Menhaden Resource Efficiency PLC - Liquidation Update

29 May 2025

Menhaden Resource Efficiency PLC (in Members Voluntary Liquidation)

(the "Company")

LEI: 2138004NTCUZTHFWXS17

Liquidation Update

Further to the liquidation of the Company on 26 March 2025 and the announcements on 9 April 2025 and 13 May 2025, the Joint Liquidators of the Company are in a position to make the second cash distribution to Shareholders of the Company of 51 pence per share on 4 June 2025. This second distribution equates to a distribution of approximately £40 million.

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

As at 29 May 2025, the Company's Portfolio Manager has realised all of the Company's listed investments resulting in proceeds of £100m net of sales costs. In addition, other proceeds from the sale of a portion of one of the unlisted investments and income from investments has totalled £3 million. These total net proceeds from sales and income equate to £1.31 per share.

Furthermore, the Joint Liquidators have agreed the sale of two of the unlisted investments which are due for completion by 1 July 2025. Another sale of one of the other unlisted investments is in quite advanced negotiations.

The Joint Liquidators are currently in correspondence with interested parties in relation to the remaining unlisted investment. At this stage, the Joint liquidators estimate that the unlisted investments should realise approximately £27 million in total. Shareholders should note that the actual realisation may differ from this estimate as any realisation will depend on the offers that are received and complete.  

On the basis that the unlisted investments realise at least £27 million, the Joint Liquidators estimate that the total return to shareholders in the liquidation, including the distribution made on 15 May 2025 and the distribution noted above, should be more than £1.60.

At present it is anticipated that a third cash distribution will be announced to Shareholders of the Company after the completion of the sales of the unlisted investments noted above but will be made during the first two weeks of July 2025 whether these sales have progressed or not. Until then, the Joint Liquidators are required to hold cash to meet unfunded contractual commitments, the costs and expenses of the liquidation and certain other provisions for tax. The total amount held is £20 million. It is currently anticipated that the provisions for unfunded capital commitments and tax should be released in time for the third distribution in July 2025.

Joint Liquidators:

Derek Hyslop and

Richard Barker

Ernst & Young LLP

1 More London Place

London SE1 2AF

Enquiries: MHN@parthenon.ey.com