We refer to the announcements dated 27 April 2023, 2 May 2023, 11 May 2023, 18 May 2023 and 15 June 2023 in relation to the Proposed Disposal (collectively, “Earlier Announcements”). Unless otherwise defined, the definitions used throughout this announcement, shall have the same meaning(s) as those used in the Earlier Announcements.

On behalf of GENM, AmInvestment Bank wishes to announce that the Purchaser had requested an extension of the exclusivity period and sought amendments to the commercial terms of the SPA. However, the Purchaser’s requests were not granted at this time and hence the Purchaser has elected to end its current bid. Nevertheless, the Purchaser remains interested in the Miami Land.

GENM has seen the value of its investment in Miami increase approximately 400% in just over a decade and firmly believes in the sustained strength and growth of the Miami market. GENM will review other opportunities to close on the sale of the Miami Land as-is while the Company continues to enhance its remaining Miami holdings.  

This announcement is dated 22 June 2023.