Gamma Communications

GAMA · Main Market · Telecommunications · mcap £984m · 1091.0p 3 open situations →

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20252026 Offer for the company Liontrust Investment Partners LLP selling down Share buyback programmes The Goldman Sachs Group Inc selling down Allianz Global Investors GmbH selling down 1 director buying 1 director buying 1 director buying

Open · 3

Takeover target

Offer for the company

offer

Gamma entered an offer period on 7 April 2026. Providence and Oakley dropped out, and on 1 September 2026 Gamma and Epiris's Bidco agreed a recommended 1,120p cash offer (about £1,015m) by scheme of arrangement. The 7 September half-year results restate the Board's reasons: a certain cash value superior to the standalone strategy. No further dividends will be paid before the effective date.

Other parties: Discussions with other potential offerors remain ongoing 21 Aug 2026 ↗
Extension: Deadline extendable only with Panel consent under Rule 2.6(c) 21 Aug 2026 ↗
Premium: 53% to 732p undisturbed close on 7 April 2026 7 Sep 2026 ↗
Board view: Recommended; Board sees the cash offer as a superior outcome to the standalone strategy 7 Sep 2026 ↗
Irrevocables: Directors' 114,824 shares, about 0.13% of shares in issue (excluding treasury) 1 Sep 2026 ↗
Timetable: Scheme Document within 28 days of 1 September 2026; completion expected H1 2027 7 Sep 2026 ↗

Next: Scheme Document publication; antitrust and regulatory approvals

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Overhang

Liontrust Investment Partners LLP selling down

10.0052% → 4.6831% in 2 notices

Next: 4.6831% still held

2 Oct 2026 4.6831%
12 Jun 2025 9.8668%
14 Apr 2025 10.0052%

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Capital return

Share buyback programmes

Suspended pending the offer

Follows from Offer for the company – offer

The Board launched a buyback of up to £42.5m for FY2026 on 13 January 2026. Buybacks of £21.1m had been completed as at the end of June 2026. In the 7 September 2026 results the programme is stated as suspended, because the share price is outside the pre-set parameters agreed with Investec, after the offer.

Size: Up to £42.5m in FY2026 7 Sep 2026 ↗
Spent to date: £21.1m as at end of June 2026 7 Sep 2026 ↗
Net debt: £3.8m at 30 June 2026 (31 December 2025: £9.3m) 7 Sep 2026 ↗
Status: Suspended; share price outside pre-set parameters agreed with Investec Bank plc 7 Sep 2026 ↗

7 Sep 2026 Suspended pending the offer
13 May 2026 FY2026 buyback under way
24 Mar 2026 FY2026 buyback under way; FY2027 intended
13 Jan 2026 FY2026 £42.5m buyback launched

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Closed · 5

OverhangThe Goldman Sachs Group Inc selling down holder sold out · 20 Oct 2026 – 20 Oct 2026 OverhangAllianz Global Investors GmbH selling down selling stopped · 10 Nov 2025 – 11 Mar 2026 −5% Insider conviction1 director buying £25k in 1 buy · 18 Nov 2025 – 16 Feb 2026 +2% Insider conviction1 director buying £40k in 1 buy · 20 Jan 2025 – 20 Apr 2025 −16% Insider conviction1 director buying £99k in 1 buy · 2 Oct 2024 – 31 Dec 2024 −24%

Company filings. Not investment advice.