TIDMBBSN
RNS Number : 8038O
Brave Bison Group PLC
03 February 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN
(TOGETHER, THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE OF THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMED) (WHICH FORMS PART
OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 (AS AMED)). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
3 February 2023
Brave Bison Group plc
("Brave Bison" or the "Company")
Acquisition of Social Chain
Trading Update
and
Vendor Placing to raise GBP4.75 million
Brave Bison Group plc (AIM: BBSN), the social and digital media
company, is pleased to announce that it has entered into a
conditional binding agreement to acquire the entire issued share
capital of Social Chain Limited ("Social Chain") (the
"Acquisition"). The initial consideration for the Acquisition
consists of a payment of GBP7.7 million (the "Initial
Consideration").
Part of the Initial Consideration will be funded by way of an
oversubscribed vendor placing (the "Vendor Placing" or the
"Placing") to raise GBP4.75 million. The price of the Placing at
2.3 pence per new ordinary share (the "Placing Price") represents a
discount of 3.4% to the volume weighted average price per ordinary
share for the 60-day period ended 2 February 2023, being the latest
practicable date prior to the date of this announcement.
Social Chain is one of the UK's leading social media and
influencer marketing agencies. It was founded in 2014 by Dragon's
Den entrepreneur Steven Bartlett and works with global brands such
as Amazon, TikTok, KFC and Apple Beats to create social media
advertising campaigns and perform influencer marketing services.
Social Chain has a total headcount of 122 with offices in
Manchester, New York and London.
The board of directors (the "Board") of Brave Bison anticipates
that the Company will meet or exceed the current market
expectations for the financial year ended 31 December 2022, in
which revenue is expected to increase in excess of 30%
year-on-year, and net cash is expected to be GBP6.2 million at year
end.
Acquisition Highlights:
-- On a pro-forma basis, the Acquisition is expected to increase
Brave Bison's revenues from social media advertising seven-fold to
GBP15 million, and the consolidated businesses (the "Enlarged Brave
Bison") is expected to generate total revenues in excess of GBP40
million for the financial year ending 31 December 2023. The
Acquisition is expected to be earnings accretive in the current
financial year
-- Brave Bison will remain well capitalised on completion, with expected unaudited net cash of approximately GBP4.8 million and undrawn credit facilities of GBP1.5 million
-- Social Chain is expected to generate revenues of GBP13.8
million and an adjusted EBITDA loss of GBP0.1 million in the year
ending 31 December 2022. Over the last five years, Social Chain has
grown at a compound annual growth rate of 14%, approximately
doubling revenues from GBP7.1 million in the financial year ended
31 December 2017
-- Brave Bison Social & Influencer and Social Chain will
merge, with Social Chain CEO Pete Metcalfe taking responsibility
for the enlarged social media advertising practice
-- The Enlarged Brave Bison will have significant scale in the
social media advertising market, one of the fastest-growing
sub-sectors of the digital advertising industry with forecast
annual growth rates of up to 15%
-- The Acquisition will bring access to new, global customers,
including Amazon, TikTok, Arla, KFC and Apple Beats . On a combined
basis for the Enlarged Brave Bison, no single customer will
represent more than 8% of net revenue, and the top 10 customers
will represent less than 50% of net revenue
-- The Acquisition will bring access to the US market, the
largest market for digital advertising in the world, through a
foundational office in New York, as well a new hub in Manchester, a
key city for digital talent
-- Social Chain is a non-core division of The Social Chain AG
(the "Vendor"), a German e-commerce corporate listed in the Prime
Standard of the Frankfurt Stock Exchange
-- Brave Bison will finance the Initial Consideration from the
Company's existing cash resources and bank facilities, and through
the Vendor Placing of 206,521,739 new ordinary shares (the "Placing
Shares") at a price of 2.3 pence per Placing Share
-- An additional contingent consideration of up to GBP9.5
million (the "Contingent Consideration") is payable over three
years following completion of the Acquisition. The amount payable
under the Contingent Consideration is calculated on stretch
performance targets based on EBITDA . The Contingent Consideration
(to the extent it becomes payable) is expected to be satisfied from
the operating cashflows of Social Chain post-acquisition
Placing Highlights
-- Vendor Placing to raise GBP4.75 million at the Placing Price.
The Placing Shares will represent approximately 16.0% of the
Company's enlarged share capital on Admission
-- Oliver & Theo Green have subscribed for Placing Shares
with an aggregate value of approximately GBP100,000, and will
retain a shareholding of 19.1%
-- The Acquisition is conditional, inter alia, upon admission of
the Placing Shares to trading on AIM (" Admission ")
-- Cenkos Securities plc ("Cenkos") is acting as nominated
adviser, sole broker and sole bookrunner in connection with the
Placing
Brave Bison Trading Update
Brave Bison released its unaudited interim results in September
2022, reporting revenues for the half year period of GBP14.7m (H1
2021: GBP7.3m), an increase of 102% year-on-year, and adjusted
EBITDA of GBP1.6m (H1 2021: GBP0.5m), an increase of 189%
year-on-year.
The Company also reported profit before tax of GBP1.0m (H1 2021:
GBP0.2m) and net cash of GBP4.8m (H1 2021: GBP2.9m).
The Board anticipates that Brave Bison will meet or exceed the
current market expectations for the year ending 31 December 2022.
Revenue is expected to increase by more than 30% year-on-year, and
net cash is expected to be GBP6.2 million at year end.
Oliver Green , Chairman of Brave Bison, commented:
"We've long admired Social Chain, which we believe is among the
world's best regarded social media and influencer marketing brands,
and we're excited by the highly relevant clients it brings into our
business. Social Chain has huge potential for growth within Brave
Bison, taking the momentum Pete and the team have built up using
Steven Bartlett's platform. We're delighted to be taking this big
step forward as we continue to build a media, marketing and
technology company for the new era."
Theo Green , Chief Growth Officer of Brave Bison, commented:
"This strategic acquisition strengthens our position in the
social media advertising space and gives Brave Bison a foundational
office in the US. My brother and I are delighted to be
participating in this placing, and we remain on the lookout for
opportunities in the digital media, digital advertising and
technology services ecosystems."
Further details of the Acquisition and the Placing are set out
below.
For further information please contact:
Brave Bison Group plc via Cenkos
Oliver Green, Chairman
Theo Green, Chief Growth Officer
Phillipa Norridge, Chief Financial
Officer
Cenkos Securities plc (Nomad and Broker)
Nicholas Wells / Charlie Combe / George
Lawson (Corporate Finance) +44 (0) 20 7397 8900
Powerscourt Group (Public Relations) +44 (0) 20 7250 1446
Elly Williamson / Ollie Simmonds bravebison@powerscourt-group.com
About Brave Bison
Brave Bison (AIM: BBSN) is a social and digital media company,
headquartered in London with a globally distributed workforce
across eight countries.
Brave Bison is unique in that it is both a digital media owner,
as well as a digital media agency. The Company owns and operates
its own channels, and the communities attached to them, as well as
offering customers a suite of advertising and technology services
to help reach digital audiences.
Brave Bison has two core lines of business. Firstly, the
publishing of content on social media channels to generate
advertising revenue. Brave Bison operates over 650 channels
including PGA Tour and US Open on YouTube, Cooking Wild and DIY
& Crafts on Facebook and Slick and VSatisfying on Snap
Discover. The Brave Bison media network generates approximately 1
billion average monthly views.
The second line of business involves the provision digital
advertising and technology services for global, blue-chip brands
such as Panasonic, New Balance, Primark and Samsung. These
customers are serviced through three divisions: Brave Bison Social
& Influencer, a social media advertising practice, Brave Bison
Commerce, a digital commerce practice, and Brave Bison Performance,
a paid and organic digital media practice.
The Acquisition
Overview of Social Chain
Social Chain is a social media advertising company with offices
in Manchester, New York and London. Steven Bartlett, the Dragon's
Den entrepreneur, founded the business in 2014, and it has grown
into one of the UK's leading social media and influencer marketing
agencies.
Social Chain has a total headcount of 122, and approximately 50%
of the staff are under 27. This social native approach to digital
advertising has attracted global clients including Amazon, TikTok,
Arla, KFC and Apple Beats.
Social Chain operates Social Minds , a podcast dedicated to
social media marketing. Recent guest speakers include the social
media managers from Monzo, Ryanair and Innocent Drinks. The podcast
generates approximately 14,000 downloads every month.
For the financial year ending 31 December 2022, Social Chain is
expected to generate revenues of GBP13.8 million and an adjusted
EBITDA loss of GBP0.1 million (unaudited). Over the last five
years, Social Chain has grown at a compound annual growth rate of
14%, approximately doubling revenues of GBP7.1 million in the
financial year ended 31 December 2017.
Social Chain is a subsidiary of The Social Chain AG, a listed
German ecommerce corporate founded by Georg Kofler and Wanja
Oberhof. Social Chain represents less than 10% of The Social Chain
AG revenues, and as part of the transaction Brave Bison has
acquired all applicable intellectual property associated with the
Social Chain mark.
As part of the acquisition, members of the senior management
team at Social Chain will become option holders in Brave Bison. Up
to 15 million share options will be issued over the next three
years depending on performance.
Sale and Purchase Agreement
On 3 February 2023 the Company entered into a binding sale and
purchase agreement ("Acquisition Agreement") with the Vendor
pursuant to which the Company has conditionally agreed to acquire
the entire issued share capital of Social Chain Limited for an
initial consideration of GBP7.7 million. The Initial Consideration
is subject to a working capital adjustment to reflect a normalised
working capital position of GBP1.0 million.
The Contingent Consideration of up to GBP9.5 million is payable
over three years following completion of the Acquisition. In order
for the maximum annual payment of approximately GBP3.2 million to
become payable, Social Chain is required to achieve an annual
EBITDA of more than GBP3.2 million, GBP4.0 million and GBP4.8
million, in Years 1, 2 and 3, respectively.
Completion of the Acquisition Agreement will take effect on
Admission.
Details of the Placing and the Placing Agreement
Under the terms of a placing agreement entered into today, 3
February 2023, between Cenkos and the Company (the "Placing
Agreement"), Cenkos has conditionally agreed to use its reasonable
endeavours to procure subscribers for the Placing Shares to raise
GBP4.75 million.
Cenkos has conditionally placed the Placing Shares with certain
institutional and other investors at the Placing Price. The Placing
is not being underwritten by Cenkos.
The Placing has raised proceeds of GBP4.75 million through the
Placing of the Placing Shares at the Placing Price. The Placing
Price represents a discount of 3.4% to the volume weighted average
price per Ordinary Share for the 60-day period ended 2 February
2023, being the latest practicable date prior to the date of this
announcement.
The Placing Shares will represent approximately 16.0% of the
Company's enlarged issued ordinary share capital on Admission.
The Placing is conditional, inter alia, on:
-- The Placing Agreement not having been terminated in
accordance with its terms prior to Admission of the Placing Shares
to trading on AIM;
-- The Acquisition Agreement not having been terminated in
accordance with its terms prior to Admission.
-- Admission becoming effective by no later than 8.00 a.m. on 6
February 2023 or such later time and/or date as the Company and
Cenkos may agree (being no later than 8.00 a.m. on 20 February
2023).
The Placing Agreement contains customary warranties given by the
Company to Cenkos as to matters in relation to, inter alia, the
accuracy of information in this Announcement and other matters
relating to Brave Bison and its business. In addition, the Company
has provided a customary indemnity to Cenkos in respect of
liabilities arising out of or in connection with the Placing.
Cenkos is entitled to terminate the Placing Agreement in certain
circumstances prior to Admission including where any of the
warranties are found not to be true or accurate or were misleading
in any respect, the failure of the Company to comply in any
material respect with any of its obligations under the Placing
Agreement, the occurrence of certain force majeure events or a
material adverse change in the business of the Group or in
financial or trading position or prospects of the Group or the
Company .
Director Placing Participation
Oliver & Theo Green (22.34% shareholders of the Company),
Gordon Brough (0.05%) and Matt Law (together, the "Directors") have
all subscribed for Placing Shares at the Placing Price under the
Placing, as set out below.
Shareholder Number % of Number Number % of
of existing existing of Placing of Ordinary enlarged
Ordinary issued ordinary Shares subscribed Shares held issued ordinary
Shares share capital for at the on Admission share capital
Placing on Admission
Price
Oliver & Theo
Green* 241,468,473* 22.34% 4,347,800 245,816,273 19.09%
------------- ----------------- ------------------- -------------- -----------------
Matt Law - - 870,000 870,000 0.07%
------------- ----------------- ------------------- -------------- -----------------
Gordon Brough 587,371 0.05% 1,087,000 1,674,371 0.13%
------------- ----------------- ------------------- -------------- -----------------
* 240,416,059 Ordinary Shares are held by Greenspan Investments
Limited and 1,052,414 are held by Oliver Green in his own name
For the reasons set out above, the participation by the
Directors referred to above in the Placing is classified as a
'related party transaction' for the purposes of Rule 13 of the AIM
Rules. Philippa Norridge, as the independent Director of the
Placing, considers, having consulted with Cenkos (as the Company's
nominated adviser), that the terms of the related party transaction
are fair and reasonable insofar as the Company's shareholders are
concerned.
Admission, Settlement, Dealings and Total Voting Rights
The Placing Shares will be issued credited as fully paid and
will rank pari passu with the Company's existing Ordinary Shares.
The Placing Shares are not being made available to the public and
are not being offered or sold in any jurisdiction where it would be
unlawful to do so.
Application has been made for the Placing Shares to be admitted
to trading on AIM and it is expected that settlement of the Placing
Shares and Admission will occur at 8.00 a.m. on 6 February
2023.
Following Admission of the Placing Shares, the Company's issued
ordinary share capital will comprise 1,287,337,739 Ordinary Shares,
none of which are held in treasury. Therefore, following Admission
of the Placing Shares, the total number of Ordinary Shares with
voting rights in the Company will be 1,287,337,739, which may be
used by the Company's shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
The allotment and issue of the Placing Shares will not exceed
the Company's existing authorities and no shareholder approval is
therefore required.
Expected Timetable of Principal Events
Announcement of the Acquisition and 7.00 a.m. on 3 February 2023
the Vendor Placing
Admission, completion of the Acquisition 8.00 a.m. on 6 February 2023
and dealings in the Placing Shares
expected to commence on AIM
Where applicable, expected date for 6 February 2023
CREST accounts to be credited in
respect of Placing Shares in uncertificated
form
Where applicable, expected date for Within 10 business days of
dispatch of definitive share certificates Admission
for Placing Shares in the certificated
form
Important notices
The distribution of this Announcement and any other
documentation associated with the Placing into jurisdictions other
than the United Kingdom may be restricted by law. Persons into
whose possession these documents come should inform themselves
about and observe any such restrictions. Any failure to comply with
these restrictions may constitute a violation of the securities
laws or regulations of any such jurisdiction. In particular, such
documents should not be distributed, forwarded to or transmitted,
directly or indirectly, in whole or in part, in, into or from the
United States, Australia, Canada, Japan or the Republic of South
Africa or any other jurisdiction where to do so may constitute a
violation of the securities laws or regulations of any such
jurisdiction (each a "Restricted Jurisdiction").
The Placing Shares have not been and will not be registered
under the US Securities Act 1933 (as amended) (the "US Securities
Act") or with any securities regulatory authority of any state or
other jurisdiction of the United States and, accordingly, may not
be offered, sold, resold, taken up, transferred, delivered or
distributed, directly or indirectly, within the United States
except in reliance on an exemption from the registration
requirements of the US Securities Act and in compliance with any
applicable securities laws of any state or other jurisdiction of
the United States.
There will be no public offer of the Placing Shares in the
United States. The Placing Shares are being offered and sold
outside the US in reliance on Regulation S under the US Securities
Act. The Placing Shares have not been approved or disapproved by
the US Securities and Exchange Commission, any state securities
commission in the US or any other US regulatory authority, nor have
any of the foregoing authorities passed upon or endorsed the merits
of the offering of the Placing Shares or the accuracy or adequacy
of this Announcement. Any representation to the contrary is a
criminal offence in the US. In addition, offers, sales or transfers
of the securities in or into the US for a period of time following
completion of the Placing by a person (whether or not participating
in the Placing) may violate the registration requirement of the
Securities Act.
The Placing Shares have not been and will not be registered
under the relevant laws of any state, province or territory of any
Restricted Jurisdiction and may not be offered, sold, resold, taken
up, transferred, delivered or distributed, directly or indirectly,
within any Restricted Jurisdiction except pursuant to an applicable
exemption from registration requirements. There will be no public
offer of Placing in Australia, Canada, Japan, or the Republic of
South Africa.
This Announcement is for information purposes only and does not
constitute or form part of any offer to issue or sell, or the
solicitation of an offer to acquire, purchase or subscribe for, any
securities in any jurisdiction and should not be relied upon in
connection with any decision to subscribe for or acquire any of the
Placing Shares (as the case may be). In particular, this
Announcement does not constitute or form part of any offer to issue
or sell, or the solicitation of an offer to acquire, purchase or
subscribe for, any securities in the United States.
This Announcement has been issued by, and is the sole
responsibility of, the Company. No person has been authorised to
give any information or to make any representations other than
those contained in this Announcement and, if given or made, such
information or representations must not be relied on as having been
authorised by the Company or Cenkos. Subject to the AIM Rules for
Companies, the issue of this Announcement shall not, in any
circumstances, create any implication that there has been no change
in the affairs of the Company since the date of this Announcement
or that the information contained in it is correct at any
subsequent date.
Cenkos, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting exclusively for the
Company and no one else in connection with the Placing and will not
regard any other person (whether or not a recipient of this
Announcement) as a client in relation to the Placing and will not
be responsible to anyone other than the Company for providing the
protections afforded to its clients or for providing advice in
relation to the Placing or any matters referred to in this
Announcement.
Apart from the responsibilities and liabilities, if any, which
may be imposed on Cenkos by the Financial Services and Markets Act
2000 or the regulatory regime established thereunder, Cenkos does
not accept any responsibility whatsoever for the contents of this
Announcement, and makes no representation or warranty, express or
implied, for the contents of this Announcement, including its
accuracy, completeness or verification, or for any other statement
made or purported to be made by it, or on its behalf, in connection
with the Company or the Placing Shares or the Placing, and nothing
in this Announcement is or shall be relied upon as, a promise or
representation in this respect whether as to the past or future.
Cenkos accordingly disclaims to the fullest extent permitted by law
all and any liability whether arising in tort, contract or
otherwise (save as referred to above) which it might otherwise have
in respect of this Announcement or any such statement.
No statement in this Announcement is intended to be a profit
forecast or profit estimate for any period and no statement in this
Announcement should be interpreted to mean that earnings or
earnings per share of the Company for the current or future
financial years would necessarily match or exceed the historical
published earnings or earnings per share of the Company.
This Announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will", or
"should" or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include
matters that are not historical facts. They appear in a number of
places throughout this Announcement and include statements
regarding the Directors' current intentions, beliefs or
expectations concerning, among other things, the Company's results
of operations, financial condition, liquidity, prospects, growth,
strategies and the Company's markets. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. Actual results and
developments could differ materially from those expressed or
implied by the forward-looking statements. Forward-looking
statements may and often do differ materially from actual results.
Any forward-looking statements in this Announcement are based on
certain factors and assumptions, including the Directors' current
view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and
assumptions relating to the Company's operations, results of
operations, growth strategy and liquidity. Whilst the Directors
consider these assumptions to be reasonable based upon information
currently available, they may prove to be incorrect. Save as
required by applicable law or by the AIM Rules for Companies, the
Company undertakes no obligation to release publicly the results of
any revisions to any forward-looking statements in this
Announcement that may occur due to any change in the Directors'
expectations or to reflect events or circumstances after the date
of this Announcement.
Information to Distributors
UK product governance
Solely for the purposes of the product governance requirements
contained within of Chapter 3 of the FCA Handbook Production
Intervention and Product Governance Sourcebook (the "UK Product
Governance Requirements"), and disclaiming all and any liability,
whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the UK Product Governance
Requirements) may otherwise have with respect thereto, the Placing
Shares have been subject to a product approval process, which has
determined that such securities are: (i) compatible with an end
target market of investors who meet the criteria of retail
investors and investors who meet the criteria of professional
clients and eligible counterparties, each as defined in paragraph 3
of the FCA Handbook Conduct of Business Sourcebook; and (ii)
eligible for distribution through all distribution channels (the
"Target Market Assessment"). Notwithstanding the Target Market
Assessment, distributors (for the purposes of UK Product Governance
Requirements) should note that: (a) the price of the Placing Shares
may decline and investors could lose all or part of their
investment; (b) the Placing Shares offer no guaranteed income and
no capital protection; and (c) an investment in the Placing Shares
is compatible only with investors who do not need a guaranteed
income or capital protection, who (either alone or in conjunction
with an appropriate financial or other adviser) are capable of
evaluating the merits and risks of such an investment and who have
sufficient resources to be able to bear any losses that may result
therefrom. The Target Market Assessment is without prejudice to the
requirements of any contractual, legal or regulatory selling
restrictions in relation to the Placing. Furthermore, it is noted
that, notwithstanding the Target Market Assessment, Cenkos will
only procure investors who meet the criteria of professional
clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of Chapter 9A or 10A respectively of the FCA
Handbook Conduct of Business Sourcebook; or (b) a recommendation to
any investor or group of investors to invest in, or purchase, or
take any other action whatsoever with respect to the Placing
Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining
appropriate distribution channels.
Neither the content of the Company's website nor any website
accessible by hyperlinks to the Company's website is incorporated
in, or forms part of, this Announcement.
Certain figures contained in this Announcement, including
financial information, have been subject to rounding adjustments.
Accordingly, in certain instances, the sum or percentage change of
the numbers contained in this Announcement may not conform exactly
with the total figure given.
All references to time in this Announcement are to London time,
unless otherwise stated.
PDMR Notification Form
The notification below is made in accordance with the
requirements of MAR.
1 Details of the person discharging managerial responsibilities/person
closely associated (PCA)
a) Name a) Oliver & Theo Green
b) Matt Law
c) Gordon Brough
------------------------------- -----------------------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------
a) Position/status a) Executive Chairman and Chief Growth Officer respectively
b) Non-Executive Director
c) Non-Executive Director
------------------------------- -----------------------------------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -----------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------------------
a) Name Brave Bison Group plc
------------------------------- -----------------------------------------------------------------
b) LEI 213800BEII7EWIN8X308
------------------------------- -----------------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------------------------
a) Description of ordinary shares of 0.1p each
the financial instrument, Identification code (ISIN) for Brave
type of instrument Bison Group plc ordinary shares: GB00BF8HJ774
Identification
code
------------------------------- -----------------------------------------------------------------
b) Nature of the transaction Participation in Placing
------------------------------- -----------------------------------------------------------------
c) Price(s) and volume(s) Price - 2.3 pence
Volumes:
a) 4,347,800
b) 870,000
c) 1,087,000
------------------------------- -----------------------------------------------------------------
d) Aggregated information See 4c) above
------------------------------- -----------------------------------------------------------------
e) Date of the transaction 3 February 2023
------------------------------- -----------------------------------------------------------------
f) Place of the transaction London Stock Exchange, AIM
------------------------------- -----------------------------------------------------------------
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END
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