Clover Power Public Company Limited (SET:CV) agreed to acquire 99.9% stake in Ferview Environmental Pty Ltd. from M8 Holding limited for AUD 11 million on May 22, 2023. Under the transaction, Clover Power Public Company will acquire 99,900 shares in Ferview Environmental Pty Ltd. Prior to transaction, Ferview Environmental will increase its registered capital and issue 99,900 new ordinary shares to theM8 Holding limited before the closing date of the Share Acquisition. Clover Power will use its working capital to fund the Share Acquisition.

For period ended December 31, 2022, Fernview reported total assets of AUD 35 million and shareholders? equity of AUD 0.2 million. The transaction is conditional upon the satisfaction of all conditions precedent including the Treasurer of the Commonwealth of Australia ceases to be empowered to make an order under the Foreign Acquisitions and Takeovers Act 1975 (the FATA) or gives written advice of a decision by or on behalf of the Treasurer stating that the Commonwealth Government has no objection to the Share Acquisition, there shall have been no material adverse change or event against Fernview, Clover shall have obtained a resolution approving the Share Acquisition from its board of directors' meeting and general meeting of shareholders, no legislation or governmental action shall have prohibited the consummation of the Share Acquisition and others.

The board of directors? meeting of Clover Power Public Company Limited held on May 22, 2023 approved the acquisition. Clover will hold the Extraordinary General Meeting of Shareholders to consider this transaction on July 26, 2023.

Welcap Advisory Company Limited acted an independent financial advisor to Clover in respect of the Share Acquisition. Auychai, Suparerk, Chomketkaew, Chakrit, Hemara, Arthit, McAuliffe, Louis, Pyke, Ashton, Sajjavanij, Thanaporn and Somboonsuk, Rungchinda of Allen & Overy LLP acted as a legal advisor for Clover Power Public Company Limited (SET:CV). Clover Power Public Company Limited (SET:CV) cancelled the acquisition of 99.9% stake in Ferview Environmental Pty Ltd. from M8 Holding limited for AUD 11 million on January 16, 2024.