# EDGAR Filing Document

**Accession Number:** 0001026980
**File Stem:** 0001628280-25-044907
**Filing Date:** 2025-10
**Character Count:** 36886
**Document Hash:** bb3a0961b224f7fab2d4c38f8bbf3abf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-044907.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001628280-25-044907

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASIA PACIFIC WIRE & CABLE CORP LTD
- **CENTRAL INDEX KEY:** 0001026980
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRAWING AND INSULATING NONFERROUS WIRE [3357]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289970
- **FILM NUMBER:** 251390698

**BUSINESS ADDRESS:**
- **STREET 1:** 15/FL. B, NO. 77, SEC. 2,
- **STREET 2:** DUNHUA SOUTH ROAD
- **CITY:** TAIPEI, 106
- **STATE:** F5
- **ZIP:** 106
- **BUSINESS PHONE:** 886-2-2712-2558

**MAIL ADDRESS:**
- **STREET 1:** 15/FL. B, NO. 77, SEC. 2,
- **STREET 2:** DUNHUA SOUTH ROAD
- **CITY:** TAIPEI, 106
- **STATE:** F5
- **ZIP:** 106

**As filed with the Securities and Exchange Commission on October 14, 2025** 

**Registration No. 333-289970**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**AMENDMENT NO.2** 

**TO**

**FORM F-1** 

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

**ASIA PACIFIC WIRE & CABLE** 

**CORPORATION LIMITED** 

**(Exact Name of Registrant as Specified in its Charter)** 

---

| | | |
|:---|:---|:---|
| **Bermuda** | **3357** | **Not Applicable** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

**15/Fl. B, No. 77, Sec. 2** 

**Dunhua South Road** 

**Taipei, 106, Taiwan** 

**Republic of China** 

**Tel: +886-2-2712-2558** 

**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)** 

**Pacific Holdings Group**

**Attn: Paul Weber** 

**2901 Dallas Parkway, Suite 360** 

**Plano, Texas 75093** 

**Tel: 469-797-7191** 

**(Name, address, including area code, and telephone number, including area code, of agent for service)** 

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**CALCULATION OF REGISTRATION FEE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title of Each Class of**<br>**Securities to be Registered** <sup>(1)</sup> | **Amount to be<br>Registered** | **Proposed Maximum Offering Price Per Share** | **Proposed Maximum Aggregate Offering Price** | **Amount of Registration Fee** |
| Subscription Rights to purchase Common Shares <sup>(2)</sup> |  |  |  |  |
| Common Shares, par value 0.01 per share | 20616227 |  | $34222936.82 <sup>(3)</sup> | $5239.53 <sup>(4)</sup> |

---

(1) This registration statement relates to our Common Shares issuable upon the exercise of subscription rights. Each Common Share will be issued one subscription right. No separate consideration is payable for the subscription rights.

(2) The subscription rights are being issued without separate consideration. Pursuant to Rule 457(g) under the Securities Act, no separate registration fee is payable.

(3) Represents the maximum amount of gross proceeds from the issuance of our Common Shares pursuant to exercise of the subscription rights.

(4) Previously paid. Calculated pursuant to Rule 457(o) of the rules and regulations under the Securities Act of 1933, as amended, based on the proposed maximum aggregate offering price. ($153.10 per one million gross proceeds)

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

------

**EXPLANATORY NOTE**

This pre-effective Amendment No. 2 (this "Amendment2") to the Registration Statement on Form F-1 (Registration No. 333-289970) filed August 29, 2025, as amended by Amendment No. 1 to Form F-1 filed September 19, 2025 (the "Registration Statement") is filed solely for the purposes of amending the cover page of the Preliminary Prospectus to include the number of Common Shares issuable upon the exercise of the subscription rights to purchase Common Shares, and to file Appleby (Bermuda) Limited's legal opinion, included and referenced as Exhibit 5.1 on the Exhibits Index. Other than changing the filing and signature dates to the filing date of this Amendment2, no additional changes have been made to the Registration Statement.

------

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is declared effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted**.

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION: DATED OCTOBER 14, 2025** |

---

![apwclogoa.jpg](apwclogoa.jpg)

**ASIA PACIFIC WIRE & CABLE** 

**CORPORATION LIMITED** 

**20,616,227 Common Shares** 

**Issuable Upon the Exercise of Subscription Rights to Purchase Common Shares** 

Asia Pacific Wire & Cable Corporation Limited ("we", "us" or "our") is a holding company incorporated in Bermuda with principal executive offices in Taipei, Taiwan. We conduct our operations through various subsidiaries in Australia, Hong Kong, the People's Republic of China, Singapore and Thailand.

We are distributing, at no charge to the holders of our Common Shares, non-transferable subscription rights to purchase additional Common Shares, par value $0.01 per share (the "Common Shares"). We refer to one whole share of our Common Shares as a "Common Share". We refer to the offering that is the subject of this prospectus as the rights offering. In the rights offering, you will receive one subscription right for each Common Share that you own as of 5:00 p.m., New York City, NY time ("Eastern Time"), on September 24, 2025, which we refer to as the record date.

Each subscription right entitles the holder to purchase a Common Share at the subscription price of $1.66 per Common Share. We refer to this right as the basic subscription right.

Subscription right holders who fully exercise their basic subscription rights will be entitled to subscribe for additional Common Shares that remain unsubscribed as a result of any unexercised basic subscription rights, which we refer to as the over-subscription right. If an insufficient number of Common Shares are available to satisfy fully the over-subscription requests, then the available Common Shares will be distributed among subscription rights holders who exercised their over-subscription right, based on the procedures set forth herein.

Should shares issuable under the rights offering remain unsubscribed after the offering expiration date and after subscription right holders have exercised their basic and over-subscription rights, we may offer any unsubscribed shares directly to persons other than subscription right holders, to or through agents, underwriters or dealers or through a combination of such methods.

Assuming full exercise of the subscription rights, the proceeds to us from the rights offering would be approximately $33.9 million after deducting costs and expenses related to the rights offering payable by us, estimated at approximately $350,000.

Pacific Electric Wire & Cable Co., Ltd. ("PEWC"), our parent company, a Taiwanese company that beneficially owned approximately 80.96% of our issued and outstanding Common Shares as of July 31, 2025, informed us that it intends to participate in the rights offering by means of a cash investment of at least approximately $27.7 million. If PEWC elects to make that entire investment, it would fully exercise its basic subscription rights, but not exercise any over-subscription rights. However, PEWC's stated intention is non-binding and there is no guarantee or commitment that PEWC will ultimately decide to exercise any or all of its basic subscription rights, or not to exercise any or all of its over-subscription rights.

**The subscription rights will expire if they are not exercised before 5:00 p.m., Eastern Time, on October 24, 2025, which we refer to as the expiration date. We reserve the right to extend the expiration date one or more times, but in no event will we extend the rights offering beyond November 24**, **2025. Any rights not exercised at or before the expiration date will expire worthless without any payment to the holders of those unexercised rights. None of our Board of Directors, any committee thereof, or our management is making any recommendation regarding your exercise of the subscription rights. You should carefully consider whether to exercise your subscription rights before the expiration of the rights offering.** 

The subscription rights may not be sold or transferred, and will not be listed for trading on any stock exchange or market.

All exercises of subscription rights are irrevocable. We may cancel the rights offering in our sole discretion at any time prior to its expiration, for any reason. If the rights offering is canceled, the subscription agent will return all investment amount payments it has received for the cancelled rights offering, without interest or deduction.

Our Common Shares are listed on the NASDAQ Capital Market under the symbol "APWC". The last sale price of our Common Shares on NASDAQ on June 26, 2025 was $1.66 per share. The Common Shares to be issued upon exercise of the subscription rights will also be listed for trading on the NASDAQ Capital Markets under the same symbol. As of the close of business on July 31, 2025, there were 20,616,227 Common Shares issued and outstanding.

**Investing in our Common Shares involves a high degree of risk. See "<u>Risk Factors</u>" beginning on page 9 and under similar headings in the other documents that are incorporated by reference into this prospectus to read about factors you should consider before deciding whether to exercise your subscription rights, including regarding our subsidiaries that are formed under the laws of, and operate in, the People's Republic of China.** 

**This is not an underwritten offering. The subscription rights are being offered directly by us without the services of an underwriter, dealer manager or selling agent. There is no minimum subscription amount required to consummate the rights offering.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense under the laws of the United States.** 

**The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025** 

------

**EXHIBITS INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 3.1 | Memorandum of Association of Asia Pacific Wire & Cable Corporation Limited (incorporated by reference to Exhibit 1.1 of the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on June 21, 2001). (P) |
| 3.2 | <u>[Third Amended and Restated Bye-Laws of Asia Pacific Wire & Cable Corporation Limited (incorporated by reference to Exhibit 3.2 of the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on April 30, 2012).](https://www.sec.gov/Archives/edgar/data/1026980/000129281412001198/exhibit32.htm)</u> |
| 4.1 | <u>[Description of the Rights of Holders of Common Shares (incorporated by reference to Exhibit 2.1 of the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2024).](https://www.sec.gov/Archives/edgar/data/1026980/000102698025000002/exhibit212024.htm)</u> |
| 4.2 | <u>[Form of Subscription Rights Certificate](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit42-fx1a0925.htm)[.\*](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit42-fx1a0925.htm)</u> |
| 5.1 | <u>[Legal Opinion of Appleby (](exhibit51-f1ax2025.htm)[Bermuda](exhibit51-f1ax2025.htm)[)](exhibit51-f1ax2025.htm)[Limited](exhibit51-f1ax2025.htm)[.\*](exhibit51-f1ax2025.htm)</u>\* |
| 10.1 | Composite Services Agreement (incorporated by reference to Exhibit 10.1 of the Company's Form F-1 <br>filed with the Securities and Exchange Commission on November 13, 1996). (P) |
| 14 | <u>[Code of Ethics (incorporated by reference to Exhibit 11 of the Company's annual report on Form 20-F filed with the Securities and Exchange Commission on November 9, 2007).](https://www.sec.gov/Archives/edgar/data/1026980/000095013607007583/file7.htm)</u> |
| 21.1 | <u>[List of significant subsidiaries.](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit211-fx1a0925.htm)</u> \*  |
| 23.1 | <u>[Consent of Appleby (](exhibit51-f1ax2025.htm)[Bermuda](exhibit51-f1ax2025.htm)[)](exhibit51-f1ax2025.htm)[Limited](exhibit51-f1ax2025.htm)[(included in Exhibit](exhibit51-f1ax2025.htm)[5](exhibit51-f1ax2025.htm)[.1).\*](exhibit51-f1ax2025.htm)</u>\* |
| 23.2 | <u>[Consent of PricewaterhouseCoopers.](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit232-fx1a0925.htm)[\*](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit232-fx1a0925.htm)</u> |
| 24.1 | <u>[Power of Attorney (included on the signature page of this Registration Statement).](#ie471e272d78b41cfa99f727a3f98e70c_1573)</u> |
| 99.1 | <u>[Form of Instructions as to Use of Subscription Rights Certificate](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit991-fx1a0925.htm)</u>.\* |
| 99.2 | <u>[Form of Letter to](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit992-fx1a0925.htm)[Record Holders](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit992-fx1a0925.htm)</u>.\* |
| 99.3 | <u>[Form of Letter to](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit993-fx1a0925.htm)[Nominees](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit993-fx1a0925.htm)</u>.\* |
| 99.4 | <u>[Form of Letter to](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit994-fx1a0925.htm)[Beneficial Owner](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit994-fx1a0925.htm)[s](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit994-fx1a0925.htm)</u>.\* |
| 99.5 | <u>[Form of Beneficial Owner Election Form](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit995-fx1a0925.htm)</u>.\* |
| 99.6 | <u>[Form of Nominee Holder Certificat](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit996-fx1a0925.htm)[ion](https://www.sec.gov/Archives/edgar/data/1026980/000162828025042148/exhibit996-fx1a0925.htm)</u>.\* |
| 107 | <u>[Filling Fee Table](https://www.sec.gov/ix?doc=/Archives/edgar/data/1026980/000162828025042148/apwcexfilingfees0919.htm)[\*](https://www.sec.gov/ix?doc=/Archives/edgar/data/1026980/000162828025042148/apwcexfilingfees0919.htm)</u> |
| (P) | Paper filings |
| \* | Previously filed |
| \*\* | Filed herewith |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Taipei, Taiwan, R.O.C., on October 14, 2025.

---

| | |
|:---|:---|
| **ASIA PACIFIC WIRE & CABLE**<br>**CORPORATION LIMITED** | **ASIA PACIFIC WIRE & CABLE**<br>**CORPORATION LIMITED** |
| /s/ Ben Lee | /s/ Ben Lee |
| Name: | Ben Lee |
| Title: | Chief Financial Officer |

---

------

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS that each person whose signature appears below hereby constitutes and appoints Yuan Chun Tang and Ben Lee, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or his or her or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Capacity** | **Date** |
| /s/ Yuan Chun Tang | Chief Executive Officer, Director | October 14, 2025 |
| Yuan Chun Tang | Chief Executive Officer, Director | October 14, 2025 |
| /s/ Ben Lee | Chief Financial Officer | October 14, 2025 |
| Ben Lee | Chief Financial Officer | October 14, 2025 |
| /s/ James Lu | Deputy Chief Financial Officer | October 14, 2025 |
| James Lu | Deputy Chief Financial Officer | October 14, 2025 |
| /s/ Daphne Hsu | Financial Controller | October 14, 2025 |
| Daphne Hsu | Financial Controller | October 14, 2025 |
| /s/ David Sun | Director | October 14, 2025 |
| David Sun | Director | October 14, 2025 |
| /s/ Lee Gai Poo | Director | October 14, 2025 |
| Lee Gai Poo | Director | October 14, 2025 |
| /s/ Anson Chan | Director | October 14, 2025 |
| Anson Chan | Director | October 14, 2025 |
| /s/ Dr. Lambert Ding | Director | October 14, 2025 |
| Dr. Lambert Ding | Director | October 14, 2025 |
| /s/ Dr. Yichin Lee | Director | October 14, 2025 |
| Dr. Yichin Lee | Director | October 14, 2025 |
| /s/ Patrick Chung | Director | October 14, 2025 |
| Patrick Chung | Director | October 14, 2025 |

---

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**SIGNATURE OF AUTHORIZED AGENT IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, as amended, appearing below is the signature of the Registrant's authorized agent in the United States, thereunto duly authorized, in Plano, Texas, on October 14, 2025.

---

| | |
|:---|:---|
| **PACIFIC HOLDINGS GROUP** | **PACIFIC HOLDINGS GROUP** |
| /s/ Paul Weber | /s/ Paul Weber |
| Name: | Paul Weber |
| Title: | Senior Vice President |

---

## Exhibit 5.1

**Exhibit 5.1**

![applebylogo.jpg](applebylogo.jpg)

---

| | |
|:---|:---|
| **Asia Pacific Wire & Cable Corporation Limited** | **Email** MEBrewer@applebyglobal.com |
| 5th Floor Victoria Place 31 Victoria Street | **Direct Dial** +1 441 298 3226 |
| Hamilton, HM 10 | **Tel** +1 441 295 2244 |
| Bermuda | **Fax** +1 441 292 8666 |
|  | **Your Ref** |
| The **Purchasers** (defined below) |  |
|  | **Appleby Ref** 100542.0136/MEB/AK |
|  | 3 October 2025 |

---

Dear Sirs

**ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED (COMPANY)**

**INTRODUCTION**

This opinion as to Bermuda law is addressed to you in connection with: (i) the filing by the Company of a registration statement on Form F-1 (as may be amended, the **Registration Statement**) filed with the Securities and Exchange Commission pursuant to the U.S. Securities Act of 1933, as amended (**Securities Act**), relating to the issuance of common shares, $0.01 par value per share, of the Company (**Shares**), issuable upon the exercise of non-transferable subscription rights being distributed to the existing holders of common shares of the Company, entitling such holders to purchase Shares (such holders of common shares whom purchase Shares, collectively, **Purchasers**) at a subscription price of USD $1.66 per Share (**Rights Offering**), all as further provided in the prospectus contained in the Registration Statement (as such may be amended, the **Prospectus)**; (ii) the Prospectus and (iii) the documents listed in Part 1 of Schedule 1 (**Documents**).

**OUR REVIEW**

For the purposes of giving this opinion we have examined and relied upon the Documents and the documents listed in Part 2 of Schedule 1. We have not examined any other documents, even if they are referred to in the Documents.

For the purposes of giving this opinion we have carried out the Company Search and the Litigation Search described in Part 3 of Schedule 1.

In giving this opinion we have relied upon and assume the accuracy and completeness of the certificates of the assistant secretary of the Company dated the date hereof (**Certificates**), the contents of which we have not verified.

We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or representation (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion.

Unless otherwise defined herein, capitalised terms have the meanings assigned to them in the Prospectus or Schedule 1, as applicable.

------

**LIMITATIONS**

Our opinion is limited to, and should be construed in accordance with, the laws of Bermuda at the date of this opinion. We express no opinion on the laws of any other jurisdiction.

This opinion is limited to the matters stated in it and does not extend to, and is not to be extended by implication, to any other matters. We express no opinion on the commercial implications of the Documents or whether they give effect to the commercial intentions of the parties.

This opinion is given solely for the benefit of the addressees in connection with the matters referred to herein and, except with our prior written consent, it may not be transmitted or disclosed to or used or relied upon by any other person or be relied upon for any other purpose whatsoever; provided that, we consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement and to the use of the name of our firm in the Registration Statement; as Bermuda attorneys, however, we are not qualified to opine on matters of law of any jurisdiction other than Bermuda, accordingly we do not admit to being an expert within the meaning of the Securities Act.

**ASSUMPTIONS AND RESERVATIONS**

We give the following opinions on the basis of the assumptions set out in Schedule 2 (**Assumptions**), which we have not verified, and subject to the reservations set out in Schedule 3 (**Reservations**).

**OPINIONS**

1.&nbsp;&nbsp;&nbsp;&nbsp;**Incorporation and Status**: The Company is incorporated as an exempted company limited by shares and existing under the laws of Bermuda and is a separate legal entity. The Company is in good standing with the Registrar of Companies of Bermuda.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Common Shares**: The issue of the Shares by the Company upon the exercise of subscription rights to purchase the Shares under the Rights Offering has been duly authorized by all necessary corporate action on the part of the Company and when allotted, issued and fully paid for pursuant to the terms of the Resolutions and in accordance with the terms and conditions referred to or summarized in the Prospectus and the Registration Statement (including any documents incorporated by reference therein) and the Constitutional Documents (defined below), the Shares to be issued by the Company upon such exercise of subscription rights will be validly issued, fully paid and non-assessable Shares of the Company.

**Yours faithfully**

![applebysign.jpg](applebysign.jpg)

**Appleby (Bermuda) Limited**

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

------

**SCHEDULE 1**

**Part 1**

**The Documents**

1.&nbsp;&nbsp;&nbsp;&nbsp;An copy, in PDF format of the Registration Statement.

2.&nbsp;&nbsp;&nbsp;&nbsp;A copy, in PDF format of the Prospectus.

**Part 2&nbsp;&nbsp;&nbsp;&nbsp;**

**Other Documents Examined**

1.&nbsp;&nbsp;&nbsp;&nbsp;A certified copy of the certificate of incorporation of the Company dated effective 23 September 1996 (**Certificate of Incorporation**).

2.&nbsp;&nbsp;&nbsp;&nbsp;A certified copy of the memorandum of association and bye-laws of the Company adopted effective 10 September 1996 (**Constitutional Documents**).

3.&nbsp;&nbsp;&nbsp;&nbsp;A Certificate of Compliance, dated 3 October 2025 issued by the Registrar of Companies in respect of the Company (**Certificate of Compliance**).

4.&nbsp;&nbsp;&nbsp;&nbsp;Certified copies of the minutes of a meeting of the board of directors of the Company held on 25 July 2025 (collectively, **Resolutions**).

5.&nbsp;&nbsp;&nbsp;&nbsp;A copy of the results of the Litigation Search.

6.&nbsp;&nbsp;&nbsp;&nbsp;A copy of the results of the Company Search.

7.&nbsp;&nbsp;&nbsp;&nbsp;Certified copies of the "Foreign Exchange Letter" issued by the Bermuda Monetary Authority in relation to the Company.

8.&nbsp;&nbsp;&nbsp;&nbsp;Executed copies, in PDF format, of each of the Certificates.

**Part 3&nbsp;&nbsp;&nbsp;&nbsp;**

**Searches**

1.&nbsp;&nbsp;&nbsp;&nbsp;A search of the entries and filings shown and available for inspection in respect of the Company in the register of charges and on file of the Company maintained in the register of companies at the office of the Registrar of Companies in Hamilton, Bermuda, as revealed by an electronic company extract prepared by the Registrar of Companies on 3 October 2025 and the documents delivered by the Registrar of Companies in connection therewith (**Company Search**).

2.&nbsp;&nbsp;&nbsp;&nbsp;The entries and filings shown in respect of each Company in the Supreme Court Causes Book maintained at the Registry of the Supreme Court in Hamilton, Bermuda, as revealed by a search conducted on 3 October 2025 (**Litigation Search**).

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

------

**SCHEDULE 2**

**Assumptions**

We have assumed:

1.&nbsp;&nbsp;&nbsp;&nbsp;(i) that the originals of all documents examined in connection with this opinion are authentic, accurate and complete; and (ii) the authenticity, accuracy completeness and conformity to original documents of all documents submitted to us as copies;

2.&nbsp;&nbsp;&nbsp;&nbsp;that each of the Documents and other documentation which was received by electronic means is complete, intact and in conformity with the transmission as sent;

3.&nbsp;&nbsp;&nbsp;&nbsp;that there has been no change to the information contained in the Certificate of Incorporation and that the Constitutional Documents remain in full force and effect and are unamended;

4.&nbsp;&nbsp;&nbsp;&nbsp;that the signatures, initials and seals on all documents and certificates submitted to us as originals or copies of executed originals are authentic, and the signatures and initials on any Document executed by the Company are the signatures and initials of a person or persons authorised to execute the documents by the Company, by resolution of its board of directors or any power of attorney granted by the Company, to execute such Document;

5.&nbsp;&nbsp;&nbsp;&nbsp;that each of the parties (other than the Company under Bermuda law) is incorporated, organised or registered (as the case may be) and in good standing (where such concept is legally relevant) under the laws which govern its capacity and has the capacity, power and authority, has fulfilled all internal authorisation procedures and completed all applicable filings and formalities, and has obtained all authorisations, approvals, consents, licences and exemptions required under the laws of any relevant jurisdiction to execute, deliver and perform its respective obligations under the Documents, as applicable, and the transactions contemplated thereby and has taken all necessary corporate and other action required and completed all applicable formalities required to authorise the execution of the Documents, as applicable, and the performance of its obligations thereunder, as applicable;

6.&nbsp;&nbsp;&nbsp;&nbsp;the truth, accuracy and completeness of all representations and warranties or statements of fact or law (other than as to the laws of Bermuda in respect of matters upon which we have expressly opined) made in the Documents;

7.&nbsp;&nbsp;&nbsp;&nbsp;the accuracy, completeness and currency of the records and filing systems maintained at the public offices where we have searched or enquired or have caused searches or enquiries to be conducted, that such search and enquiry did not fail to disclose any information which had been filed with or delivered to the relevant body but had not been processed at the time when the search was conducted and the enquiries were made, and that the information disclosed by the Company Search and the Litigation Search is accurate and complete in all respects and such information has not been materially altered since the date and time of the Company Search and the Litigation Search;

8.&nbsp;&nbsp;&nbsp;&nbsp;that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by the issuance of the Common Shares or which have any implication in relation to the opinion expressed herein and that, in so far as any obligation to be performed or action to be taken as described in the Registration Statement is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction;

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9.&nbsp;&nbsp;&nbsp;&nbsp;that (i) the Documents are in the form of the documents approved in the Resolutions; (ii) any meetings at which such Resolutions were passed were duly convened and had a duly constituted quorum present and voting throughout; (iii) all interests of the directors of the Company on the subject matter of the Resolutions, if any, were declared and disclosed in accordance with the law and relevant Constitutional Documents; (iv) the Resolutions have not been revoked, amended or superseded, in whole or in part, and remain in full force and effect at the date of this opinion; and (v) the directors of the Company have concluded that the entry by the Company into the Documents, as applicable, and such other documents approved by the Resolutions and the transactions contemplated thereby are *bona fide* in the best interests of the Company and for a proper purpose of the Company, as applicable;

10.&nbsp;&nbsp;&nbsp;&nbsp;that there is no matter affecting the authority of the directors to effect the issuance of the Common Shares by the Company in accordance with the terms of the Prospectus and the Resolutions including breach of duty or lack of good faith which would have any adverse implications in relation to the opinions expressed in this opinion;

11.&nbsp;&nbsp;&nbsp;&nbsp;that the Company has filed the Prospectus in good faith for the purpose of carrying on its business and that at the time it did so, there were reasonable grounds for believing that the activities contemplated by the Prospectus would benefit the Company;

12.&nbsp;&nbsp;&nbsp;&nbsp;that, save for the documents provided to us, there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Prospectus; and

13.&nbsp;&nbsp;&nbsp;&nbsp;that no resolution to voluntarily wind up the Company has been adopted by the members and no event of a type which is specified in the Constitutional Documents as giving rise to the winding up of the Company (if any) has in fact occurred.

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**SCHEDULE 3**

**Reservations**

Our opinion is subject to the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;**Good Standing**: The term "good standing" means that the Company has received a Certificate of Compliance from the Registrar of Companies.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Non-Assessable**: Any reference in this opinion to shares being **non-assessable** shall mean, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound by an alteration of the memorandum of association or bye-laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.

3.&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Income Tax**: The Corporate Income Tax Act 2023 (**CITA**) came into operation in its entirety on 1 January 2025 along with corresponding changes to the Exempted Undertakings Tax Protection Act 1966 (as amended) (**EUTPA**). As a result, there may be an imposition of corporate income tax to certain Bermuda constituent members of multinational groups with annual revenues of at least EUR 750 million in the consolidated financial statements of the ultimate parent entity for at least two of the four fiscal years immediately preceding the applicable fiscal year. Any liability for tax imposed under the CITA shall apply notwithstanding any assurance given pursuant to the EUTPA. Our opinion is reserved such that we express no opinion as to the application of the CITA to the Company or any related liability to tax of the Company arising pursuant to the CITA.

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