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Security Purchase Plan

The Directors of HPI advise that as a result of current market conditions, the Company is immediately terminating the Security Purchase Plan (SPP) announced on 26 February 2020. The SPP was intended to enable securityholders to purchase securities in HPI at the same price as the fully underwritten institutional placement announced the same date. However, market conditions have changed substantially since the Placement and SPP were launched. In light of the heightened market volatility, the Board of Directors has decided that it is in the best interests of securityholders to cancel the SPP.

The decision does not affect the fully underwritten institutional placement, which raised $30 million at $3.23 per security.

All application monies already received under the SPP will be refunded in full without interest, per the terms set out in the SPP Booklet released to the ASX on 5 March 2020.