23 April 2025

Selkirk Group PLC

("Selkirk" or the "Company")

Response to statement by THG plc

Selkirk Group PLC, the AIM investment vehicle focussed on acquiring undervalued companies or businesses in the consumer e-commerce, technology and digital media sectors, is providing the following shareholder update in response to the statement published this morning by THG plc ("THG").

Selkirk recently made a preliminary conditional offer (the "Offer") to acquire MyProtein from THG for £400 - £600 million, subject to completion of the necessary due diligence. The Board of Selkirk believed that such an acquisition could achieve long term value accretion for Selkirk shareholders and at the same time would be advantageous to THG and its shareholders. The Offer would have comprised a mix of cash and new shares in Selkirk (expected to be issued at a premium to the current Selkirk share price). This offer would have constituted a reverse takeover under the AIM Rules for Companies. 

Unfortunately, after consideration by the board of THG, the Offer was rejected based on (i) valuation, (ii) proposed structure of the offer (iii) the deliverability of the offer and (iv) a lack of certainty that a newly listed MyProtein would have sufficient stock market trading liquidity. Whilst we respectfully disagree with the conclusions, we would like to thank the board of THG and their advisers for their time and efforts in considering our proposal.

Where we are completely aligned with the board of THG is in its conclusion that MyProtein is a world class brand with tremendous growth prospects, but which is currently dramatically undervalued by the UK market. Whilst Selkirk is no longer in any form of discussions with THG, we reserve the right to reconsider this in future should there be a change in circumstances.

In parallel, Selkirk has continued to build a pipeline of acquisition opportunities. We remain more convinced than ever that our reverse takeover into a listed vehicle model is a strong option for companies either seeking to IPO or for existing listed companies looking to realise value for a subsidiary. Our model gives the owners of assets the opportunity to realise the benefits of a market listing - price discovery, ongoing access to capital and brand profile - whilst maintaining exposure to valuation upside.

The Board of Selkirk will continue to actively pursue our current pipeline. The Board, its advisers and its larger shareholders have significant experience both in the target sectors and the wider UK stock market. Meanwhile we have continued to focus on a disciplined filtering approach to opportunities and preservation of the capital raised at IPO.

We are extremely grateful for the support of our investors and more excited than ever for the opportunities which are in front of us.

ENDS

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Notes to Editors

Selkirk Group Plc is an investing company established with the primary objective of acquiring a company or business which the directors believe is undervalued and providing it with a quotation or listing or acquiring an existing public company and providing a highly incentivized management team with strategic direction. The Company is focused on acquiring a business which is headquartered in the United Kingdom. The directors have extensive experience in identifying, evaluating, and executing opportunities; both quoted and unquoted, and creating value for stakeholders. To find out more visit: www.selkirkplc.com.