Roadside Real Estate

ROAD · AIM · Travel and Leisure · mcap £95m · 55.5p 4 open situations →

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2026 Cambridge Sleep Sciences exit Mr D Holdsworth campaign Dickson Concert Party sell-down 1 director buying D.A. Roberts Fuels acquisition 1 director buying £20m placing and subscription 1 director buying

Open · 4

Disposal of a part (break-up)◷ in 312 days

Cambridge Sleep Sciences exit

Two tranches received; third due Sept 2027

Follows from D.A. Roberts Fuels acquisition – Completed 29 July 2026, closed 29 Jul 2026 Led to D.A. Roberts Fuels acquisition – Completed 29 July 2026, closed 29 Jul 2026

Roadside is exiting its 48.2% stake in Cambridge Sleep Sciences through a put option with CGV Ventures 1 Ltd, restructured into three tranches on 9 Feb 2026. Tranche 1 (£14m) was exercised on 1 March 2026 and paid on 20 May 2026. Tranche 2 (£14m) was exercised on 1 June 2026 and paid on 13 June 2026. The final £20m is due in September 2027.

Remaining stake: Up to £20 million for the balance of the CSS interest 15 Jun 2026 ↗
Sale window: 1 September to 30 September 2027 15 Jun 2026 ↗
Use of money: To facilitate completion of the Hoch Group acquisition 15 Jun 2026 ↗
Tranche 1: £14m for 14% of CSS, exercised 1 March 2026, received 20 May 2026 18 Jun 2026 ↗
Tranche 2: £14m for 14%, exercised 1 June 2026, received 13 June 2026 18 Jun 2026 ↗
Tranche 3: £20m for the balance of the interest, window 1–30 September 2027 18 Jun 2026 ↗

Next: Third put tranche, £20m, exercisable · 1 Sep 2027

18 Jun 2026 Two tranches received; third due Sept 2027
15 Jun 2026 Second tranche received; final tranche pending
17 Feb 2026 Put exercise intended March 2026
9 Feb 2026 Put option amended into three tranches

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Activist campaign

Mr D Holdsworth campaign

campaign

16 Oct 2026 campaign
25 Feb 2026 6.24%

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Overhang

Dickson Concert Party sell-down

Accelerated bookbuild launched 16 Oct 2026

Under orderly market arrangements announced on 13 August 2026, Dickson family holders and others launched a bookbuild on 16 October 2026 to sell up to 12,753,470 existing shares at 51.0p, about £6.5m. The company receives nothing. CEO-controlled Tarncourt plans to buy 5.5m shares, leaving the Concert Party at about 50.04%, down from 53.60%.

Size: Up to 12,753,470 existing shares, c.7.16% of share capital, c.£6.5m 16 Oct 2026 ↗
Price: 51.0p per share; no discount to a reference price stated 16 Oct 2026 ↗
Seller: Davina Dickson, James Dickson and certain other shareholders (Selling Shareholders) 16 Oct 2026 ↗
Tarncourt purchase: 5,500,000 shares bought by CEO-controlled Tarncourt from non-Concert Party holders, before bookbuild closes 16 Oct 2026 ↗
Concert Party stake: From 53.60% to about 50.04% (89,196,884 shares) after purchase and placing 16 Oct 2026 ↗
Company proceeds: None; placing not underwritten; Cavendish and Shore Capital are bookrunners 16 Oct 2026 ↗

Next: Announcement of Tarncourt purchase and bookbuild result

16 Oct 2026 Accelerated bookbuild launched 16 Oct 2026

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Insider conviction

1 director buying

£11,366k in 2 buys

14 Aug 2026 Tarncourt Capital Ltd £632k
14 Aug 2026 Tarncourt Capital Ltd £10,733k

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Closed · 4

Large acquisition / reverse takeoverD.A. Roberts Fuels acquisition Completed 29 July 2026 · 24 Dec 2025 – 29 Jul 2026 Insider conviction1 director buying £324k in 2 buys · 20 Apr 2026 – 22 Jul 2026 −9% Dilutive fundraise£20m placing and subscription Bookbuild closed; £20.75m raised at 60.0p · 17 Feb 2026 – 17 Feb 2026 Insider conviction1 director buying £831k in 1 buy · 27 Mar 2025 – 25 Jun 2025 +88%

Company filings. Not investment advice.