Posting of Shareholder Letter
System1 Group PLC announced the publication and posting of a Shareholder Letter on October 16, 2026, in response to an unsolicited offer from Brave Bison Group plc. This letter is being sent to System1 Shareholders regarding Brave Bison's fifth and final offer for the entire issued and to be issued share capital of System1 not already owned by Brave Bison. Shareholders wishing to reject the offer should take no action, and those who have accepted and wish to withdraw their instruction should refer to the Shareholder Letter for details. As of the announcement date, System1's issued share capital consists of 12,689,073 ordinary shares of 1 pence each.
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A response document (the "Response Document") in respect of the offer document published by Brave Bison Group plc ("Brave Bison") on 9 October 2026 relating to the unsolicited fifth and final* offer from Brave Bison for the entire issued and to be issued share capital of System1 not already owned by Brave Bison (the “Final Offer”), was published and posted to shareholders on 15 October 2026.
The Board of System1 announces that a further letter to System1 Shareholders in connection with the Final Offer (the “Shareholder Letter”) is being published and posted to System1 Shareholders today, 16 October 2026.
Action to be taken by System1 Shareholders
To reject the Final Offer, System1 Shareholders should take no action.
Any System1 Shareholders that have already instructed their respective platform/s or broker/s to accept and wish to withdraw their instruction, please see the information on withdrawing acceptances on the final page of the Shareholder Letter.
*The financial terms of the Offer are final and will not be increased, save that Brave Bison reserves the right to increase the financial terms of the Offer where: (i) there is an announcement on or after the date on which the Offer was announced by Brave Bison of an offer or possible offer, including a partial offer for greater than 30 per cent. of System1’s issued share capital, or a firm intention to make an offer for System1 by any third party offeror or potential offeror, including where any such announcement is made by System1; (ii) System1 makes an announcement of the kind referred to in Rule 31.8 of the Code after Day 39 of the Offer; or (iii) the Panel otherwise provides its consent, which will only be given in wholly exceptional circumstances.
Reed Smith LLP is acting as legal advisor to System1.
Rule 2.9 information
Other notices
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.