AX Investments plc - Update on Hilltop Gardens

On 24 July, AX Investments plc issued an announcement in connection with recent articles published in the local media regarding the refusal by the Malta Environment and Planning Authority (MEPA) to sanction certain works undertaken by the developer at Hilltop Gardens Retirement Village.

The Board of Directors noted that the AX Group is committed to fully comply with the MEPA Board decision and is thus taking action to remove any structures not in conformity with the approved plans for the village. The AX Group will also be resubmitting an application to MEPA to sanction the amendments to the original plans over which there is no enforcement notice.

In spite of these developments, AX Investments reassured investors that the feasibility of Hilltop Gardens Retirement Village remains in line with what was disclosed in the Prospectus.