Acer Gaming - Chuang Subsidiary Winking Studios Limited Announces Board Resolution to Commence Share Buyback Total Voting Rights

1. Date of Event: 115/06/22

2. Company Name: Winking Studios Limited

3. Relationship with Company (Please enter Parent or Subsidiary): Subsidiary

4. Cross-shareholding Ratio: 57.19%

5. Reason for Occurrence: None

6. Response Measures: None

7. Other Matters to be Disclosed (If the subject of the event or resolution is a publicly listed company or above, this significant information also qualifies as a matter under Article 7, Clause 9 of the Enforcement Rules of the Securities Trading Act that has a significant impact on shareholders' rights or securities prices):

The subsidiary of the Company, Winking Studios Limited, announces the Board of Directors' resolution to commence the share buyback program and total voting rights. The details are as follows:

Commencement of Share Buyback Total Voting Rights

Winking Studios Limited (AIM / SGX:WKS), (“Winking Studios”) one of the world’s largest AAA game art outsourcing studios and an established game development company, announces that the Company has initiated a share buyback programme for an initial aggregate consideration of up to approximately S$857,000 (equivalent to approximately £500,000 or US$665,000) (the “Initial Programme”), pursuant to the share buyback mandate approved by Shareholders at the Extraordinary General Meeting held on 30 April 2026 (the “EGM”).

In line with best practice of companies listed on AIM, this announcement is made to provide clarity and context to shareholders on the Company’s capital allocation approach and the exercise of the mandate granted at the EGM, ensuring investors are informed of the commencement and parameters of the Initial Programme.

The Initial Programme will be conducted through one or more duly licensed stockbrokers appointed by the Company in accordance with the authority granted to the Company under the share buyback mandate, details of which are set out in the circular to Shareholders dated 7 April 2026 (the “Circular”). Under the share buyback mandate, the Company is authorised to purchase or otherwise acquire up to 44,193,811 ordinary shares of par value S$0.04 each in the capital of the Company (“Ordinary Shares”) representing up to 10 per cent. of the total number of existing Ordinary Shares, excluding any treasury shares and subsidiary holdings, as at the date of the EGM.

The Board believes that the current market value of the Company’s Ordinary Shares does not appropriately reflect the underlying value of the Group and that the Initial Programme represents an appropriate use of capital.

Johnny Jan, Executive Director and Chief Executive Officer (Founder) of Winking Studios, commented:

“As part of our long-term growth strategy, we remain committed to disciplined capital allocation, balancing investments in growth opportunities with initiatives focused on enhancing shareholder returns.

“With our dual-listing status on SGX and AIM, we occasionally observe valuation disparities between the two markets that may not fully reflect the underlying fundamentals, earnings potential, and long-term prospects of the Group.

“When such opportunities arise, share buybacks represent a prudent deployment of capital. This initiative also underscores our confidence in the strength of our business, the sustainability of our growth strategy, and our commitment to creating long-term value for shareholders.”

Additional Information on the Share Buyback Mandate

The Board retains discretion to vary the timing, quantum and pace of purchases having regard to market conditions, liquidity, and other relevant factors. The buybacks will be conducted in a phased and cautious manner, within the range where the trading price in the market is judged to be below the Company's intrinsic value. The repurchased shares will be held as treasury shares and may be used for future shareholder return initiatives or to fund employee stock option schemes.