138 Student Living Jamaica Limited-Approval for Considersation of the Resolutions to facilitate an Additional Public Offering

138 Student Living Jamaica Limited advises that the Board in a meeting held on February 7, 2023 has resolved that among the resolutions to be considered and voted upon by shareholders at a specially convened Extraordinary General Meeting of the Company are the following:

1. “THAT the authorised share capital of the Company be increased from 480,500,000 ordinary shares at no par value and 94,500,000 cumulative redeemable preference shares to unlimited authorised share capital”
2. “THAT the Company, be and is hereby authorised to issue up to 775,000,000 ordinary shares by way of an offer for subscription to the public pursuant to a prospectus (herein the “Additional Public Offering”) in lieu of a rights issue to existing stockholders.
3. “THAT the Board of Directors of the Company and/or any duly appointed Committee of the Board of Directors be and is hereby authorised to determine in their discretion any terms and conditions relating to the Additional Public Offering.”
4. “THAT any pre-emption rights to which the existing stockholders may be entitled, howsoever arising, be and are hereby dis-applied for the purposes of the Additional Public Offering.”
5. “THAT all ordinary shares issued in the Additional Public Offering once issued and allotted be and are hereby converted into stock units.”

We write to advise that the 138 Student Living Jamaica Board met on February 7^th 2023 as was previously notified, discussions were held with our financial advisor GK Capital Management Limited (“GKCM”) to discuss various alternatives open to 138 Student Living Jamaica Limited. Emanating from the discussions, the Board decided to undertake an equity raise by way of an Additional Public Offering (APO).

“This will allow the Board to achieve its primary objectives in this equity raise of securing the targeted capital, at a favourable valuation, whilst giving the existing stockholders the opportunity to further participate in the growth of the Company. In addition, the traded shares will become more liquid in the market” commented Mr. Ian Parsard, Chairman of 138 Student Living Jamaica Limited after the conclusion of the Board Meeting.