Result of Tender Offer

In brief · summary, not quotable

Tender offer of 8.67m shares at 240p completed, reducing share count by 30%.

Shares tendered 25,605,752
Shares accepted 8,667,760
Tender price 240p per share
Total consideration £20.8m
Shares cancelled approximately 30% of issued capital
Ordinary shares in issue post-completion 20,224,775

Full announcement

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Further to the Tender Offer Circular dated 31 July 2025 (the "Circular"), the Company is pleased to announce the result of the Tender Offer.

The Tender Offer was for up to 8,667,761 Ordinary Shares and the Company today announces that a total of 25,605,752 Ordinary Shares were tendered and therefore the Tender Offer was oversubscribed. Consequently, 8,667,760 Ordinary Shares have been accepted pursuant to the Tender Offer (after applying the scaling down mechanism in the Circular) representing a total aggregate cash consideration of approximately £20.8 million (the Tender Price is 240 pence per Ordinary Share) and approximately 30% of the current issued ordinary share capital of the Company.

All Ordinary Shares repurchased by the Company pursuant to the Tender Offer will be cancelled and this is expected to take place by 2 September 2025.

In accordance with the terms of the Tender Offer provided in the Circular, CREST accounts will be credited with unsuccessfully tendered uncertificated holdings of Ordinary Shares not later than 1 September 2025. CREST accounts will be credited in respect of Tender Offer proceeds for uncertificated Ordinary Shares by 4 September 2025. For certificated Shareholders, cheques and balancing share certificates for revised, certificated holdings in the case of partially successful tenders, will be despatched by 15 September 2025.

Total Voting Rights

Following the completion of the Tender Offer, the Company will have 20,224,775 Ordinary Shares in issue with no Shares held in treasury. Therefore, the total number of voting rights in the Company will be 20,224,775 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.