Response to Saba Capital’s Latest Announcement

For immediate release

Legal Entity Identifier: 213800RAR6ZDJLZDND86

21 April 2026 

Impax Environmental Markets PLC

Response to Saba Capital's Latest Announcement

The Board of Impax Environmental Markets PLC ("IEM" or the "Company") notes Saba Capital LLP's ("Saba") announcement today and makes the following observations:

· The Exit Tender Offer remains on track, ensuring those shareholders who have validly tendered can exit the Company at close to NAV. 

· Following the Exit Tender Offer election deadline, Saba declined to confirm its tender elections to the Board. While it appeared that Saba had tendered the majority of its shares, the complexity and fluidity of Saba's structuring of its interest in IEM made it difficult to determine its post-tender shareholding. Saba has since stated that its post-tender shareholding in the Company will be approximately 29.9%.

· The Board of IEM proposed the Exit Tender Offer to provide all shareholders with an opportunity to exit the Company, particularly in light of the risk that Saba could emerge as a controlling shareholder with significant influence over the Company's strategy, objectives, and mandate. Saba's announcement today reinforces the importance and timeliness of the Board's actions to protect the long-term interests of all shareholders. The Board acknowledges the likelihood of Saba having effective control of the Company following the completion of the Exit Tender Offer, and as such, will constructively engage with Saba.

Enquiries:

Impax Environmental Markets PLC

Glen Suarez, Chairman, via Winterflood

+44 (0)20 3100 0000

Winterflood Securities Limited

Corporate Broker

Joe Winkley / Neil Morgan / Rose Ramsden

+44 (0)20 3100 0000

Camarco (media enquiries)Billy Clegg / Jennifer Renwick [email protected] 

+44(0)203 757 4980

Juniper Partners Limited

Corporate Secretary to Impax Environmental Markets PLC

+44 (0)131 378 0500