Milan Station Holdings Limited has unveiled a multi-part capital plan featuring an authorised share capital expansion, a five-into-one share consolidation, a reduced board-lot size, and a non-underwritten rights issue aimed at raising up to HK$76.10 million.

Authorised Capital and Share Consolidation • Authorised share capital will rise from HK$80.00 million to HK$400.00 million, creating headroom for 10 billion ordinary shares (pre-consolidation basis). • Every five existing shares of HK$0.04 par value will be consolidated into one share of HK$0.20. Post-consolidation share count will fall from 1.06 billion to 211.39 million. • Trading board lots will change from 10,000 existing shares to 5,000 consolidated shares.

Rights Issue Structure • Basis: one rights share for every consolidated share held on the 30 November 2026 record date. • Subscription price: HK$0.36, representing a 9.1 % premium to the last traded consolidated-share equivalent (HK$0.33) and a 4.8 % discount to the five-day average (HK$0.38). • Maximum issue: 211.39 million rights shares, doubling the post-consolidation share base to 422.77 million. • Gross proceeds: up to HK$76.10 million; estimated net proceeds: HK$73.10 million (net price HK$0.346 per share). • Theoretical dilution for shareholders who do not subscribe is approximately 4.0 %. • The offer is non-underwritten; any unsubscribed shares will be placed by Suncorp Securities Limited on a best-effort basis. Shares remaining unsold after the placing will be cancelled, reducing the final issue size.

Planned Use of Net Proceeds 1. Inventory procurement – HK$40.10 million (54.8 %). 2. Store rental commitments (12 months) – HK$5.20 million (7.1 %). 3. Staff salaries (12 months) – HK$6.20 million (8.5 %). 4. Bond repayment – HK$18.20 million (24.9 %). 5. General working capital – HK$3.40 million (4.7 %).

Timetable Highlights (2026-2027) • Share consolidation effective: 19 November 2026. • Ex-rights trading: 20 November 2026. • Nil-paid rights trading: 3–10 December 2026. • Last acceptance and payment: 15 December 2026. • Placing period for unsubscribed shares: 18–28 December 2026. • Results announcement: 5 January 2027; fully-paid rights shares begin trading 7 January 2027.

Shareholding Impact If fully taken up, public shareholders will retain 100 % of the enlarged 422.77 million shares. If no shareholder subscribes and all unsubscribed shares are successfully placed, the new placees would hold 50.00 %, with existing holders diluted to 50.00 %.

Approvals and Risks The proposals require independent shareholder approval at an extraordinary general meeting on 17 November 2026 and Stock Exchange listing approval. Both the share consolidation and the rights issue remain conditional; investors transacting in shares or nil-paid rights before completion may face transaction reversal if conditions are not met.