Cordel Group plc - OPD

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:	[phone]

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 [phone].

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

 

END