Menhaden Re Plc Regulatory News (MHN)

8 August 2025

Menhaden Resource Efficiency PLC (in Members Voluntary Liquidation)

(the "Company")

LEI: 2138004NTCUZTHFWXS17

Liquidation Update

Further to the liquidation of the Company on 25 March 2025 and the announcements on 9 April 2025, 13 May 2025, 29 May 2025 and 15 July 2025, the Joint Liquidators of the Company are providing a further update on the liquidation of the Company, the sale of the unlisted investments and future distributions.

Terms used in this announcement have the same meaning as those set out in the circular to shareholders dated 28 February 2025 ("the Circular").

Further to the announcement on 15 July 2025, the Joint Liquidators wish to advise shareholders that substantial progress has been made to finalise agreements to realise the Company's remaining 2 unlisted investments. Negotiations with the potential purchasers continue and it is expected that the realisations of these investments will conclude shortly.

As announced on 15 July 2025, the Joint Liquidators do not propose to release any further information at this stage in relation to these potential realisations in order to protect the Company's position as negotiations continue in respect of the Company's unlisted investments.

Shareholders may recall from the announcement on 29 May 2025 that the Joint Liquidators were required to hold cash to meet unfunded contractual commitments, the costs and expenses of the liquidation and certain other provisions for tax. The Joint Liquidators have made significant progress resolving these matters and are pleased to report that they are now in a position to release the majority of these provisions.

As noted above, although the realisation of the final 2 unlisted investments have not completed, the Joint Liquidators have determined that it is in the interest of shareholders to make a third cash distribution and then make a further distribution once the final 2 unlisted investments have been fully realised.

The Joint Liquidators will therefore make a third cash distribution to shareholders on 29 August 2025 of 36 pence per Ordinary Share. Following the payment of this third cash distribution, the total aggregate cash returned to shareholders during the liquidation for the period to 29 August 2025 will be £1.38 per Ordinary Share.

As announced on 29 May 2025, the Joint Liquidators currently estimate that the total return to shareholders in the liquidation should be at least £1.60 per Ordinary Share, which includes the distributions made on 15 May 2025 and 4 June 2025 and the intended third cash distribution.

Shareholders should note that the Company's Registrar, MUFG Corporate Markets, has advised that all cash distributions from the second cash distribution will be paid by cheque only. Cheques will be issued to shareholders by First Class post on 29 August 2025 in respect of the third cash distribution.

Should shareholders not receive their cheque within 7 business days of 29 August 2025, or require cheques to be reissued, shareholders are recommended to call MUFG Corporate Markets on 0371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9 am - 5.30 pm, Monday to Friday excluding public holidays in England and Wales. Please note that MUFG Corporate Markets cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

Joint Liquidators:

Derek Hyslop and

Richard Barker

Ernst & Young LLP

1 More London Place

London SE1 2AF

Enquiries: MHN@parthenon.ey.com