CORDEL GROUP PLC — M&A Activity 2026

May 20, 2026

National Storage Mechanism | Additional information

RNS Number : 1274F

Cordel Group PLC

20 May 2026

FORM 8 (OPD)

PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

Rules 8.1 and 8.2 of the Takeover Code (the "Code")

1.         KEY INFORMATION

(a) Full name of discloser:	Cordel Group plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):      The naming of nominee or vehicle companies is insufficient.  For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:      Use a separate form for each offeror/offeree	Cordel Group plc
(d) Is the discloser the offeror or the offeree?	OFFEREE
(e) Date position held:      The latest practicable date prior to the disclosure	13 May 2026
(f)  In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?      If it is a cash offer or possible cash offer, state "N/A"	N/A

2.         POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a)        Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates

Class of relevant security:	Ordinary Shares of 1p each ("Ordinary Shares")
	Interests		Short positions
Number	%	Number	%
(1) Relevant securities owned and/or controlled:	Nil	Nil	Nil	Nil
(2) Cash-settled derivatives:	Nil	Nil	Nil	Nil
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	Nil	Nil	Nil	Nil
TOTAL:	Nil	Nil	Nil	Nil

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

(b)        Rights to subscribe for new securities

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3.         POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE

Details of any interests, short positions and rights to subscribe (including directors' and other employee options) of any person acting in concert with the party to the offer making the disclosure:

a)   Interest held in Ordinary Shares by the directors of Cordel Group plc:

Director	Number of Ordinary Shares held	Percentage of total issued Ordinary Share capital
Aaron Hoye	25,593,750	11.79%
Ian Buddery	10,181,626	4.69%
Jonathan MacLeod	2,176,118	1.00%
John Davies	821,367	0.37%
Total	38,772,861	17.87%

b)   Interests held in rights to subscribe for new Ordinary Shares by the directors of Cordel Group plc:

Name	Name of award*	Number of awards	Date of grant	Vesting date	Exercise price	Expiry date
Aaron Hoye	ESOP	490,000	17.04.2020	17.04.2021	£0.022	17.04.2030
John Davies	ESOP	300,000	01.07.2019	03.12.2020	£0.013	01.07.2029
	ESOP	1,111,111	01.07.2019	03.12.2020	£0.013	01.07.2029
	ESOP	250,000	03.04.2023	Vest in equal amounts over 4 years starting from 02.04.2024	£0.063	04.03.2033
	ESOP	750,000	26.04.2023	Vest in equal amounts over 3 years starting from 26.04.2024	£0.063	27.04.2033
Natasha Dineen	ESOP	300,000	14.11.2024	14.11.2026	£0.075	14.11.2036
Thouraya Walker	ESOP	250,000	02.03.2023	Vest in equal amounts over 4 years starting from 02.03.2024	£0.070	18.03.2033
Jeff Songer	ESOP	300,000	04.06.2025	11.03.2028	£0.073	04.06.2025

Notes:

* - Employee Share Option Plan

c)   Interests held in Ordinary Shares by members of the Company's IPO Concert Party deemed to be acting in concert with certain directors

Director	Number of Ordinary Shares held	Percentage of total issued Ordinary Share capital
Aaron Hoye	25,593,750	11.79%
Ian Buddery	10,181,626	4.69%
Nicholas Smith	25,593,750	11.79%
David Israel	10,634,999	4.90%
Ashley Cox	4,777,500	2.20%
Total	76,781,625	35.39%

d)   Interest held in rights to subscribe for new Ordinary Shares by members of the Company's IPO Concert Party deemed to be acting in concert with certain directors

Name	Name of award	Number of awards	Date of grant	Vesting date	Exercise price	Expiry date
Nicholas Smith	ESOP	490,000	17.04.2020	17/04/2021	£0.022	17.04.2030
David Israel	ESOP	2,000,000	03.11.2020	Upon Scheme becoming effective	£0.10	N/A

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

4.         OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer making the disclosure or any person acting in concert with it: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"
None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer making the disclosure, or any person acting in concert with it, and any other person relating to: (i)  the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none"
None

(c)        Attachments

Are any Supplemental Forms attached?

Supplemental Form 8 (Open Positions)	NO
Supplemental Form 8 (SBL)	NO

###### Date of disclosure:	20 May 2026
###### Contact name:	Ian Buddery
###### Telephone number:	+44 (0) 20 7409 3494

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

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