PROPOSED ACQUISITION OF PAN AFRICAN TOWERS LIMITED BY PAT HOLDING LIMITED

PAT Holding Limited alongside its Shareholder Nominee is seeking to acquire 100% of the share capital of PAT, which is currently held by Chapel Hill Advisory Partners Limited, Prime Infrastructure West Africa Limited and Chapel Hill Denham Management Limited (CHDM) on behalf of the Nigeria Infrastructure Debt Fund (NIDF). PAT Holding Limited is a holding company owned by leading private equity firms and focused on investing in tower telecommunication infrastructure assets across Africa that have significant growth prospects.

The Acquirer will seek to invest significant capital into the Company to facilitate the Companys planned growth in Nigeria which will be predominantly through the rollout of additional towers to meet the Countrys tower infrastructure deficit.