 per Vivo Share, payable on or before August 8, 2022 and will be paid from distributable reserves. On July 22, 2022, Vivo announced that the Court has made the Court Order sanctioning the Scheme. The Scheme remains conditional on the Court Order being delivered to the Registrar of Companies for England and Wales which is expected to occur on 25 July 2022.

Keith Welch, Alex Thomas, James Novelli and Joe Weaving of HSBC Bank plc acted as financial advisors for Vitol Investment. Dwayne Lysaght, James Janoskey and Richard Walsh of J.P. Morgan Securities plc and John Deans and Edoardo Fassati of N M Rothschild & Sons Limited acted as financial advisors for Vivo. Akin Gump LLP and Bowmans acted as legal advisors to Vitol Investment Partnership II Limited. Freshfields Bruckhaus Deringer LLP and Werksmans Attorneys Incorporating Jan S. de Villiers acted as legal advisors to Vivo.