t
The Takeover Panel announced on 05 December 2025 the deletion of Big Yellow Group plc and its offeror Blackstone Europe LLP from its Disclosure Table, where their offer period commenced on 13 October 2025. The Panel also amended the entry for Alphawave IP Group plc, an offeree with 798,675,143 ordinary shares, 20,571,995 warrants, and USD 150,000,000 convertible bonds, and its offeror Aqua Acquisition Sub LLC, which has 1,067,598,887 common shares, whose offer period commenced on 01 April 2025.
| Date | 5 Dec 2025 |
| Time | 07:45:00 |
| Category | Capital structure |
| ID | 4370K |
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THE TAKEOVER PANEL - DISCLOSURE TABLE |
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05 December 2025 |
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The following are today's changes to the Disclosure Table: |
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ADDITIONS |
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None |
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DELETIONS |
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OFFEREE: Big Yellow Group plc |
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Offer period commenced: 08:53 13-Oct-2025 |
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10p ordinary |
ISIN: GB0002869419 |
NSI: 196,767,698 |
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OFFEROR: Blackstone Europe LLP |
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Offeror identified: 08:53 13-Oct-2025 |
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Rule 2.6 deadline: 17:00 08-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OTHER AMENDMENTS |
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OFFEREE: Alphawave IP Group plc |
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Offer period commenced: 13:56 01-Apr-2025 |
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1p ordinary |
ISIN: GB00BNDRMJ14 |
NSI: 798,675,143 |
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Warrant |
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NSI: 20,571,995 |
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Senior unsecured convertible bond |
ISIN: XS2962835257 |
USD: 150,000,000 |
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OFFEROR: Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Incorporated) |
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Offeror identified: 13:56 01-Apr-2025 |
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Rule 2.6 deadline: N/A |
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USD 0.0001 common |
ISIN: US7475251036 |
NSI: 1,067,598,887 |
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DISCLOSURE TABLE |
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OFFEREE: Aferian plc |
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Offer period commenced: 10:04 29-Sep-2025 |
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1p ordinary |
ISIN: GB00B013SN63 |
NSI: 111,212,107 |
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OFFEROR: No named offeror |
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OFFEREE: Alphawave IP Group plc |
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Offer period commenced: 13:56 01-Apr-2025 |
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1p ordinary |
ISIN: GB00BNDRMJ14 |
NSI: 798,675,143 |
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Warrant |
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NSI: 20,571,995 |
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Senior unsecured convertible bond |
ISIN: XS2962835257 |
USD: 150,000,000 |
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OFFEROR: Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Incorporated) |
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Offeror identified: 13:56 01-Apr-2025 |
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Rule 2.6 deadline: N/A |
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USD 0.0001 common |
ISIN: US7475251036 |
NSI: 1,067,598,887 |
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OFFEREE: Anglo Asian Mining plc |
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Offer period commenced: 17:03 26-Nov-2025 |
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1p ordinary |
ISIN: GB00B0C18177 |
NSI: 114,342,024 |
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OFFEROR: ACG Metals Limited |
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Offeror identified: 17:03 26-Nov-2025 |
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Rule 2.6 deadline: 17:00 24-Dec-2025 |
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A Ordinary NPV |
ISIN: VGG0056A1030 |
NSI: 22,787,760 |
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Public warrant |
ISIN: VGG0056A1295 |
NSI: 2,399,950 |
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Sponsor warrant |
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NSI: 4,232,094 |
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Private warrant |
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NSI: 5,057,740 |
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OFFEREE: Audioboom Group plc |
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Offer period commenced: 17:09 03-Oct-2025 |
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Ordinary NPV |
ISIN: JE00BJYJFG60 |
NSI: 17,977,155 |
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OFFEROR: No named offeror |
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OFFEREE: Bakkavor Group plc |
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Offer period commenced: 13:58 14-Mar-2025 |
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2p ordinary |
ISIN: GB00BF8J3Z99 |
NSI: 579,425,585 |
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OFFEROR: Greencore Group plc |
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Offeror identified: 13:58 14-Mar-2025 |
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Rule 2.6 deadline: N/A |
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1p ordinary |
ISIN: IE0003864109 |
NSI: 442,920,676 |
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ADR |
ISIN: US3941811016 |
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OFFEREE: Bluefield Solar Income Fund Limited |
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Offer period commenced: 07:00 05-Nov-2025 |
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0.01p ordinary |
ISIN: GG00BB0RDB98 |
NSI: 592,080,033 |
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OFFEROR: No named offeror |
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OFFEREE: Challenger Energy Group plc |
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Offer period commenced: 07:00 09-Oct-2025 |
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1p ordinary |
ISIN: IM00BPLZ1D89 |
NSI: 249,312,660 |
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OFFEROR: Sintana Energy Inc. |
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Offeror identified: 07:00 09-Oct-2025 |
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Rule 2.6 deadline: N/A |
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Common |
ISIN: CA82938H1073 |
NSI: 380,125,545 |
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OFFEREE: Deltic Energy plc |
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Offer period commenced: 12:07 30-Jun-2025 |
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10p ordinary |
ISIN: GB00BNTY2N01 |
NSI: 93,096,600 |
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OFFEROR: Rockrose Energy Limited (a wholly-owned subsidiary of Viaro Energy Limited) |
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Offeror identified: 12:07 30-Jun-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Dowlais Group plc |
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Offer period commenced: 07:00 29-Jan-2025 |
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1p ordinary |
ISIN: GB00BMWRZ071 |
NSI: 1,316,658,644 |
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OFFEROR: American Axle & Manufacturing Holdings, Inc. |
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Offeror identified: 07:00 29-Jan-2025 |
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Rule 2.6 deadline: N/A |
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USD 0.01 common |
ISIN: US0240611030 |
NSI: 118,696,421 |
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OFFEREE: Empiric Student Property plc |
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Offer period commenced: 11:15 05-Jun-2025 |
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1p ordinary |
ISIN: GB00BLWDVR75 |
NSI: 664,188,110 |
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OFFEROR: Unite Group plc, The |
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Offeror identified: 11:15 05-Jun-2025 |
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Rule 2.6 deadline: N/A |
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25p ordinary |
ISIN: GB0006928617 |
NSI: 490,043,571 |
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OFFEREE: essensys plc |
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Offer period commenced: 07:00 28-Nov-2025 |
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0.25p ordinary |
ISIN: GB00BJL1ZF49 |
NSI: 64,751,830 |
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OFFEROR: Mr Mark Furness |
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Offeror identified: 07:00 28-Nov-2025 |
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Rule 2.6 deadline: 17:00 26-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Frenkel Topping Group plc |
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Offer period commenced: 11:00 02-Jun-2025 |
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0.5p ordinary |
ISIN: GB00B01YXQ71 |
NSI: 128,013,064 |
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OFFEROR: Irwell Financial Services Bidco Limited (a newly formed company indirectly owned by a limited partnership managed by Harwood Private Equity LLP) |
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Offeror identified: 11:00 02-Jun-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Idox plc |
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Offer period commenced: 07:00 28-Oct-2025 |
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1p ordinary |
ISIN: GB0002998192 |
NSI: 461,682,046 |
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OFFEROR: Frankel UK Bidco Limited (a newly-formed company indirectly owned by Long Path Co-Investment Fund Number 6, LP, Long Path Smaller Companies Fund, LP, Long Path Smaller Companies Master Fund, Ltd. and Long Path Opportunities Fund II, LP) |
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Offeror identified: 07:00 28-Oct-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Inspecs Group plc |
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Offer period commenced: 16:32 23-Oct-2025 |
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1p ordinary |
ISIN: GB00BK6JPP03 |
NSI: 101,671,525 |
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OFFEROR: H2 Equity Partners Ltd. |
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Offeror identified: 16:32 23-Oct-2025 |
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Rule 2.6 deadline: 17:00 18-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEROR: A consortium comprising Risk Capital Partners and Ian Livingstone |
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Offeror identified: 16:32 23-Oct-2025 |
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Rule 2.6 deadline: 17:00 18-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEROR: Safilo Group S.p.A |
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Offeror identified: 11:00 20-Nov-2025 |
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Rule 2.6 deadline: 17:00 18-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: International Personal Finance plc |
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Offer period commenced: 07:01 30-Jul-2025 |
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10p ordinary |
ISIN: GB00B1YKG049 |
NSI: 219,115,063 |
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OFFEROR: BasePoint Capital LLC |
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Offeror identified: 07:01 30-Jul-2025 |
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Rule 2.6 deadline: 17:00 17-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: IQE plc |
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Offer period commenced: 07:00 08-Sep-2025 |
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1p ordinary |
ISIN: GB0009619924 |
NSI: 977,633,416 |
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OFFEROR: No named offeror |
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OFFEREE: JTC plc |
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Offer period commenced: 11:39 29-Aug-2025 |
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1p ordinary |
ISIN: JE00BF4X3P53 |
NSI: 172,006,514 |
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OFFEROR: Papilio Bidco Limited (a newly incorporated company indirectly wholly-owned by funds advised by Permira Advisers LLP) |
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Offeror identified: 11:39 29-Aug-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Just Group plc |
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Offer period commenced: 07:00 31-Jul-2025 |
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10p ordinary |
ISIN: GB00BCRX1J15 |
NSI: 1,038,702,932 |
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OFFEROR: BWS Holdings Ltd. (a wholly owned subsidiary of Brookfield Wealth Solutions Ltd.) |
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Offeror identified: 07:00 31-Jul-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Kore Potash plc |
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Offer period commenced: 07:30 04-Nov-2025 |
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USD 0.001 ordinary |
ISIN: GB00BYP2QJ94 |
NSI: 5,175,938,315 |
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CDI |
ISIN: AU000000KP25 |
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OFFEROR: No named offeror |
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OFFEREE: Management Consulting Group plc (See Note 9 below) |
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Offer period commenced: 16:44 14-Nov-2025 |
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1p ordinary |
ISIN: GB0001979029 |
NSI: 1,516,528,424 |
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0.01p preference (A) |
ISIN: GB00BMC7BY33 |
NSI: 1,945,319,013 |
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0.01p preference (B) |
ISIN: GB00BN2S8316 |
NSI: 3,461,847,437 |
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0.01p preference (C) |
ISIN: GB00BP6WH811 |
NSI: 12,499,900,477 |
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OFFEROR: No named offeror |
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OFFEREE: ME Group International plc |
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Offer period commenced: 12:25 18-Jun-2025 |
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0.5p ordinary |
ISIN: GB0008481250 |
NSI: 377,723,336 |
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OFFEROR: No named offeror |
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OFFEREE: NCC Group plc |
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Offer period commenced: 18:24 16-Jul-2025 |
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1p ordinary |
ISIN: GB00B01QGK86 |
NSI: 314,995,301 |
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OFFEROR: No named offeror |
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OFFEREE: PPHE Hotel Group Limited |
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Offer period commenced: 07:00 14-Nov-2025 |
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Ordinary NPV |
ISIN: GG00B1Z5FH87 |
NSI: 41,856,324 |
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OFFEROR: No named offeror |
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OFFEREE: Revel Collective plc, The |
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Offer period commenced: 07:00 24-Oct-2025 |
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0.1p ordinary |
ISIN: GB00BVDPPV41 |
NSI: 1,501,925,226 |
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OFFEROR: No named offeror |
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OFFEREE: SolGold plc |
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Offer period commenced: 14:23 28-Nov-2025 |
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1p ordinary |
ISIN: GB00B0WD0R35 |
NSI: 3,002,773,641 |
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OFFEROR: Jiangxi Copper Company Limited |
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Offeror identified: 14:23 28-Nov-2025 |
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Rule 2.6 deadline: 17:00 26-Dec-2025 |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: Spire Healthcare Group plc |
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Offer period commenced: 19:36 18-Sep-2025 |
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1p ordinary |
ISIN: GB00BNLPYF73 |
NSI: 402,759,599 |
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OFFEROR: No named offeror |
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OFFEREE: TT Electronics plc |
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Offer period commenced: 06:25 30-Oct-2025 |
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25p ordinary |
ISIN: GB0008711763 |
NSI: 178,314,503 |
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OFFEROR: Cicor Technologies Ltd. |
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Offeror identified: 06:25 30-Oct-2025 |
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Rule 2.6 deadline: N/A |
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CHF 10.00 registered |
ISIN: CH0008702190 |
NSI: 4,390,104 |
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Mandatory Convertible Note |
ISIN: CH1155135838 |
CHF: 471,000 |
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OFFEREE: Walker Crips Group plc |
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Offer period commenced: 07:00 24-Nov-2025 |
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6 2/3p ordinary |
ISIN: GB00B1YMRV88 |
NSI: 42,577,328 |
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OFFEROR: PhillipCapital UK LTD (an indirect wholly-owned subsidiary of Phillip Brokerage Pte Ltd) |
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Offeror identified: 07:00 24-Nov-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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OFFEREE: WH Ireland Group plc |
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Offer period commenced: 21:17 12-Nov-2025 |
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1p ordinary |
ISIN: GB0009241885 |
NSI: 235,986,209 |
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OFFEROR: Team plc |
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Offeror identified: 21:17 12-Nov-2025 |
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Rule 2.6 deadline: N/A |
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Ordinary NPV |
ISIN: JE00BM90BX45 |
NSI: 62,140,022 |
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OFFEREE: Wood Group (John) plc |
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Offer period commenced: 14:31 24-Feb-2025 |
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4 2/7 p ordinary |
ISIN: GB00B5N0P849 |
NSI: 691,839,369 |
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OFFEROR: Sidara Limited (an entity controlled by Dar Al-Handasah Consultants Shair and Partners Holdings Ltd) |
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Offeror identified: 14:31 24-Feb-2025 |
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Rule 2.6 deadline: N/A |
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Disclosure of dealings and positions in this offeror is not required |
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Notes: |
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1. |
Rule 8 of the Takeover Code (the "Code") sets out the circumstances in which Dealing Disclosures and/or Opening Position Disclosures are required to be made by the parties to an offer, persons acting in concert with them, persons with an interest in relevant securities of 1% or more and exempt principal traders ("EPTs") connected with the parties to an offer. |
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2. |
Where an offeror is marked "Disclosure of dealings and positions in this offeror is not required", dealings and positions in relevant securities of that offeror are not required to be disclosed under Rule 8. This is either because it has been announced that the offer or possible offer is, or is likely to be, solely in cash or because disclosure is not required for some other reason. |
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3. |
Dealings and positions required to be disclosed under Rule 8 of the Code include dealings and positions in derivatives referenced to, and options in respect of, relevant securities of an offeree company and, where appropriate, an offeror (see Note 2 above). |
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4. |
The information set out in the Disclosure Table relating to the relevant securities in issue of an offeree company or of an offeror (and any amendments thereto) has been extracted from the relevant announcement made by such company under Rule 2.9 of the Code. Similarly, details of any deadline set under Rule 2.6 by which a potential offeror must announce either a firm intention to make a bid or that it does not intend to make an offer (or, in the case of Rule 2.6(a), by which the Panel must consent to an extension of the deadline) has been extracted from the relevant announcement made by the offeree company. |
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5. |
Additions and deletions of offeree companies and offerors are reflected in the Disclosure Table throughout the day, following the relevant announcement. Other amendments may also be made throughout the day. In any event, details of the classes of relevant securities issued by an offeree or offeror company, the number of such securities in issue ("NSI") and the International Securities Identification Number ("ISIN") of such securities announced under Rule 2.9 of the Code before 5.00 pm each day will be included in the final version of the Disclosure Table by 5.30 pm that day. The final version of the Disclosure Table issued each day will be marked "Final" and persons required to make Dealing Disclosures and Opening Position Disclosures are advised to use that final version. Any changes to the Rule 2.6 deadline of a potential offeror will also be reflected in the "Final" version of the Disclosure Table, although any such changes will not be shown in the "Amendments" section at the top of the Disclosure Table. |
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6. |
Dealing Disclosures by the parties to an offer, persons acting in concert with them and connected EPTs must be made by no later than 12 noon on the business day (as defined in the Code) following the date of the relevant dealing and Dealing Disclosures by persons with an interest in relevant securities of 1% or more must be made by 3.30 pm on the business day following the date of the relevant dealing. |
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7. |
Opening Position Disclosures by the parties to an offer and by connected EPTs must be made by no later than 12 noon on the 10th business day after the commencement of the offer period or the announcement that first identifies an offeror (as the case may be). Where required, Opening Position Disclosures by persons with interests in relevant securities of 1% or more must be made by no later than 3.30 pm on the 10th business day after the commencement of the offer period or the announcement that first identifies an offeror (as the case may be). Details of the time and date at which an offer period commenced and at which an offeror was first identified are set out in the Disclosure Table. In order to calculate the deadline for Opening Position Disclosures, it is therefore necessary to count forward 10 business days from the relevant date. |
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8. |
Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Code must be made to a Regulatory Information Service ("RIS"). |
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9. |
This Note is applicable if it says "See Note 9 below" by the name of the company in the Disclosure Table above. The Executive has granted the company a dispensation from the requirements under the Code that announcements must be published via a RIS. The company is instead required to publish all announcements on its website. The Executive has also granted a dispensation from Note 3 on Rule 8 of the Code that disclosures made under Rule 8 of the Code must be made to a RIS. Therefore, Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Code may be made to the company at the address stated in the announcement that commenced the offer period. |
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10. |
The following are approved Regulatory Information Services: |
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|
. |
Business Wire Regulatory Disclosure provided by Business Wire |
+44 (0)20 7626 1982 |
|
. |
EQS IR COCKPIT provided by EquityStory AG |
+49 89 21 02 98-50 |
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. |
GlobeNewswire provided by West Digital Media Solutions |
+44 (0)20 3753 2071 |
|
. |
MFN provided by Modular Finance |
+44 (0)20 3026 4414 |
|
. |
PR Newswire Disclose provided by PR Newswire |
+44 (0)20 7454 5210 |
|
. |
RNS provided by the London Stock Exchange |
+44 (0)20 7797 4400 |