CIRCULAR TO SHAREHOLDERS IN RELATION TO THE: PART A:- PROPOSED PRIVATE PLACEMENT OF UP TO 49,500,000 NEW ORDINARY SHARES IN VOLCANO ("SHARES"), REPRESENTING UP TO 30% OF SHARES IN ISSUE (EXCLUDING TREASURY SHARES, IF ANY) ("PROPOSED 30% PRIVATE PLACEMENT"); AND PART B:- PROPOSED WAIVER OF THE PRE-EMPTIVE RIGHTS OF THE SHAREHOLDERS OF VOLCANO UNDER SECTION 85 OF THE COMPANIES ACT, 2016 AND CLAUSE 58(1) OF THE CONSTITUTION OF VOLCANO ("PROPOSED WAIVER OF THE SHAREHOLDERS' PRE-EMPTIVE RIGHTS")