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DBAY Advisors Limited noted announcements dated 13 May 2024 from The MISSION Group plc and Brave Bison Group plc regarding a possible all-share offer by Brave Bison for MISSION. As of 15 May 2024, Logistics Development Group plc, managed by DBAY, holds 9,905,107 ordinary shares in MISSION, representing approximately 10.74% of its issued ordinary share capital. DBAY recommended to the board of LDG not to take any action regarding the Possible Offer at this time.
| Date | 15 May 2024 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 4367O |
15 May 2024
DBAY Advisors Limited
Response re possible all-share offer for The MISSION Group plc
DBAY Advisors Limited ("DBAY") notes the announcements dated 13 May 2024 by The MISSION Group plc ("MISSION") and Brave Bison Group plc ("Brave Bison") regarding a possible all-share offer by Brave Bison for MISSION (the "Possible Offer"). As at today's date, Logistics Development Group plc ("LDG"), an AIM investing company for which DBAY acts as investment manager, holds an interest in 9,905,107 ordinary shares of 10 pence each in the capital of MISSION, representing approximately 10.74 per cent. of MISSION's issued ordinary share capital.
DBAY believes that the indicative terms of the Possible Offer undervalue MISSION and its prospects. Whilst DBAY recognises the attraction of cash offers (or full cash alternatives) at significant premia, especially given the limited trading volumes in MISSION shares, the all-share offer proposed by Brave Bison is highly unattractive.
It is DBAY's recommendation to the board of LDG not to take any action in respect of the Possible Offer at this time.
This announcement has been made without the agreement or approval of MISSION or Brave Bison.
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