Scrip dividend election, PDMR Dealing, TVR

The Company announces that elections to accept the scrip dividend alternative with regard to the interim dividend of 5.6p per share for the year ended 31 October 2024, paid on 31 October 2024, were received from the holders of 2,876,468 ordinary shares of 25p each in the Company ("Ordinary Shares") in aggregate. This represents approximately 12.5% of the Ordinary Shares in issue on 27 September 2024, being the record date for the interim dividend. Accordingly, 49,943 new Ordinary Shares have been issued in satisfaction of such elections at an equivalent price of £3.23 each. The additional cost to the Company of the dividend paid in cash amounts to approximately £1,131,265 in total.

In the issue, as set out in the dealing notifications below, two persons discharging managerial responsibilities ("PDMRs") of the Company received new Ordinary Shares in lieu of cash dividends. Following these transactions, Gareth Davies has a total beneficial interest in 60,769 Ordinary Shares representing 0.3% of the enlarged issued share capital of the Company. Claire Williams holds 10,557 Ordinary Shares representing less than 0.1%.

Application has been made for the new Ordinary Shares to be admitted to trading on AIM. Dealings are expected to commence on 1 November 2024.

Following the above transactions and for the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares in issue is 23,127,360, with each share carrying the right to one vote. There are no shares held in treasury, therefore, the total number of voting rights in the Company is 23,127,360.

Dealing notification forms for use by persons discharging managerial responsibilities and their closely associated persons