Mi­nor­i­ty share­hold­er ad­vo­cate, Pe­ter Per­me­ll, sub­mit­ted a let­ter to the ed­i­tor yes­ter­day, re­lat­ing to the bid by Agos­ti­ni Ltd to ac­quire 100 per cent of the shares of Pres­tige Hold­ings Ltd (PHL).

In a no­tice dat­ed June 23, 2026, Agos­ti­ni said its share swap of 4.8 PHL shares for 1.0 Agos­ti­ni share, had “for­mal­ly closed.”

In that no­tice, Agos­ti­ni said it re­ceived ap­prox­i­mate­ly 96.8 per cent of shares of the restau­rant man­age­ment com­pa­ny. As PHL has 62,513,002 shares in is­sue, 3.2 per cent of that is 2,096,416 shares.

Fol­low­ing, in full, is Mr Per­me­ll’s let­ter:

Ref­er­ence is made to my ear­li­er let­ter dat­ed Ju­ly 27, 2026 “Re: Con­cerns re­gard­ing the Fail­ure and/or Re­fusal of Agos­ti­ni Hold­ings (Agos­ti­ni) as of­fer­or to com­ply with by­law 26 (2) of the Se­cu­ri­ties In­dus­try (Takeover) By­laws, 2005 in con­nec­tion with its of­fer and takeover bid made to Pres­tige Hold­ings Ltd (PHL) Share­hold­ers on June 17, 2025.” As you are aware, the let­ter was sent on Au­gust 3rd and pub­lished in the Busi­ness Guardian on Au­gust 6, un­der the head­line “Per­me­ll rais­es con­cern about Agos­ti­ni takeover of Pres­tige Hold­ings”

I am there­fore pleased to in­form you and by ex­ten­sion the pub­lic (in par­tic­u­lar my fel­low PHL share­hold­ers) that Agos­ti­ni fi­nal­ly reached out to me last Fri­day, two days be­fore the In­de­pen­dence Day hol­i­day, via let­ter dat­ed Au­gust 28th which states as fol­lows:

Dear Mr Per­me­ll,

Re: Cor­re­spon­dence con­cern­ing the takeover bid for Pres­tige Hold­ings Lim­it­ed

Fur­ther to our let­ter dat­ed Au­gust 5, 2026, we wish to pro­vide an up­date with re­spect to the ac­qui­si­tion of the mi­nor­i­ty share­hold­ing in Pres­tige Hold­ings Lim­it­ed. As pre­vi­ous­ly ad­vised, Agos­ti­ni was in dis­cus­sions with the Trinidad and To­ba­go Se­cu­ri­ties and Ex­change Com­mis­sion con­cern­ing sev­er­al le­gal, in­ter­pre­ta­tive and pro­ce­dur­al mat­ters aris­ing in re­la­tion to the bid, in­clud­ing the ap­pli­ca­tion and op­er­a­tion of by­law 26 of the Se­cu­ri­ties In­dus­try (Takeover) By­laws, 2005.

Fol­low­ing re­cent dis­cus­sions with the Trinidad and To­ba­go Se­cu­ri­ties and Ex­change Com­mis­sion and hav­ing re­gard to the po­si­tion com­mu­ni­cat­ed by the Com­mis­sion’s staff, Agos­ti­ni will be pro­ceed­ing with the im­ple­men­ta­tion of the process con­tem­plat­ed by by­law 26 of the Se­cu­ri­ties In­dus­try (Takeover) By­laws, 2005. Con­sis­tent with that process, Agos­ti­ni ex­pects to is­sue the no­tice con­tem­plat­ed by by­law 26 in ac­cor­dance with the ap­plic­a­ble le­gal and reg­u­la­to­ry re­quire­ments.

For com­plete­ness, Agos­ti­ni’s de­ci­sion to pro­ceed with the by­law 26 process is made with­out prej­u­dice to the le­gal and in­ter­pre­ta­tive is­sues pre­vi­ous­ly raised con­cern­ing the ap­pli­ca­tion and op­er­a­tion of that pro­vi­sion.

Agos­ti­ni Lim­it­ed re­mains com­mit­ted to en­sur­ing that all share­hold­ers are treat­ed fair­ly and eq­ui­tably and that any fur­ther steps tak­en in con­nec­tion with the mi­nor­i­ty ac­qui­si­tion process are un­der­tak­en in ac­cor­dance with the ap­plic­a­ble le­gal and reg­u­la­to­ry frame­work and the re­quire­ments of pro­ce­dur­al fair­ness.

Yours sin­cere­ly,

Agos­ti­ni Lim­it­ed

Na­dia Jamess-Reyes Ti­neo

Group Chief Le­gal And Com­pli­ance Of­fi­cer/ Com­pa­ny Sec­re­tary

So the $28 mil­lion-qes­tion is what does all this mean for the PHL dis­sent­ing share­hold­ers or those share­hold­ers who, like me, did not ac­cept Agos­ti­ni’s of­fer of 1 Agos­ti­ni share for every 4.8 PHL shares. Well the an­swer is quite sim­ple. Es­sen­tial­ly, it means that Agos­ti­ni will now be pro­ceed­ing with the im­ple­men­ta­tion of the process con­tem­plat­ed by by­law 26 which re­quires Agos­ti­ni to send a writ­ten no­tice to each dis­sent­ing PHL share­hold­er stat­ing that such share­hold­er may with­in six­ty days af­ter the date of such no­tice re­quire Agos­ti­ni to ac­quire his, her or its shares. The no­tice shall:

• ↓Set out a (cash) price that Agos­ti­ni is will­ing to pay for the shares;

• ↓Give the ba­sis for ar­riv­ing at the price;

• ↓State the lo­ca­tion where any sup­port­ing ma­te­r­i­al used for ar­riv­ing at the price may be ex­am­ined and ex­tracts tak­en there­from by the share­hold­er or a du­ly au­tho­rized agent; and

• ↓State that if the share­hold­er is not sat­is­fied with the price of­fered by Agos­ti­ni in the no­tice, the share­hold­er is en­ti­tled to have the fair val­ue of his, her or its shares fixed by the Court.

Ac­cord­ing­ly, it would be re­miss of me if I did not take this op­por­tu­ni­ty to con­vey my sin­cere ap­pre­ci­a­tion to the board and man­age­ment of Agos­ti­ni for al­low­ing good sense to pre­vail in this mat­ter al­beit a tad bit late but nonethe­less, I have found so­lace in the old max­im, “Bet­ter late than nev­er.”

Please per­mit me to al­so thank the hard-work­ing staff of the Se­cu­ri­ties and Ex­change Com­mis­sion, for their wise coun­sel and the piv­otal role they would have played in bring­ing about an am­i­ca­ble res­o­lu­tion of this mat­ter with­out fur­ther re­course to the courts.

And last but by no means least my heart­felt thanks and grat­i­tude to the fourth es­tate, the me­dia for the role that it con­tin­ues to play in high­light­ing im­por­tant pub­lic in­ter­est is­sues such as this.

Pe­ter Per­me­ll

PHL dis­sent­ing share­hold­er and mi­nor­i­ty share­hold­er ad­vo­cate