FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser: Brave Bison Group plc | (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. N/A | (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Brave Bison Group plc | (d) Is the discloser the offeror or the offeree? OFFEROR | (e) Date position held: The latest practicable date prior to the disclosure 23 July 2026 | (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A" YES System1 Group plc |
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates
Class of relevant security: Ordinary shares of 2 pence each | Interests Short positions | Number % Number % | (1) Relevant securities owned and/or controlled: Nil Nil Nil Nil | (2) Cash-settled derivatives: Nil Nil Nil Nil | (3) Stock-settled derivatives (including options) and agreements to purchase/sell: Nil Nil Nil Nil | TOTAL: Nil Nil Nil Nil |
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: N/A | Details, including nature of the rights concerned and relevant percentages: N/A |
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including directors' and other employee options) of any person acting in concert with the party to the offer making the disclosure:
a) Holdings of ordinary shares by directors and persons acting in concert with Brave Bison Group plc
Name / company name of registered shareholder
Number of ordinary shares held
Percentage of total issued share capital carrying voting rights
Beneficial holder (if applicable)
Greenspan Investments Ltd
12,952,477
11.14%
Oliver Charles Green
Theodore Samuel Green
Oliver Charles Green
3,243,555
2.79%
N/A
Theodore Samuel Green
3,188,555
2.74%
N/A
Tangent Industries Ltd
250,000
0.21%
Michael Philip Green*
Gordon Haig Brough
29,368
0.03%
N/A
Philippa Kate Norridge
67,715
0.06%
N/A
Matthew Law
43,500
0.04%
N/A
*Parent of Oliver Charles Green and Theodore Samuel Green.
b) Options or awards over ordinary shares by directors of Brave Bison Group plc
Philippa Norridge
Share plan
Grant date
Number of relevant securities
Exercise price (GB£)
Vesting information
Expiry date
Restricted stock units
15/02/2021
612,821
0.02
Vested equally in 3 tranches over 3 years from 01/05/2020 to 01/05/2023
15/02/2031
Restricted stock units
12/12/2023
500,000
0.375
Vested equally in 3 tranches equally over 3 years from 01/05/2023 to 01/05/2026
12/12/2033
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer making the disclosure or any person acting in concert with it:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer making the disclosure, or any person acting in concert with it, and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO | Supplemental Form 8 (SBL) NO |
| Date of disclosure: 23 July 2026 | Contact name: Theo Green | Telephone number: +44 (0) 20 7220 0500 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
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