MADISON HLDG (08057) announced that on November 28, 2025 (after trading hours on the Stock Exchange), the company (as the issuer) entered into a third share option agreement with SRA (as the subscriber). Under the agreement, the company conditionally agreed to grant SRA share options for a nominal consideration of HK$1.00, exercisable during the option period. SRA is entitled to require the company to allot and issue up to 85,922,330 option shares at an exercise price of HK$1.03 per share, subject to the terms and conditions of the third share option agreement. The completion of the share options is conditional upon, among other things, the fulfillment of the conditions precedent under the third loan extension agreement (excluding the conditions related to the third share option agreement).