Novus to appeal withdrawal of Mustek offer approval

Novus Holdings [JSE:NVS] announced that the Takeover Regulation Panel (TRP) has unilaterally withdrawn its approval of Novus' firm intention announcement (FIA) to make a mandatory offer for Mustek Limited shares. The initial FIA, announced on November 15, 2024, and approved by the TRP on the same date, is now subject to revision. The TRP has directed Novus to publish a revised firm intention announcement within 20 business days. Novus strongly disagrees with the grounds for the withdrawal and will urgently appeal the TRP's ruling. Despite the setback, Novus reaffirmed its commitment to the mandatory offer process and its implementation in accordance with applicable legislation. Novus accepts responsibility for the accuracy and completeness of the information related to it in the announcement.