Company: GCL
Filing Date: 2025-04-30
Form Type: 424B3
Source: 0001213900-25-037646
Chunk: 5

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-30
Form: 424B3
Chunk 5
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 the Offeror and parties acting or deemed to be acting in concert with it (either before
or during the Offer and pursuant to the Offer or otherwise), will result in the Offeror and parties acting or deemed to be acting in concert
with it holding such number of Shares carrying more than 50% of the voting rights attributable to the issued Shares (excluding Shares
held in treasury).

Save for the Minimum Acceptance Condition, the Offer is unconditional in all other respects.

| (f) | Further details |

Further information on the Offer and
the terms and conditions upon which the Offer will be made will be set out in the Offer Document to be issued.

| 2.2 | No Options or Awards Proposal |

Based on the latest information available
to the Offeror, there are no outstanding instruments convertible into, rights to subscribe for, nor options (whether pursuant to an employee
share option scheme or otherwise) or derivatives in respect of, the Shares or securities which carry voting rights in the Company (collectively,
“Options”) as at the Offer Announcement Date. In view of the foregoing, the Offeror will not make an offer to acquire
any Options.

Based on the latest information available
to the Offeror, there are no outstanding awards for Shares (“Awards”) granted under the Ban Leong Performance Share
Plan (the “Ban Leong PSP”) approved and adopted by the Shareholders on 26 July 2019. In view of the foregoing, the
Offeror will not make an offer to acquire any Awards. For the avoidance of doubt, the Offer will be extended to all new Shares unconditionally
issued or to be issued, or treasury shares unconditionally delivered or to be delivered, as the case may be, pursuant to the valid vesting
and release of any outstanding Awards to the holders thereof (if any), prior to the close of the Offer.

| 3. | IRREVOCABLE UNDERTAKINGS |

| 3.1 | As at the Offer Announcement Date, certain Shareholders (“Undertaking Shareholders”)                                 
 have each given irrevocable undertakings to the Offeror (“Irrevocable Undertakings”) whereby each of the Undertaking 
 Shareholders has undertaken, amongst other things:                                                                   |

| (a) | to tender, or procure the tendering of, all (and not some only of) the Offer Shares owned by each of them                                 
 respectively (“Undertaking Shares”) and, if applicable, any Shares derived from