Acquisition Update

On 5 October 2023, the Boards of Tiger Bidco 1 Ltd ("Bidco") and Tribal Group plc ("Tribal") announced that they had reached agreement on the terms and conditions of a recommended all cash offer by Bidco for the entire issued, and to be issued, ordinary share capital of Tribal (the "Acquisition"). The Acquisition is proposed to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

The Competition and Markets Authority ("CMA") has confirmed that it considers that a formal Phase 1 merger investigation in relation to the Acquisition is warranted. Accordingly, Tribal and Bidco will produce and finalise a Merger Notice with the CMA, preliminary to a Phase 1 merger investigation of the Acquisition. Following confirmation by the CMA that the Merger Notice meets the applicable requirements under the Enterprise Act 2002, the timing of commencement of the Phase 1 merger investigation period will be provided.

A circular in relation to the Scheme is currently being prepared and is expected to be dispatched to Tribal shareholders by no later than 2 November 2023. Further details in relation to the timetable of the Scheme will be set out in the circular.

Unless otherwise defined, all capitalised terms in this announcement shall have the same meaning given to them in the Rule 2.7 announcement released on 5 October 2023.