THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM A PART OF ANY OFFER TO SELL OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA") OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF THE COMPANY.

THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, IF YOU WISH TO PARTICIPATE IN THE PLACING YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPENDICES. MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING.

Further to the announcement of the Company's annual results on 31 October 2025, the Company announces a placing (the "Placing") of new ordinary shares ("New Ordinary Shares") in the Company.

The Placing will comprise an issuance of up to 12,367,146 New Ordinary Shares on a bookbuild basis.

The Company is also publishing a circular (the "Circular") today in connection with the proposed Placing convening an extraordinary general meeting to be held at 09.00 a.m. on 4 December 2025.

The Placing will be launched immediately following this announcement, when Panmure Liberum (who are acting as bookrunner for the Placing) will commence a bookbuilding process to determine the level of demand from potential investors for participation in the Placing.

The New Ordinary Shares are not being offered at a fixed price. To bid in the bookbuild, investors should communicate their bid (or bids) by telephone to their usual sales contact at Panmure Liberum. Each bid should state the number of New Ordinary Shares for which the prospective investor wishes to subscribe and the price or price range that the prospective investor is offering to pay.

The number of New Ordinary Shares to be issued and the price per New Ordinary Share (the "Strike Price") will be agreed between Panmure Liberum and the Company following close of the bookbuild at 2.00 p.m. Friday, 21 November 2025, and announced shortly thereafter.

Based on the expected minimum fundraising requirement of £1.7 million, and assuming the maximum amount of New Ordinary Shares are issued (12,367,146 New Ordinary Shares), investors should note that the Strike Price is not expected to be less than 13.75 pence.

The Issue will be made to relevant persons (as defined in the appendix to this announcement (the "Appendix")) through the Bookrunner and will be subject to the terms and conditions set out in the Appendix.