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 this agreement, the company conditionally agreed to grant SRA share options for a nominal consideration of HKD 1.00. These options are exercisable during the option period, allowing SRA to request the company to allot and issue up to 85,922,330 option shares at an exercise price of HKD 1.03 per share, subject to the terms and conditions of the third share option agreement.

The completion of the share option grant 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 becoming unconditional).