Response to Press Speculation

Brave Bison, the next-generation marketing and technology partner for global brands, notes recent press speculation and confirms that it has submitted a non-binding proposal to acquire the companies, trade and assets comprising M+C Saatchi Performance ("MCSP") from M&C Saatchi plc for an enterprise value of £50 million.

The intention of the Company would be to combine MCSP with Brave Bison's existing performance marketing operations to form a scaled digital media challenger to the global marketing networks. The combined business would be one of the largest independent performance marketing companies outside the US, with a market-leading presence in UK and APAC with no substantial regional overlap.

In the year ending 31 December 2024, the M&C Saatchi plc Media Division, of which MCSP accounts for the vast majority of net revenues, generated net revenue of £26.8 million and delivered growth of 8% year-on-year. Should the acquisition complete, MCSP would be expected to contribute a minimum of £8 million in Adjusted EBITDA, increasing the enlarged Brave Bison pro-forma Adjusted EBITDA by over 80% to £17 million.

Completion of the potential acquisition would be expected to be materially accretive to underlying Group earnings per share on a pro-forma basis.

About MCSP

MCSP is a global performance marketing business, headquartered in Singapore with approximately 410 staff and operations across APAC, MENA, US and UK. MCSP specialises in growth marketing for digital native brands.

MCSP was established in 2006 by founder James Hilton and has grown to be a leader in its field, working with some of the largest clients in the industry including Grab, Amazon, Canva, Gopuff and Meta. The business has been led by CEO Kabeer Chaudhary since 2021, and in FY25 is expected to report two consecutive years of like-for-like revenue growth.

Acquisition Funding

Brave Bison intends to fund the acquisition consideration by way of:

• A new Group bank facility of up to £25 million, for which a letter of support has been received from a UK lender; and
• A placing of new ordinary Brave Bison shares to existing and new investors.

There can be no certainty that the acquisition will conclude nor the terms on which any acquisition will conclude. Further announcements will be made, as appropriate, in due course.