River Global B Regulatory News (RVRB)

30th June 2026

LEI: 213800LFMHKVNTZ7GV45

River Global PLC

("River Global", the "Company" or the "Group")

Formerly AssetCo plc

2026 Half-year Report

for the six months ended 31 March 2026

Registered number: 04966347

· The sale of River Global's asset management business to Liontrust is expected to complete today.

· The disposal is set to leave the Group with c.£10m of Initial Consideration shares in Liontrust and c.£2m in free cash at Completion.

· The Company intends to distribute up to £8,723,665 in value of the Consideration shares towards the end of July, with receipt in early August.

· A dividend of c.£350,000 is expected in August from Initial Consideration Liontrust shares and further consideration shares are expected to be received, also in August, as a result of the conclusion of the proposed reconstruction currently being undertaken by the board of European Opportunities Trust PLC ("EOT").

· Following review, the Board has made an unchanged assessment of the value of its interest in Parmenion at between £75-90m (52-63 pence per share).

· The Company will become an AIM Rule 15 cash shell upon completion of the asset management business sale and, as such, trading on AIM will be cancelled in six months unless alternative action is taken.

"I am pleased to be completing the disposal of our asset management business significantly earlier than originally anticipated, allowing faster access to the synergies evident in this transaction.

The Liontrust share price has increased significantly since the deal was announced having been well received by the market and delivering an appreciable uplift in value for our A shareholders. The disposal realises value for shareholders and delivers an on-going interest in the enlarged business of Liontrust as that company realises the benefits of consolidating the two enterprises.

I would like to thank the River Global team for all they have done over the past four years to navigate exceptionally challenging industry dynamics and deliver the best outcome for shareholders in the circumstances. River Global and its shareholders, clients and people will benefit immediately from becoming part of a wider group, with powerful distribution and marketing resources that will accelerate the inflows we have been seeing into our funds as well as broader all-round growth opportunities.

I look forward to becoming a Non-executive Director on the Liontrust Board to be with them and the Liontrust team for the next stage of the journey."

For further information, please contact:

For further details, visit the website, https://www.riverglobalplc.com/

Tickers: AIM: RVRB.L and RVRG.L

Following the share restructure of the Group in March 2025 we have introduced a breakdown of results attributable to the A and B shares separately in these accounts which are presented below:

Over the six-month period, global equity market performance continued to broaden out from the US centric and technology centric focus that has dominated equity market returns over the last few years. However, this trend was reversed by the US-Iran conflict that broke out at the end of February which shifted investors to an increasingly defensive stance with consequent reduction in risk exposures. US equities provided a relatively safer haven given the lower sensitivity of the US economy to higher energy prices and the continued strong earnings progression among "AI" related stocks and sectors.

Given this turbulent backdrop and unpredictable economic environment it is, perhaps, not completely surprising that investors have not been persuaded to return to collective equity vehicles, despite the stellar returns which have racked up in certain sectors. These and other challenges meant that the net effect for the UK equity funds industry was a further £12.0bn of net retail outflows during the period 1 October 2025 to end March 2026 (source: The Investment Association). In fact, the £12bn figure rises to £16bn if the focus is narrowed to actively-managed equity funds.

It is against this backdrop where business scale is a key determinant of endurance that we announced on 16 March 2026 that we had entered into a conditional sale and purchase agreement with Liontrust Asset Management plc ("Liontrust") to sell the entire issued share capital of River Global Holdings Limited ("RGH"), the holding company for our asset management business and the main business interest of the Company's A shares. On 14 April, A shareholders voted to approve the sale with over 99% of voting shareholders in favour.

We published a circular on 9 June proposing a Capital Reduction and Return of Capital which facilitates the distribution of initial consideration shares in Liontrust to A shareholders in a tax efficient manner. A shareholders voted on that proposal at a meeting on 25 June with 100% of voting shareholders in favour.

The UK Regulator, the Financial Conduct Authority, has approved the change in control for RGH and the acquisition of RGH is expected to complete today.

The initial consideration shares determined at £7.6m in March as part of the sale of the business are today worth over £10m due to the increase in the Liontrust share price since that date. We are pleased to note that the deal has been well received by the market and by shareholders in both organisations.

The Board of the European Opportunities Trust ("EOT") announced the results of its strategic review on 29 May. Shareholders will be offered the opportunity to select a cash exit option or to roll their shareholding over into one of two continuation vehicles, one being a European Opportunities open-end fund established by Liontrust and managed by Alexander Darwall, who will join Liontrust from Devon. The revenues derived from the rollover into the Liontrust open-ended fund will determine the additional consideration shares (up to a maximum of 820,721 shares to be issued at 255.9p each) due under our sale agreement with Liontrust.

The sale of RGH to Liontrust looks set to leave the Group with c.£10m of Initial Consideration shares in Liontrust and c.£2m in free cash at Completion. A dividend of c.£350,000 is expected in August from Initial Consideration Liontrust shares and further consideration shares are expected to be received, also in August, as a result of the conclusion of the proposed reconstruction currently being undertaken by the board of European Opportunities Trust PLC ("EOT"). Further details regarding distribution of Liontrust shares and the continuing economic interest of the A shares are set out in the Business Review below.

The Company will become an AIM Rule 15 cash shell upon completion of the sale of RGH and as such will technically be required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 on or before the date falling six months from Completion or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million) failing which, the Company's shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the suspension not have been lifted. At this stage, the Board has not concluded whether it intends to undertake a reverse takeover, be re-admitted to AIM or cancel its admission to trading on AIM in accordance with the AIM Rules.

The analysis of revenue and results by commercial activity for the six months ended 31 March 2026 shows revenues of £7.2m (31 March 2025: £6.1m) and an overall loss before taxation for the A share business interest of £2.7m (31 March 2025: -£2.8m)

The Equities business has been classified as a discontinued operation for the Group for these financial statements as a result of the sale to Liontrust. Consequently, the majority of the costs attributable to the A shares will go with the equities business.

Parmenion recently announced its full-year results for the year ending December 2025 reporting positively on financial and operational performance. Assets under management and administration (AUMA) were £16.4bn, up 25% year-on-year on gross flows of £3.3bn, a record level for the group. Revenue for the year was £53.7m, up from £48.8m in 2024. (Source: Parmenion.) Parmenion's strong performance in 2025 has continued into the first half of 2026 with strong positive gross and net flows in each month to date. The momentum in the business is evidence of the growing recognition of Parmenion's outstanding commitment to service and excellence.

The analysis of revenue and results by commercial activity for the six months ended 31 March 2026 shows revenues for the River Global B shares (being interest on the Parmenion loan, received by way of additional loan notes) of £1.4m (31 March 2025: £1.3m) and an overall profit for the B share business interest of £1.2m (31 March 2025: £1.2m).

These are to be distinguished from revenues for the underlying Parmenion business operations and reflect the allocation of the Group's central overheads as has been the practice since the share split.

Adjusting for exceptional items, earnings before interest, tax, depreciation (other than premises leasing) and amortisation ("EBITDA") for the six months to end March 2026 for the B share business interest was £1.2m compared with £1.2m as at 31 March 2025.

In March 2026, for the 2025 financial year end accounts, we reviewed the value of our structured 30% equity interest (before dilution for management interests) in Parmenion. Based on recent discussions with the Company's advisers, the Board believes that a value of between £75-90m (52-63 pence per share) continues to represent a fair assessment of the value of the Company's interest assuming an arm's length sale of Parmenion as a whole. The Company expects to consult with advisers to undertake a valuation of the Parmenion interest again next year and to publish the outcome of that consultation with its full year results for the financial year ending September 2026.

The income statement for the six months ended 31 March 2026 shows revenues of £7.2m (31 March 2025: £6.1m) and a loss of £1.5m in total (31 March 2025: £1.6m).

Martin Gilbert

Chairman

30th June 2026

As mentioned in the Chairman's statement the sale of RGH to Liontrust looks set to leave the Group with c.£10m of Initial Consideration shares in Liontrust and c.£2m in free cash at Completion. The Company intends to distribute such number of the Initial Consideration Shares that have an aggregate market value as at 28 July up to the value of the Company's Merger Reserve Balance of £8,723,665 as set out in the Capital Reduction and Return of Capital circular published on 9 June.

Following the issuance of D Ordinary Shares (to which rights to the distributed shares attach) in accordance with the Circular, the A Ordinary Shares were marked ex-entitlement in respect of the D Ordinary Shares with effect from the commencement of trading yesterday. The continuing economic interest of the A shareholders is therefore mainly represented by:

1. Such number of Initial Consideration Shares in Liontrust that are retained by the Company for the benefit of A Shareholders following the distribution.

2. The c.£2m cash released to River Global PLC upon Completion of the Disposal of River Global Holdings Limited together with an expected dividend of c.£350,000 from Initial Consideration Liontrust shares.

3. The entitlement to receive a maximum of 820,721 Contingent Consideration Shares in Liontrust, dependent upon the revenues delivered to the enlarged Liontrust group following the conclusion of the proposed reconstruction currently being undertaken by the board of European Opportunities Trust PLC ("EOT").

4. The cash contribution to the costs and expenses of maintaining the Company due from the holders of the B Shares upon a future realisation of their interests. As at end March 2026, this amounted to c.£812,000.

The on-going running costs of the Company are currently estimated to be c.£400k per annum albeit there will be a number of exceptional costs to settle in the period following the Disposal. It is expected that some 75% of the costs will be attributed to the B shareholders

The chart below shows the movement in assets under management over the period. It includes the acquisition of Devon Equity Management Limited at the start of the financial year.

It was pleasing to see a very healthy increase in assets under management over the period. Of course, a large portion of that increase is attributable to the Devon acquisition but, even without that, the business was in healthy net inflows to the tune of £117m. A negative contribution from markets (largely driven by the advent of hostilities in Iran) did then more than offset that unfortunately, but market moves proved to be relatively short lived, reversing the following month.

Looking behind the scenes, Blevins Franks was the main contributor to flows adding a hefty £637m in terms of net inflows. In fact, despite appearances from the headline chart above, the Devon acquisition netted out less positively in the period with the loss of an institutional client detracting to the tune of £301m (included in redemptions above). Two particular funds otherwise stood out as positive contributors, being the RGI Global Income and Growth Fund which has seen exceptional performance and one of our joint venture fund vehicles, the RGI Compound Global Equity Fund managed by renowned investor Jonathan Knowles of Compound Equity Group.

Notes:

- Wholesale refers to the assets which are held and managed in mutual funds distributed by the Group.

- Institutional refers to the assets which are held and managed in separate accounts on behalf of institutional clients of the Group.

- Investment Companies refers to the assets which are held and managed in investment companies which are clients of the Group.

The table evidences the relative size and contribution of our joint ventures which, together, now represent almost one third of our total AuM. As nascent undertakings, both are very low margin currently but with the opportunity to expand that margin in time. Their impact is to bring average margin for the group down as they increase in assets in relative terms. Interestingly, however, margin has improved for our wholesale business as we have completed and followed through on the rationalisation exercise which has been pursued over the last two years or so. Institutional (ex joint ventures) has been stable, and the margin for investment companies, previously relatively high in light of our specialist India mandate, has averaged down with the introduction of the more mainstream European mandate from Devon.

The December 2025 annual report and financial statements from the Parmenion group show positive results and strong net flow performance as noted in the Chairman's Statement.

Parmenion invested £3.5m during the previous year in developing their platform, for example launching new capability in the managed portfolio service area. This expands the range and flexibility of their offering in this important area of the market. Parmenion continued to rank highly in industry assessments featuring regularly in the top three on the Platform Leaderboard. In addition, EBI Portfolios Ltd, the company which Parmenion acquired at the end of 2022, is demonstrating particularly strong growth and exceeded £5bn in AUMA by year end.

Earlier this year Parmenion was recognised as the UK's most trusted platform in the Financial Adviser Service Awards, 2025) with 5 stars and 4 stars respectively for Platform and DFM service to customers. Additionally in May, Parmenion Investment Management launched MGTS Parmenion Diversified Alternatives. This new fund offers a straightforward way to give clients exposure to a broader range of alternative assets, including gold, infrastructure and private assets, further supporting advisers in delivering for their customers. In addition EBI won Best Value for Money and Best Digital interface awards at the Citywire Adviser Choice awards 2026. EBI was also short-listed in three other categories.

The following table summarises key performance indicators for the business, providing a comparison with the position at the same time last year.

1 Monthly recurring revenue (net of rebates) at date shown using annualised closing AuM.

2 % active equity mutual fund AuM in 1st or 2nd quartile when compared with competitor funds in relevant Investment Association sectors

3 The equities business has been identified as a discontinued operation for the period ended 31 March 2026. Results for the equities business can be found in note 4 of these financial statements.

.

Gary Marshall

Chief Financial and Operating Officer

30th June 2026

The Directors continuously monitor the business and markets to identify and deal with risks and uncertainties as they arise. Set out below are the principal risks which we believe could materially affect the Group's ability to achieve its strategy. The risks are not listed in order of significance.

* As described within the Chairmans Statement the Company now trades under two share classes (previously one (ASTO)). They are; A Ordinary Shares (RVRG) and B Shares (RVRB). Results have been presented accordingly with further details available within note 11 of these results.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Of which;

1. General information and basis of presentation

River Global PLC ("River Global" or the "Company") is the Parent Company of a group of companies ("the Group") which offers a range of investment services to private and institutional investors. The Company is a public limited company, incorporated and domiciled in the United Kingdom under the Companies Act 2006 and is listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. The address of its registered office is 30 Coleman Street, London, EC2R 5AL.

The financial statements have been presented in sterling to the nearest thousand pounds (£000) except where otherwise indicated.

The financial information in the Half-year Report has been prepared using the recognition and measurement principles of the UK-adopted International Accounting standards and in conformity with the requirements of the Companies Act 2006. The principal accounting policies used in preparing the Half-year Report are those the Company expects to apply in its financial statements for the year ending 30 September 2026 and are unchanged from those disclosed in the Annual Report and Financial Statements for the year ended 30 September 2025.

The financial information for the six months ended 31 March 2026 and the six months ended 31 March 2025 is unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 30 September 2025 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies.

While the financial figures included in this Half-year Report have been computed in accordance with IFRSs applicable to interim periods, this Half-year Report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

Items included in the financial statements of each of the Company's businesses are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in sterling (£), which is the Company's and the Group's functional and presentation currency. There has been no change in the Company's functional or presentation currency during the period under review.

The financial statements are prepared in sterling. Income statements of foreign operations are translated into sterling at the average exchange rates for the period and balance sheets are translated into sterling at the exchange rate ruling on the balance sheet date. Foreign exchange gains or losses resulting from such translation are recognised through other comprehensive income.

On 16 March 2026, the Company announced its agreement to the sale of the operating business of River Global PLC, by way of an agreed disposal of River Global Holdings Limited and its subsidiaries to Liontrust Asset Management PLC. Details of the agreement are included in the Company's announcement of the same date.

The sale of the equities business represents a separate major line of business for the Group and following a review under IFRS5 the results for the target equities business have been shown within Discontinued Operations for both the current and comparative periods of these accounts. Consequently, the period ended 31 March 2025 has been restated to present the discontinued operations of the current business. The Audited figures presented for 30 September 2025 have not been restated and are shown as presented in the financial statements for the year ended 30 September 2025.

2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.

a. SIGNIFICANT ESTIMATES

Determining the valuation of goodwill and intangible assets arising from a business combination under IFRS 3 contains elements of judgement The Group has acquired customer relationships, acquired brands and computer software included within intangible assets as part of the business combinations.

The recognition of goodwill and other intangible assets arising on acquisitions and the impairment assessments contain significant accounting estimates. Goodwill is carried at cost less provision for impairment, the carrying value is tested annually for impairment, or more frequently if any indicators arise. Other intangible assets are amortised over their useful economic life and are assessed for impairment when there is an indication that the asset might be impaired. The impairment test of goodwill and other intangible assets includes key assumptions underlying the recoverable amounts, the growth rates applied to the future cash flows and the Group's discount rate.

The Group's corporation tax provision for 2026 now stands at £343,000 (2025: £343,000) and relates to management's assessment of the amount of tax payable on open positions where the liabilities remain to be agreed with relevant tax authorities - principally due to the Grant Thornton litigation which concluded in 2021. Uncertain tax items for which the provision is made relates principally to the interpretation applicable to arrangements entered into by the Group including the application of carried forward losses before 1 April 2017 derived from HMRC guidance on this matter. Due to uncertainty associated with such tax items, it is possible that, on conclusion of open tax matters at a future date, the final outcome may differ. Whilst a range of outcomes is possible, management does not expect the maximum possible tax payable to exceed £343,000. At a minimum tax payable could be £nil resulting in a reduction in liabilities of up to £343,000.

b. SIGNIFICANT JUDGEMENTS

Inputs, including stresses, management actions and forecasting all require significant judgement in concluding on going concern. These have been set out in more detail in note 3.

The identification of assets and liabilities to be included within the disposal group of the equities business being sold to Liontrust includes significant judgement areas including; the identification of the assets and liabilities to be transferred based on the legal terms of the sale and purchase agreement in place, the allocation of shared balances (principally cash and cash equivalents). This work has been conducted to include a detailed review of balance sheet assets and liabilities held as at 31 March 2026 to ensure the amounts that are classified as discontinued are the assets to be sold and the related liabilities that are to be transferred.

3. GOING CONCERN

The Group's going concern assessment takes into account both the existing operations of the business and the agreed sale of the equities business to Liontrust Asset Management PLC.

Against this background, the Directors have given careful consideration to the going concern assumption on which the Group's accounts have been prepared and have concluded that the Group has adequate financial resources to continue operating for the 12 months from the date of signing these financial statements. On that basis the Directors have continued to adopt the Going Concern basis of accounting in preparing the consolidated Group accounts.

As part of this review, the Directors have prepared projections rolling forward more than two years from the date of signing for the Group under several scenarios including stressed environments. The projections demonstrate the Group's ability to continue as a going concern beyond the required 12 months from the date of signing. For the purpose of this assessment, management made conservative assumptions regarding the ability to achieve cost saving measures and the reasonableness of the stress testing applied was considered in the light of those assumptions.

The Directors acknowledge the sale of the equities business represents a significant change to the business and, going forwards, will have very limited operational activity to fund its ongoing costs. The Directors are committed to reviewing the business model as necessary to respond to future business developments. Should there be a need for additional capital, the directors have the option of seeking to raise additional capital, of considering potential partnerships or of re-structuring the business.

4. Segmental Reporting

The core principle of IFRS 8 'Operating segments' is to require an entity to disclose information that enables users of the financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates.

The Directors consider that the chief operating decision maker is the Board.

Segment information has historically been presented in respect of the Group's commercial competencies, Active equities, Infrastructure asset management, Exchange Traded Funds and its investment in Digital Platforms.

Active equities comprise all equities businesses historically acquired by the Group including RMG, ODAM, Saracen, SVM, Revera and the newly acquired Devon Equity Management Limited; Infrastructure Asset Management was the non-equities investment arm of RMG; Digital Platforms represents the Group's investment in the associated company, Parmenion.

Intra-segment transactions are disclosed on the face of the segmental report. The amounts provided to the Board with respect to net assets are measured in a manner consistent with that of the financial statements.

The Company is domiciled in the UK.

The Group does not apply any alternative measurement basis for segmental profit/loss, assets and liabilities than those applied to the consolidated Group as outlined in note 1.

For the year ended 30 September 2025 the Head Office and Equities Business have been combined and are no longer considered separate segments.

The Group has renamed the Active Equities segment to Equities Business to better reflect the strategic goals of the segment.

5. Discontinued Operations

For the period ended 31 March 2026 the Equities business of the Group has been classified as Held for Sale under IFRS 5 and its operating results are shown below.

Under these standards the Discontinued Operations have been separately identified on the face of the Financial Statements and have been disclosed below to help the users of the accounts better understand the continuing operations of the Group.

6. Other Income

As set out in the full 2023 financial statements of the Group; the Group has acquired a 30% equity interest in Parmenion Capital Partners LLP via a corporate entity, Shillay TopCo Limited. A large part of the Group's total investment is held by way of loan notes.

During the period the Group recognised £1,444,000 (31 March 2025: £1,312,000) of interest on those loan notes and this is reflected in other income.

7. Administrative expenses and exceptional items

Included with administrative expenses are exceptional items as shown below:

Restructuring costs include, salaries of employees being made redundant from the point of notice of redundancy, severance costs, costs associated with the implementation of the new target operating model.

A further breakdown of administrative costs has been provided below to show staff costs, amortisation and depreciation:

Reconciliation of 'Operating loss for continuing business excluding exceptionals'

The table below reconciles statutory losses to the Operating loss for continuing business excluding exceptionals:

8. Other Gains and Losses

9. Finance income

10. Income Tax

11. Loss & earnings per share

On 6 March 2025 the Company approved a share split which divided each of its Ordinary Shares into one A Ordinary Share (RVRG), representing the Company's asset management business, and one B Share (RVRB) representing the Company's interest in Parmenion.

Consequently, earnings per share disclosures are to be presented based on the respective rights of those share classes to the loss or profits of the Group with results for each share class set out in note 4 of the financial statements.

Allocation of loss and profits by share class are shown below:

Basic earnings per share is calculated by dividing the (loss)/profit attributable to owners of the parent by the weighted average number of Ordinary Shares in issue during the year. The weighted average number of shares is calculated by reference to the length of time shares are in issue taking into account the issue date of new shares and any buybacks.

The prior year has been restated to split out continuing and discontinued operations.

Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary Shares in issue assuming conversion of all dilutive potential Ordinary Shares.

12. Business Combination

Devon Equity Management Limited

On 6th October 2025 River Global PLC completed its acquisition of the entire share capital and 100% voting rights of Devon Equity Management Limited ("DEM"). DEM is an active equities fund manager of the fund European Opportunities Trust PLC ("EOT").

The business was subsequently impaired following its loss of a major client. The details of both the acquisition and subsequent impairment are shown below.

Acquisition

Details of the purchase consideration are as follows:

The fair value of assets and liabilities recognised as a result of the acquisition are as follows:

Acquired receivables

The fair value of acquired receivables was £1,160,000, primarily made up of trade receivables and accrued income and no loss allowance has been recognised on acquisition.

Revenue and profit contribution

The business was accounted for from the date of acquisition (6th October 2025). This is the fourth working day of the financial year of the Group and consequently the revenue and operating results of the Group would have been materially unaffected by accounting for the acquisition from 1st October 2025.

Purchase consideration - cash outflow

Outflow of cash to acquire subsidiaries, net of cash acquired are shown below. DEM is included within the discontinued operations of the Group and cash balances of DEM are expected to transfer on completion of the sale.

Acquisition-related costs

Directly attributable acquisition related costs for DEM were £160,000 including those not directly attributable to the issue of shares. Incidental costs are included in administrative expenses in the income statement.

Subsequent Impairment

Shortly following acquisition DEM lost a major client and an impairment review was performed for the period to 31 March 2026 in accordance with IAS36. This coincided with a reduction in the expected deferred consideration to be recognised by the Group. The remaining goodwill on acquisition of £12,000 was written down, offset by a reduction in the deferred consideration payable of £1,321,000.

At the reporting date the DEM business is valued at its net assets with no intangible assets on the balance sheet.

13. Reconciliation of losses and profits before tax to net cash inflow from operations

14. Post Balance Sheet Events

In April, a meeting of A shareholders voted in favour of the proposed disposal of the asset management business (River Global Holdings Ltd and its subsidiaries) with over 99% of voters supporting the proposal. In June a further meeting of A shareholders approved proposals to undertake a capital reduction and return of capital to facilitate the distribution of consideration shares in tax efficient manner. The proposals were supported by 100% of those voting. Also in June, notification was received that the UK regulator (the Financial Conduct Authority) had approved the change in control for the regulated businesses. Completion of the acquisition is expected at end of June 2026.