UK Open offer
Faron’s UK Open Offer has ended
A warm thank you to everyone who participated in the offer
Dear Shareholder,
The UK Open Offer is an invitation by the Company to Qualifying DI Holders to apply to acquire, in aggregate, 5,765,368 UK Open Offer Shares at a price of 85 pence per UK Open Offer Share. The UK Open Offer is being made on the basis of 3 UK Open Offer Share[s] for every 7 Existing Ordinary Share[s] at the Issue Price.
The Issue Price is at a discount of 54 per cent. to the closing middle market price of 185 pence per existing Ordinary Share on the Last Practicable Date.
The UK Open Offer Shares will be allotted following the end of the UK Open Offer acceptance period conditional only upon Admission. Admission is expected to occur on or around 8.00 a.m. on 24 June 2024 and/or such later time and/or date as the Company and Peel Hunt may agree.
The UK Open Offer Shares are being issued pursuant to the share authorities granted at the Annual General Meeting held on 5 April 2024.
More information about the UK Open Offer can be found from the Open Offer Circular found on this webpage.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS FOR THE UK OPEN OFFER
| Announcement of the UK Open Offer | Close of business on 3 June 2024 |
| Record Date for the UK Open Offer | Close of business on 3 June 2024 |
| Ex-entitlement Date of the UK Open Offer | 8:00 a.m. on 4 June 2024 |
| UK Open Offer Entitlements credited to CREST stock accounts of Qualifying DI Holders | 8:00 a.m. 5 June 2024 |
| Latest time and date for acceptance of the UK Open Offer by Qualifying DI holders through CREST | 11:00 a.m. on 18 June 2024 |
| Announcement of the result of the UK Open Offer | 20 June 2024 |
| Admission of the UK Open Offer Shares to trading on First North and commencement of dealings | 8:00 a.m. on 24 June 2024 |
| Admission of the UK Open Offer Shares to trading on AIM and commencement of dealings | 8:00 a.m. on 24 June 2024 |
| Expected date for CREST accounts to be credited in respect of UK Open Offer Shares in uncertificated form | 24 June 2024 |
Notes
(1) Each of the times and dates set out in the above timetable is subject to change by the Company, in which event details of the new times and dates will be notified to the London Stock Exchange and the Company will make an appropriate announcement via a Regulatory Information Service.
(2) References to times are to London time unless otherwise stated.
(3) In order to subscribe for UK Open Offer Shares under the UK Open Offer, Qualifying DI Holders will need to follow the applicable procedure set out in Open Offer Circular. If Qualifying DI Holders have any queries on the procedure for acceptance and payment, they should contact the Receiving Agent, Computershare.