TSK – Buy-back of Unmarketable Parcels of Shares

TASK Group - Buy-Back of Unmarketable Parcels of Shares Auckland, New Zealand, May 30, 2023 - TASK Group Holdings Limited (ASX/NZX: TSK) (TASK or the Company) announces that it intends to make an offer to acquire all shares in the Company that are held by shareholders (Eligible Shareholders) who hold less than A$500 worth of shares in the company (an Unmarketable Parcel), based on the closing price on 23 May 2023 (Record Date) of A$ 0.45 per share. The offer is made in accordance with clause 9.8 of the Company's constitution and section 60(1)(b)(ii) of the Companies Act 1993 (New Zealand), by way of on off-market minimum holding share buy-back (Buy-Back). The Buy-Back allows Eligible Shareholders to sell their shares back to the Company at A$0.4156 per share (Buy-Back Price), being the greater of the Volume Weighted Average Price (VWAP) for the 20-day and 5-day trading period on the ASX preceding the Record Date. The Company has decided to undertake the Buy-Back to assist Eligible Shareholders to sell and realise their shares without incurring brokerage fees or other expenses. The Company will pay for all costs related to the Buy Back (excluding tax consequences arising from the Buy-Back, which remain the responsibility of the Eligible Shareholder) and expect the Buy-Back to simplify the company register and reducing the administrative costs associated with managing a large number of shareholders with very small holdings. The cost of the Buy-Back is expected to be less than A$160,000. Eligible Shareholders will receive the attached letter and may opt out of the Buy-Back by completing a Share Retention Form in accordance with instructions on that form before 5.00pm (AEST/NZST) on 11 July 2023 (Closing Date). As an alternative to opting out, the Company will not buy back the shares if Eligible Shareholders either increase their holding above the A$500 value in aggregate or consolidate separate holdings into a single holding that is above A$500 by the Closing Date. All shares acquired in the Buy-Back will be cancelled upon acquisition. Key dates for the Buy-Back Action (Date) Record Date Buy-Back (23 May 2023) Announcement of Buy-Back offer and Dispatch of Letter and Share Retention Form to Eligible Shareholders (30 May 2023) Closing Date for receipt of Share Retention Forms (11 July 2023) Announcement of outcome of Buy-Back and Cancellation of Buy-Back shares (18 July 2023) Remittance of proceeds to Eligible Shareholders who participated in Buy-Back (21 July 2023) ENDS Approved for release by the Board of TASK Group Holdings Limited. For more information, visit https://TASKsoftware.com or contact: For investors Daniel Houden CEO daniel@tasksoftware.com Bill Crichton Chairman bill@crichtonlimited.com.au For media: Domestique Jon Snowball | Roger Newby +61 477 946 068 | +61 401 278 906 About TASK Group TASK Group is a leading provider of technology solutions enabling its global hospitality clients to maximise their customer relationships in an increasingly digital world. TASK's end-to-end cloud-based platform helps clients to improve customer experiences across every transactional touchpoint, including digital customer-facing services, back of house and enterprise operations. The Group's ecosystem combines transaction services, personalisation, offer management and BI technology to help clients generate operational efficiencies, drive valuable data insights about their consumer base, activate new promotions and build brand loyalty. End CA:00412278 For:TSK Type:CORPACT Time:2023-05-30 14:31:55