Results of Underwritten Open Offer

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHOULD FORM THE BASIS OF, OR SHOULD BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF TAPIR HOLDINGS LTD. PLEASE SEE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

Tapir Holdings Ltd.

("Tapir" or the "Company")

Results of Underwritten Open Offer

Further to the announcement on 30 September 2026 regarding the launch of the underwritten Open Offer and publication of the Circular (the "Launch Announcement"), the Company (AIM: TAPH; BSX: TAPH) is pleased to announce the results of the Open Offer, which closed for acceptances at 11.00 a.m. on 21 October 2026. Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Circular.

Results of the Underwritten Open Offer

The Company is pleased to announce that the Open Offer was fully subscribed and as a result 37,500,000 Open Offer Shares will be issued raising approximately £15,000,000 (before expenses) for the Company at the Issue Price of 40 pence per Open Offer Share.

Valid acceptances were received from Qualifying Shareholders together with subscriptions from certain Sophisticated Investors, for a total of 37,500,000 Open Offer Shares under the Open Offer, representing 100% per cent. of the maximum Open Offer Shares available.

All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlements and all Excess Entitlements applied for.

Directors' Participation and Related Party Transaction

Lord Ashcroft KCMG PC, Philip Osborne, Melquisedec Flores-Urbina, Philip Johnson, and Rachel Addison have applied for an aggregate of 30,832,332 Open Offer Shares. The Directors' Basic Entitlements and all Excess Entitlements applied for will be allocated in full, with such director participation constituting a related party transaction pursuant to Rule 13 of the AIM Rules. PDMR dealing notifications will be announced following Admission (the “Directors’ Related Party Transaction”).

The members of the Board who are independent for the purpose of the Directors’ Related Party Transaction, having consulted with the Company’s nominated adviser at the time the related party transaction was entered into, Panmure Liberum, consider that the terms of the Directors’ Related Party Transaction are fair and reasonable in so far as other Shareholders are concerned.

Admission and Dealings

Application has been made to the London Stock Exchange for the admission of 37,500,000 Open Offer Shares, to trading on AIM ("Admission"). Admission is expected to take place and dealings in the Open Offer Shares are expected to commence on or around 8.00 a.m. on 23 October 2026. The Open Offer Shares will rank pari passu with the existing Shares. Following Admission, the Company will have 284,664,866 Shares in issue.

Underwriting

As detailed in the Circular, Lord Ashcroft KCMG PC, the Company's Non-Executive Chair and largest shareholder, entered into a commitment to underwrite the Open Offer at the Issue Price up to a maximum aggregate value of approximately £15,000,000. Noting the strong participation in the Open Offer, the underwriting commitment from Lord Ashcroft KCMG PC was not required, however he subscribed for his Basic Entitlement of 28,594,437 Open Offer Shares pursuant to the Open Offer and such subscription is included in the totals outlined at Results of the Underwritten Open Offer, above.

Following Admission, Lord Ashcroft will remain interested in approximately 76.25 per cent. of the voting rights of the Enlarged Share Capital of the Company.

Total Voting Rights

The Company confirms that following Admission, its Enlarged Share Capital will comprise 284,664,866 Shares. The Company does not hold any shares in Treasury. Therefore, following Admission, the total number of voting rights in the Company will be 284,664,866 and this figure may be used by Shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company.

This announcement should be read in conjunction with the Launch Announcement, and the full text of the Circular dated 30 September 2026, copies of which are available on the Company's website at https://www.tapirholdingsltd.com/open-offer/.