Transformers & Rectifiers Approves £10 Million UK Manufacturing Subsidiary

Board approved re-allocation of unutilized QIP proceeds, subject to shareholder approval through postal ballot, and proposed incorporation of Maxwell Grid Transformers (UK) Private Limited. The UK subsidiary will manufacture and repair transformers, distribute TARIL transformers and trade transformer components, with TARIL retaining 51% control. TARIL plans to invest GBP 10 million in cash across one or more tranches through equity, debt, guarantees or other permitted instruments; incorporation, share count and funding structure remain pending.