Maven - Statement Regarding MCJ's TOB Price

HONG KONG--(BUSINESS WIRE)--Maven Investment Partners Ltd. Hong Kong Branch (“we” or “our”) announces today that we have increased our stake in MCJ Co., Ltd (“MCJ” or the “Company”), which is now closer to 4%, consistent with the tremendous value we see in the Company.

Bain’s announcement of yesterday comes as no surprise - it is a well-trodden path seen in other tender offers to encourage opposing minority shareholders to tender at the original offer price. We continue to firmly believe for the reasons outlined in our letter dated 19th March 2026 that the current offer materially undervalues MCJ. We therefore also continue to encourage other shareholders not to tender unless fairer terms are offered for minority shareholders.

DISCLAIMER

This press release (“Document”) has been issued by Maven Investment Partners Ltd, Hong Kong Branch (“Maven”). The Document is for discussion and informational purposes only. The views expressed herein represent the opinions of Maven as of the date hereof. Maven reserves the right to change or modify any of its opinions expressed herein at any time and for any reason and expressly disclaims any obligation to correct, update or revise the information contained herein or to otherwise provide any additional materials. Nothing within this Document promotes, or is intended to promote, and may not be construed as promoting, Maven.

All of the information contained herein is based on publicly available information with respect to MCJ Co., Ltd. (the “Company”), including public announcements, filings and disclosures made by the Company and other sources, including information derived or obtained from filings with regulatory authorities and from third parties, as well as Maven’s analysis of such publicly available information. Maven has relied upon and assumed, without independent verification, the completeness and accuracy of all information and data available from public sources, and no representation or warranty is made that any such data or information is accurate. Maven recognises that there may be confidential or otherwise non-public information with respect to the Company that could lead the Company or others to disagree with Maven’s conclusions, and could also alter the opinions of Maven were such information known to it.

Save for the historical information in this Document, the information and opinions set out herein constitute forward-looking statements, including projections and estimates prepared with regard to, among other things, the value of the Company’s securities, debt or any other related financial instruments that are based upon or relate to the value of securities of the Company (collectively, “Company Securities”), the Company’s anticipated operating performance, general economic and market conditions and other future events. You should be aware that all forward-looking statements, estimates and projections are inherently uncertain and subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. In light of the significant uncertainties inherent in the estimates, projections and forward-looking statements included herein, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such forward-looking statements will be achieved. Actual results may differ materially from the information contained herein due to reasons that may or may not be foreseeable. There can be no assurance that the Company Securities will trade at the prices that may be implied herein, and there can be no assurance that any estimate, projection or assumption herein is, or will be proven, correct. Maven will not undertake and specifically disclaims any obligation to disclose the results of any revisions that may be made to any forward-looking statements herein to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

No express or implied representation, warranty or undertaking is given and no responsibility or liability or duty of care is or will be accepted by Maven, its affiliates or any of its or their directors, employees, agents, officers, or advisors (each a “Maven Person”) concerning: (a) this Document and its contents, including whether the information and opinions contained herein (whether obtained or derived from the Company, any third party source or otherwise) are complete, reliable, accurate, fair, or current; (b) the provision of any further information, whether by way of update to the information and opinions contained in this Document or otherwise to the recipient after the date of this Document; or (c) that Maven’s investment objectives or processes will or are likely to be successful or achieved or that Maven’s investments will make any profit or will not sustain losses. Past performance is not indicative of future results. Maven and all Maven Persons expressly disclaim any and all liability based, in whole or in part, on such information, errors therein or omissions therefrom. To the fullest extent permitted by law, none of the Maven Persons will be responsible for any losses, whether direct, indirect or consequential, including damages, loss of profits, claims, costs or expenses relating to or arising from the recipient’s or any person’s reliance on this Document.

Maven has an investment in the Company. Accordingly, Maven may have conflicts of interest and this Document should not be regarded as impartial. Nothing in this Document should be taken as any indication of Maven’s current or future trading or voting intentions which may change at any time. Maven reserves the right to change such intentions at any time notwithstanding any statements in this Document. To the extent that Maven discloses information about its position or economic interest in any Company Securities in this Document, it is subject to change, and Maven expressly disclaims any obligation to update such information.

No agreement, commitment, understanding or other legal relationship exists or may be deemed to exist between or among Maven and any other person by virtue of furnishing this Document. Maven is not acting for or on behalf of, and is not providing any advice or service to, any recipient of this Document. Maven is not responsible to any person for providing advice in relation to the subject matter of this Document. Before determining on any course of action, any recipient should consider any associated risks and consequences and consult with its own independent advisors as it deems necessary.

Maven has not sought or obtained consent from any third party to use any statements or information contained herein. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. All registered or unregistered trademarks and trade names referred to herein are the exclusive property of their respective owners.

Maven plans to review its investments in the Company on an ongoing basis and, depending on various factors, including without limitation, overall market conditions, the outcome of any discussions with the Company, the Company’s strategic direction and financial position, other investment opportunities available to Maven, and the availability of Company Securities at prices that would make the purchase or sale of Company Securities commercially reasonable, desirable or possible, Maven may from time to time (in the open market or in private transactions, including since the inception of Maven’s position) buy, sell, cover, hedge or otherwise change the form or substance of any of its investments (including Company Securities) to any degree in any manner permitted by law and expressly disclaims any obligation to notify others of any such changes. Maven also reserves the right to take any actions in respect of its investments in the Company as it may deem appropriate.

This Document is for informational and reference purposes only, and does not constitute (i) any action constituting “investment advisory business” as defined in Article 28, Paragraph 3, Item 1 of the Financial Instruments and Exchange Law of Japan (the “FIEL”); (ii) any action constituting “investment management business” as defined in Article 28, Paragraph 4 of the FIEL; (iii) any form of financial promotion, investment advice, or investment research or any investment recommendation; (iv) an offer or invitation to buy or sell, or a solicitation of an offer to buy or sell or to otherwise engage in any investment business or provide or receive any investment services in respect of, any security or other financial instrument and no legal relations shall be created by its issue; or (v) financial promotion, investment advice or an inducement or encouragement to participate in any product, offering or investment. No information contained herein should be construed as a recommendation by Maven. In making this Document publicly available, Maven does not intend the Document to form the basis of any investment decision or as suggesting an investment strategy. Any reference to Maven’s research and analysis process is incidental to the presentation of Maven’s views in respect of the Company. This Document is not (and may not be construed to be) legal, tax, investment, financial or other advice. Each recipient should consult their own legal counsel and tax and financial advisers as to legal and other matters concerning the information contained herein. All investments involve risk, including the risk of total loss. This Document does not purport to be all-inclusive or to contain all of the information that may be relevant to an evaluation of the Company, Company Securities or the matters described herein.