Termination of Formal Sale Process

The Company announced on 21 May 2025 that the Board had decided to commence a "Formal Sale Process" for the Company (as referred to in Note 2 on Rule 2.6 of the City Code on Takeovers and Mergers) (the "Formal Sale Process").

Since that announcement, the Board has concluded that it has not received a proposal that would lead to an offer for the Company which would be recommendable by the Board, and the Board does not believe that continuing or expanding the Formal Sale Process will deliver an outcome that would satisfactorily meet the interests of all stakeholders. The Board therefore considers that it is in the interests of all shareholders to now terminate the Formal Sale Process. The Company has terminated discussions with all parties in relation to the Formal Sale Process and is not in receipt of any approaches.

As previously announced, the Company has continued to advance its engagement with its shareholders, including in respect of a potential equity raise, and the Board intends to announce a fundraise, including a placing via accelerated bookbuild, later today. A further announcement will follow shortly.

Notice related to financial advisers