To: karen.norris@panacead.com

From: katie.beecham@panacead.com

Date: 8 September 2025, 19:27

Subject: News Article Concerning Krynoxi

Good evening Karen, 

I do apologise for emailing you outside of office hours; however, I’ve stumbled across something quite concerning.  

It appears that, this evening, a news article was released which alleges that Krynoxi has engaged in sexual discrimination against its top engineer and Chief Research and Development Officer, Ms Joanna Smith. 

I know you were looking into potentially acquiring Krynoxi and I just wanted to flag that they are currently engaged in litigious proceedings with Ms Smith. Furthermore, I think our side should be aware of the questionable (albeit alleged) practices that are occurring within Krynoxi.  

I’ve texted you a link to the news article, but it seems quite damning. Do let me know if I can be of any assistance.

Kind regards, 

Katie

To: katie.beecham@panacead.com 

From: karen.norris@panacead.com

Date: 8 September 2025, 19:58

Subject: RE: News Article Concerning Krynoxi

Hi Katie,

Oh dear. This is really quite concerning. Although this is all alleged, this casts doubt on the acquisition’s future… 

I’ll give it a thorough read tonight and contact the lawyers tomorrow to see if they have any thoughts on the matter. I suspect they’ll know how to best protect us from the fallout from these proceedings. 

Thank you very much for sending this through! 

Best, 

Karen

To: jane.david@yp.com 

From: karen.norris@panacead.com

Date: 9 September 2025, 09:15

Subject: FWD: RE: News Article Concerning Krynoxi

Hi Jane, 

I received word last night of a news article that suggests senior members in Krynoxi have engaged in discriminatory practices against their Chief R&D Officer, Ms Joanna Smith. It appears that she has launched a lawsuit against them and the feeling is that Krynoxi is not going to settle. 

In my mind this threatens the potential acquisition. Is there any way around this? Can we be sufficiently protected if we acquire Krynoxi and then Ms Smith wins the case?

Additionally, I was going to bring this up later, but considering this issue I think it best to be dealt with now. Panacead has been informed by some confidential sources that Krynoxi is sourcing some of its manufacturing materials, such as aluminium, from a set of mines and factories in Mozambique. Apparently, Krynoxi actually owns some of these mines and factories.  

This would not ordinarily be a problem; however, we have received information that alleges that Krynoxi is bribing the Mozambican authorities to permit these mining and manufacturing sites’ operations. Our source also mentioned that this could be down to the mines and factories using unethical practices (for example, child labour) or Krynoxi trying to circumvent commercial regulations.  

Admittedly, our source does not have concrete evidence of any of this – it is their word against Krynoxi’s. However, can you explain how this would impact our approach to this acquisition? 

Best, 

Karen

To: karen.norris@panacead.com

From: jane.david@yp.com

Date: 9 September 2025, 09:05

Subject: RE: FWD: RE: News Article Concerning Krynoxi

Hi Karen, 

Yes - having just had a look at the article, it does appear to be quite damning. 

Nevertheless, I don’t think there’s too much cause for concern. I’ll have John look into it but I think a few well-placed representations, warranties and indemnities in the underlying documents should do the trick. 

Leave it with us, and we’ll get something ready should you want to proceed with acquiring Krynoxi! 

And regarding the Mozambique issue – okay, we will need to have a look into that. My team and I will have a think on the best way to structure the acquisition in light of this information, and my secretary will schedule a call with you so I can understand the issue in a bit more depth. 

Kindest regards, 

Jane