WLS Holdings will raise up to HK$86.20 million through a non-underwritten rights issue on the basis of 1 Rights Share for every 1 existing Share. The subscription price is set at HK$0.24 per Rights Share, representing a 40.0% discount to the adjusted closing price on the last trading day before the announcement and a 25.0% discount to the theoretical ex-rights price.

\n\nKey Terms • Entitlement: 359.18 million Rights Shares, equal to 100% of the current issued share capital. • Subscription Price: HK$0.24 per Rights Share. • Gross Proceeds: HK$86.20 million; estimated net proceeds HK$83.20 million after HK$3.00 million expenses. • Use of Proceeds: HK$73.00 million for repayment of matured bonds; HK$10.20 million for general working capital. • Status: Non-underwritten; any unsubscribed entitlements will be placed on a best-effort basis. Unplaced shares will be cancelled, reducing the issue size accordingly. • Conditions: Capital reorganisation completed; Stock Exchange approval for listing of Rights Shares; fulfilment of various procedural requirements by 22 May 2026.

\n\nTimetable Highlights • Record Date: 24 Apr 2026. • Nil-paid Rights trading: 29 Apr – 7 May 2026. • Latest time for acceptance and payment: 4:00 p.m., 12 May 2026. • Announcement of results and Net Gain distribution details: 28 May 2026. • Listing and dealings in fully-paid Rights Shares: 1 Jun 2026.

\n\nFinancial Snapshot (unaudited) • Net asset value as at 31 Oct 2025: HK$453.70 million (HK$1.26 per Adjusted Share). • Pro-forma net tangible assets post-issue: HK$536.79 million (HK$0.75 per Adjusted Share). • Indebtedness at 31 Mar 2026: HK$157.86 million, including HK$156.77 million in bonds; HK$93.00 million of principal had matured by the Latest Practicable Date.

\n\nRisk Considerations The Rights Issue is not underwritten and may be scaled down if acceptances and subsequent placing fail to take up all shares. Shareholders who do not subscribe in full face potential dilution of up to 50%. The transaction is contingent on regulatory approvals and other conditions; failure to satisfy these by 22 May 2026 will result in cancellation.

\n\nStrategic Rationale Management targets immediate debt reduction—primarily matured high-coupon bonds—and reinforcement of liquidity to support ongoing operations. Directors confirm post-issue working-capital sufficiency for at least the next 12 months.