REG - Admiral Acquisition - Launch of Warrant Financing & Consent Solicitation

Admiral AcquisitionAnnouncement

28/05/2024 15:30

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RNS Number : 1412Q  Admiral Acquisition Limited  28 May 2024

For immediate release

ADMIRAL ACQUISITION LIMITED

(the "Company")

28 May 2024

LAUNCH OF WARRANT FINANCING AND CONSENT SOLICITATION

The Company announced on 22 May 2024 that it has entered into an agreement to
acquire ASP Acuren Holdings, Inc., for approximately $1.85 billion as detailed
in that announcement (the "Transaction"). Further to that announcement, the
Company has today launched an early warrant exercise financing and consent
solicitation to partially fund the consideration payable as part of the
Transaction.

The Company will today dispatch a warrant financing consent solicitation
memorandum to existing holders of its warrants pursuant to which the Company
is seeking from warrantholders: (i) a commitment to the exercise of their
outstanding warrants at a reduced exercise price of $10.00 per whole ordinary
share; and (ii) their consent to an amendment to the warrant instrument
governing the warrants to shorten, conditional upon the consummation of the
Transaction, the subscription period of the warrants to expire upon the
consummation of the Transaction (subject to certain limited exceptions) rather
than the current expiration date, being the third anniversary of the Company's
consummation of an acquisition.

A copy of the warrant consent solicitation memorandum can be obtained upon
request from the Company's registrar, Computershare Investor Services PLC, by
telephone on +44 (0)370 702 0000 or at Computershare Investor Services PLC,
Corporate Actions, The Pavilions, Bridgwater Road, Bristol BS99 6AH.

--Ends--

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This announcement does not constitute or contemplate an invitation to
participate in the warranting financing and/or the consent solicitation in any
jurisdiction in which, or to any person to whom, it is unlawful to make such
invitation or for there to be such participation under applicable securities
laws.

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