Brave Bison Group

BBSN · AIM · Media · mcap £85m · 76.5p 2 open situations →

EV: £58.6m
EV / EBIT: 21.0x
Net cash: £4.7m
FCF yield: 7.5%
Revenue: £72.9m
Cash returned: 0.7%
Share price 1y: −4%
Insiders 12m: no deals
Next report: around 29 Apr

Brave Bison is a UK digital advertising, marketing and technology services group, with social media, performance marketing, sports marketing and consultancy businesses. Its MiniMBA training platform, bought in 2025, adds a growing skills and eLearning business.

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20252026 Contested final offer for System1 Michael Anthony Ashcroft towards control Profit upgrade Michael Anthony Ashcroft towards control Profit upgrade Placing of 22% of the market value Brave Bison Group Plc campaign Profit upgrade Profit upgrade Profit upgrade

Open · 2

Large acquisition / reverse takeover◷ today

Contested final offer for System1

Final offer open; acceptances 8.10%, 35.95% countable

Brave Bison's contested bid for System1 reached its increased final offer on 7 Oct 2026 (180p cash, 2.394 new shares and a CVR, implied 405p excluding the CVR); the offer document followed on 9 Oct. At 3pm on 22 Oct, valid acceptances were 8.10% and, with its 27.85% stake, Brave Bison could count 35.95%. Nearly all acceptances (7.95%) come from committed holders, so independent support is minimal.

Offer: 180p cash, 2.394 new Brave Bison shares and 1 Bison CVR (up to 20p) per System1 share; implied 405p excluding CVR 23 Oct 2026 ↗
Acceptances: 1,028,532 System1 shares, about 8.10%, valid at 3.00 p.m. on 22 October 2026 23 Oct 2026 ↗
Countable stake: 4,562,542 shares, about 35.95%, including its own 27.85% holding 23 Oct 2026 ↗
Irrevocables: 1,361,419 shares (10.73%) irrevocable; letters of intent for 138,561 shares (1.09%); total 11.82% 20 Oct 2026 ↗
Acceptance quality: Brave Bison cannot confirm whether 918,806 of the acceptances come from holders already committed 20 Oct 2026 ↗
Timetable: Offer closes at 1.00 p.m. on 26 October 2026 23 Oct 2026 ↗

Next: Offer closes; final acceptance level announced · 26 Oct 2026

23 Oct 2026 Final offer open; acceptances 8.10%, 35.95% countable
20 Oct 2026 Final offer open; first acceptances, 35.20% countable
16 Oct 2026 Final offer open; acceptances minimal

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Stake building towards control

Michael Anthony Ashcroft towards control

25.33% (from 24.22%)

Michael Anthony Ashcroft raised its stake in Brave Bison Group from 24.22% to 25.33% on 5 Dec 2025, crossing 25%.

5 Dec 2025 25.33%

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Closed · 8

Upgrade / downgrade cycleProfit upgrade ahead of expectations · fourth in 12 months · 13 Jan 2026 – 6 Oct 2026 +23% Stake building towards controlMichael Anthony Ashcroft towards control no bid within a year · 10 Jul 2025 – 10 Jul 2026 −4% Upgrade / downgrade cycleProfit upgrade guidance raised · third in 12 months · 11 Sep 2025 – 10 Dec 2025 +17% Dilutive fundraisePlacing of 22% of the market value completed · 11 Sep 2025 – 11 Oct 2025 +17% Activist campaignBrave Bison Group Plc campaign went quiet · 24 Sep 2025 – 6 Oct 2025 −5% Upgrade / downgrade cycleProfit upgrade guidance raised · fourth in 12 months · 27 Jan 2025 – 9 Jul 2025 +54% Upgrade / downgrade cycleProfit upgrade guidance raised · third in 12 months · 9 Sep 2024 – 8 Dec 2024 −1% Upgrade / downgrade cycleProfit upgrade ahead of expectations · second in 12 months · 23 Jan 2024 – 21 Jul 2024 +39%

Company filings. Not investment advice.