Issue of Shares pursuant to Loan Note Deed

As part of the Company's capital raise announced on 21 November 2023, and following execution of the Loan Note Deed on 23 November 2023 (the "Deed"), €21 million of convertible loan notes were issued to five holders, including Teslin Participates Coöperatief U.A. ("Teslin") and De Engh B.V. ("De Engh") (together the "Noteholders"), for a six-year term on an unsecured basis with a fixed coupon of 9.5%.

Under the terms of the Deed, all Noteholders had the option, for the period of 30 months from the date of the Deed up to and including 23 May 2026 (the "Interest Date"), to elect to receive accrued and rolled-up interest to the Interest Date either in i) cash or ii) ordinary shares of €0.05 each in the capital of the Company (the "Shares") at a conversion price of €0.8322 per Share in €500,000 tranches, with the residual interest balance payable in cash.

The Company today announces that three Noteholders have elected to receive interest accrued up to the Interest Date in cash, whilst Teslin and De Engh have elected to receive accrued interest to the Interest Date in Shares (the "Share Election"), thereby improving the Group's net debt position.

Further terms of the Deed are set out in the Company's announcement of 21 November 2023.

Issue of Shares

Accordingly, pursuant to the Share Election, the Company announces the issue of 3,004,085 Shares as follows:

Teslin: 600,817 Shares in respect of €500,000 of accrued and rolled up interest under the Deed

De Engh: 2,403,268 Shares in respect of €2,000,000 of accrued and rolled up interest under the Deed

Application for admission of 3,004,085 Shares to trading on AIM and Euronext Amsterdam has now been made, with admission expected on or around 3 July 2026. The Company does not hold any Shares in treasury. Therefore, the total voting rights in the Company following the issue of the Shares will be 246,674,698. Following the issue of the Shares, this figure may be used by shareholders as the denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company's securities under the FCA's Disclosure Guidance and Transparency Rules.

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