Next Capital Pty Ltd. on behalf of its managed funds and certain co- investors made a conditional proposal to acquire Silver Chef Rentals Pty Ltd from Silver Chef Limited (ASX:SIV) for AUD 15 million on September 10, 2019. As of September 23, 2019, Next Capital reached in-principle agreement with next capital. As of September 30, 2019, Silver Chef Limited entered into a share purchase agreement for a consideration of AUD 18.25 million. The consideration will be paid in cash. Silver Chef Limited has received a revised conditional proposal from the investors investing under the leadership of Next Capital Pty Ltd to sell its hospitality business for AUD 18 million on September 23, 2019. Prior to the transaction, there will be a reorganization pursuant to which Silver Chef Rentals Pty Ltd will acquire Silver Chef Rentals Limited, Silver Chef Rentals Inc, Silver Chef US PBC, Silver Chef LLC, SIV Equipment Trust No.1 and Silver Chef Foundation Pty Ltd. Silver Chef Limited will retain GoGetta Equipment Finance Pty Limited and Silver Chief Finance Company Limited (non hospitality business). A binding agreement is expected to be signed by September 20, 2019. As of September 23, 2019, the binding agreement is expected to be signed by September 27, 2019. Next Capital Pty Ltd. on behalf of its managed funds and certain co- investors has available funds to support the transaction. All the staff of the hospitality business will be retained. Silver Chef has agreed to pay Next Capital a break fee of AUD 1.8 million as a termination fee. The proposal is conditional on agreeing transaction documents, approval of shareholders of Silver Chef and refreshing the previous FIRB approval for the revised transaction structure, financier approvals, including extension of debt waivers to implement the Next Capital Proposal, Silver Chef and Next Capital entering into a formal transaction document in relation to the Next Capital Proposal and approval of Board of Silver Chef. A meeting of shareholders of Silver Chef will be held on October 28, 2019. As of September 16, 2019, the Silver Chef board is of the view that a resolution on the Next Proposal put forward at a general meeting of shareholders would not be passed. Silver Chef advises that it has received separate communications from two major shareholders, BSC and the entities associated with Mr Allan English, confirming that they do not support the Next Proposal in its current form. As of September 30, 2019, Board of Directors of Silver Chef unanimously recommended its shareholders to approve the deal. The transaction is expected to be completed in November 2019. As of December 2, 2019, the deal is expected to complete on or before December 3, 2019. The proceeds shall be used to pay down of bank debt and to meet the growth aspirations of the business. Next Capital Pty Ltd. on behalf of its managed funds and certain co- investors completed the acquisition of Silver Chef Rentals Pty Ltd from Silver Chef Limited (ASX:SIV) on December 3, 2019. Post completion, Silver Chef Limited changed its name to SIV Capital Limited.