Brave Bison Group plc (AIM:BBSN) launched an unsolicited conditional proposal offer to acquire The Mission Group plc (AIM:TMG) for approximately £31.4 million on April 29, 2024. As consideration, Brave Bison offer comprised an all-share offer at an exchange ratio of 11.5 Brave Bison shares for each ordinary share in Mission Group. Based on the terms of the Possible Offer and the closing market prices of Mission Group and Brave Bison shares on 29 April 2024, being the last trading day prior to receipt of the Possible Offer, the Possible Offer valued each Mission Group share at approximately £0.29 pounds. The terms of the Possible Offer represent a see-through value of approximately £0.2904 pounds per MISSION share. Were the Possible Offer to be implemented on its indicative terms, this would result in MISSION's shareholders holding approximately 45%. of the proposed combined group. As of May 8, 2024, the Board of Mission Group, following consultation with its financial and legal advisers, unanimously rejected the Possible Offer which it believes to be opportunistic and significantly undervalues the Group and its prospects. The Board of Mission Group is open to proposals that it believes would enhance shareholder value and deliver benefits to Mission Group's shareholders. The Board of Mission Group does not consider the terms of the Possible Offer to meet those criteria and Shareholders are urged to take no action at this time. The Possible Offer is non-binding and the making of a Possible Offer would be subject to the satisfaction or waiver of certain customary conditions, including completion of due diligence to the satisfaction of Brave Bison. Mission has been offered reciprocal due diligence on Brave Bison. Brave Bison reserves the right to waive in whole or in part any pre-conditions. Under the terms of the Possible Offer, the enlarged business would be led by Oliver Green and Theo Green. Brave Bison must, by no later than 9 June 2024, either announce a firm intention to make an offer for MISSION, and the deadline can be extended with the consent of the Takeover Panel. As on June 3, 2024, The terms has revised to 13.9 Brave Bison shares for each Mission share. the Revised Proposal represents a value for each Mission share of approximately 35.1 pence, and values the entire issued and to be issued share capital of Mission at £32.3 million. The terms of the Revised Proposal would make available to Mission shareholders a partial cash alternative for those shareholders who prefer to realise a portion of their investment in cash. In the Revised Proposal, Brave Bison confirmed that it intended to undertake a placing of new ordinary shares in the enlarged group in order to repay a proportion of Mission's outstanding debt. Subject to the availability of suitable terms, Brave Bison would intend to conduct such a placing on an underwritten basis. The amount raised through the fundraising would be determined following completion of due diligence, and would be designed to optimise the capital structure of the combined business.

Simon Bridges, Julie Langley, Andrew Potts and Harry Rees of Canaccord Genuity Limited acting as financial adviser and corporate broker exclusively for Mission Group. Andrew Chubb, Ernest Bell and Lucia Sviatkova of H&P Advisory Ltd and Ben Jeynes and Dan Hodkinson of Cavendish Capital Markets Limited are acting as financial adviser to Brave Bison.