Business

Disclosure Table

The Takeover Panel has updated its Disclosure Table, noting the commencement of an offer period for PPHE Hotel Group Limited on November 14, 2025, with Rule 2.9 information to follow and no named offeror at this time. The table also details ongoing offer periods for various companies including Aferian plc, Alphawave IP Group plc, Audioboom Group plc, Bakkavor Group plc, Big Yellow Group plc, Bluefield Solar Income Fund Limited, Challenger Energy Group plc, Deltic Energy plc, Dowlais Group plc, Empiric Student Property plc, Frenkel Topping Group plc, Idox plc, Inspecs Group plc, International Personal Finance plc, IQE plc, JTC plc, Just Group plc, Kore Potash plc, ME Group International plc, NCC Group plc, Petershill Partners plc, The Revel Collective plc, Spectris plc, Spire Healthcare Group plc, TT Electronics plc, WH Ireland Group plc, and John Wood Group plc, with various offerors and deadlines specified. Disclaimer*

Pphe Hotel Group LimitedNovember 14, 20253
Disclosure Table

About this update from Pphe Hotel Group Limited

THE TAKEOVER PANEL - DISCLOSURE TABLE   14 November 2025   The following are today's changes to the Disclosure Table:   ADDITIONS   OFFEREE: PPHE Hotel Group Limited Offer period commenced: 07:00 14-Nov-2025 Rule 2.9 information to follow OFFEROR: No named offeror   DELETIONS   None   OTHER AMENDMENTS   None   DISCLOSURE TABLE   OFFEREE: Aferian plc Offer period commenced: 10:04 29-Sep-2025 1p ordinary ISIN: GB00B013SN63 NSI: 111,212,107 OFFEROR: No named offeror   OFFEREE: Alphawave IP Group plc Offer period commenced: 13:56 01-Apr-2025 1p ordinary ISIN: GB00BNDRMJ14 NSI: 791,538,648 Warrant   NSI: 20,571,995 Senior unsecured convertible bond ISIN: XS2962835257 USD: 150,000,000 OFFEROR: Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Incorporated) Offeror identified: 13:56 01-Apr-2025 Rule 2.6 deadline: N/A USD 0.0001 common ISIN: US7475251036 NSI: 1,070,418,107   OFFEREE: Audioboom Group plc Offer period commenced: 17:09 03-Oct-2025 Ordinary NPV ISIN: JE00BJYJFG60 NSI: 17,972,155 OFFEROR: No named offeror   OFFEREE: Bakkavor Group plc Offer period commenced: 13:58 14-Mar-2025 2p ordinary ISIN: GB00BF8J3Z99 NSI: 579,425,585 OFFEROR: Greencore Group plc Offeror identified: 13:58 14-Mar-2025 Rule 2.6 deadline: N/A 1p ordinary ISIN: IE0003864109 NSI: 442,899,316 ADR ISIN: US3941811016     OFFEREE: Big Yellow Group plc Offer period commenced: 08:53 13-Oct-2025 10p ordinary ISIN: GB0002869419 NSI: 196,767,698 OFFEROR: Blackstone Europe LLP Offeror identified: 08:53 13-Oct-2025 Rule 2.6 deadline: 17:00 08-Dec-2025 Disclosure of dealings and positions in this offeror is not required   OFFEREE: Bluefield Solar Income Fund Limited Offer period commenced: 07:00 05-Nov-2025 0.01p ordinary ISIN: GG00BB0RDB98 NSI: 592,080,033 OFFEROR: No named offeror   OFFEREE: Challenger Energy Group plc Offer period commenced: 07:00 09-Oct-2025 1p ordinary ISIN: IM00BPLZ1D89 NSI: 249,312,660 OFFEROR: Sintana Energy Inc. Offeror identified: 07:00 09-Oct-2025 Rule 2.6 deadline: N/A Common ISIN: CA82938H1073 NSI: 380,125,545   OFFEREE: Deltic Energy plc Offer period commenced: 12:07 30-Jun-2025 10p ordinary ISIN: GB00BNTY2N01 NSI: 93,096,600 OFFEROR: Rockrose Energy Limited (a wholly-owned subsidiary of Viaro Energy Limited) Offeror identified: 12:07 30-Jun-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   OFFEREE: Dowlais Group plc Offer period commenced: 07:00 29-Jan-2025 1p ordinary ISIN: GB00BMWRZ071 NSI: 1,316,658,644 OFFEROR: American Axle & Manufacturing Holdings, Inc. Offeror identified: 07:00 29-Jan-2025 Rule 2.6 deadline: N/A USD 0.01 common ISIN: US0240611030 NSI: 118,696,421   OFFEREE: Empiric Student Property plc Offer period commenced: 11:15 05-Jun-2025 1p ordinary ISIN: GB00BLWDVR75 NSI: 664,188,110 OFFEROR: Unite Group plc, The Offeror identified: 11:15 05-Jun-2025 Rule 2.6 deadline: N/A 25p ordinary ISIN: GB0006928617 NSI: 490,043,571   OFFEREE: Frenkel Topping Group plc Offer period commenced: 11:00 02-Jun-2025 0.5p ordinary ISIN: GB00B01YXQ71 NSI: 128,013,064 OFFEROR: Irwell Financial Services Bidco Limited (a newly formed company indirectly owned by a limited partnership managed by Harwood Private Equity LLP) Offeror identified: 11:00 02-Jun-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   OFFEREE: Idox plc Offer period commenced: 07:00 28-Oct-2025 1p ordinary ISIN: GB0002998192 NSI: 461,682,046 OFFEROR: Frankel UK Bidco Limited (a newly-formed company indirectly owned by Long Path Co-Investment Fund Number 6, LP, Long Path Smaller Companies Fund, LP, Long Path Smaller Companies Master Fund, Ltd. and Long Path Opportunities Fund II, LP) Offeror identified: 07:00 28-Oct-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   OFFEREE: Inspecs Group plc Offer period commenced: 16:32 23-Oct-2025 1p ordinary ISIN: GB00BK6JPP03 NSI: 101,671,525 OFFEROR: H2 Equity Partners Ltd. Offeror identified: 16:32 23-Oct-2025 Rule 2.6 deadline: 17:00 20-Nov-2025 Disclosure of dealings and positions in this offeror is not required OFFEROR: A consortium comprising Risk Capital Partners and Ian Livingstone Offeror identified: 16:32 23-Oct-2025 Rule 2.6 deadline: 17:00 20-Nov-2025 Disclosure of dealings and positions in this offeror is not required   OFFEREE: International Personal Finance plc Offer period commenced: 07:01 30-Jul-2025 10p ordinary ISIN: GB00B1YKG049 NSI: 219,115,063 OFFEROR: BasePoint Capital LLC Offeror identified: 07:01 30-Jul-2025 Rule 2.6 deadline: 17:00 19-Nov-2025 Disclosure of dealings and positions in this offeror is not required   OFFEREE: IQE plc Offer period commenced: 07:00 08-Sep-2025 1p ordinary ISIN: GB0009619924 NSI: 977,633,416 OFFEROR: No named offeror   OFFEREE: JTC plc Offer period commenced: 11:39 29-Aug-2025 1p ordinary ISIN: JE00BF4X3P53 NSI: 172,006,514 OFFEROR: Papilio Bidco Limited (a newly incorporated company indirectly wholly-owned by funds advised by Permira Advisers LLP) Offeror identified: 11:39 29-Aug-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required OFFEROR: Warburg Pincus LLC Offeror identified: 14:25 12-Sep-2025 Rule 2.6 deadline: to be determined Disclosure of dealings and positions in this offeror is not required   OFFEREE: Just Group plc Offer period commenced: 07:00 31-Jul-2025 10p ordinary ISIN: GB00BCRX1J15 NSI: 1,038,702,932 OFFEROR: BWS Holdings Ltd. (a wholly owned subsidiary of Brookfield Wealth Solutions Ltd.) Offeror identified: 07:00 31-Jul-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   OFFEREE: Kore Potash plc Offer period commenced: 07:30 04-Nov-2025 USD 0.001 ordinary ISIN: GB00BYP2QJ94 NSI: 4,856,249,499 CDI ISIN: AU000000KP25   OFFEROR: No named offeror   OFFEREE: ME Group International plc Offer period commenced: 12:25 18-Jun-2025 0.5p ordinary ISIN: GB0008481250 NSI: 377,723,336 OFFEROR: No named offeror   OFFEREE: NCC Group plc Offer period commenced: 18:24 16-Jul-2025 1p ordinary ISIN: GB00B01QGK86 NSI: 314,995,301 OFFEROR: No named offeror   OFFEREE: Petershill Partners plc Offer period commenced: 07:00 25-Sep-2025 USD 0.01 ordinary ISIN: GB00BL9ZF303 NSI: 1,081,708,167 OFFEROR: The Petershill Funds managed by Goldman Sachs Asset Management L.P. Offeror identified: 07:00 25-Sep-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   OFFEREE: PPHE Hotel Group Limited Offer period commenced: 07:00 14-Nov-2025 Rule 2.9 information to follow OFFEROR: No named offeror   OFFEREE: Revel Collective plc, The Offer period commenced: 07:00 24-Oct-2025 0.1p ordinary ISIN: GB00BVDPPV41 NSI: 1,501,925,226 OFFEROR: No named offeror   OFFEREE: Spectris plc Offer period commenced: 12:32 09-Jun-2025 5p ordinary ISIN: GB0003308607 NSI: 99,412,135 OFFEROR: Project Aurora Bidco Limited (a special purpose vehicle wholly-owned by funds advised by Kohlberg Kravis Roberts & Co. L.P., and its affiliates) Offeror identified: 18:15 13-Jun-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   OFFEREE: Spire Healthcare Group plc Offer period commenced: 19:36 18-Sep-2025 1p ordinary ISIN: GB00BNLPYF73 NSI: 402,759,599 OFFEROR: No named offeror   OFFEREE: TT Electronics plc Offer period commenced: 06:25 30-Oct-2025 25p ordinary ISIN: GB0008711763 NSI: 178,119,248 OFFEROR: Cicor Technologies Ltd. Offeror identified: 06:25 30-Oct-2025 Rule 2.6 deadline: N/A CHF 10.00 registered ISIN: CH0008702190 NSI: 4,388,197   OFFEREE: WH Ireland Group plc Offer period commenced: 21:17 12-Nov-2025 1p ordinary ISIN: GB0009241885 NSI: 235,986,209 OFFEROR: Team plc Offeror identified: 21:17 12-Nov-2025 Rule 2.6 deadline: 17:00 10-Dec-2025 Ordinary NPV ISIN: JE00BM90BX45 NSI: 62,140,022   OFFEREE: Wood Group (John) plc Offer period commenced: 14:31 24-Feb-2025 4 2/7 p ordinary ISIN: GB00B5N0P849 NSI: 691,839,369 OFFEROR: Sidara Limited (an entity controlled by Dar Al-Handasah Consultants Shair and Partners Holdings Ltd) Offeror identified: 14:31 24-Feb-2025 Rule 2.6 deadline: N/A Disclosure of dealings and positions in this offeror is not required   Notes:   1. Rule 8 of the Takeover Code (the "Code") sets out the circumstances in which Dealing Disclosures and/or Opening Position Disclosures are required to be made by the parties to an offer, persons acting in concert with them, persons with an interest in relevant securities of 1% or more and exempt principal traders ("EPTs") connected with the parties to an offer. 2. Where an offeror is marked "Disclosure of dealings and positions in this offeror is not required", dealings and positions in relevant securities of that offeror are not required to be disclosed under Rule 8. This is either because it has been announced that the offer or possible offer is, or is likely to be, solely in cash or because disclosure is not required for some other reason. 3. Dealings and positions required to be disclosed under Rule 8 of the Code include dealings and positions in derivatives referenced to, and options in respect of, relevant securities of an offeree company and, where appropriate, an offeror (see Note 2 above). 4. The information set out in the Disclosure Table relating to the relevant securities in issue of an offeree company or of an offeror (and any amendments thereto) has been extracted from the relevant announcement made by such company under Rule 2.9 of the Code. Similarly, details of any deadline set under Rule 2.6 by which a potential offeror must announce either a firm intention to make a bid or that it does not intend to make an offer (or, in the case of Rule 2.6(a), by which the Panel must consent to an extension of the deadline) has been extracted from the relevant announcement made by the offeree company. 5. Additions and deletions of offeree companies and offerors are reflected in the Disclosure Table throughout the day, following the relevant announcement. Other amendments may also be made throughout the day. In any event, details of the classes of relevant securities issued by an offeree or offeror company, the number of such securities in issue ("NSI") and the International Securities Identification Number ("ISIN") of such securities announced under Rule 2.9 of the Code before 5.00 pm each day will be included in the final version of the Disclosure Table by 5.30 pm that day. The final version of the Disclosure Table issued each day will be marked "Final" and persons required to make Dealing Disclosures and Opening Position Disclosures are advised to use that final version. Any changes to the Rule 2.6 deadline of a potential offeror will also be reflected in the "Final" version of the Disclosure Table, although any such changes will not be shown in the "Amendments" section at the top of the Disclosure Table. 6. Dealing Disclosures by the parties to an offer, persons acting in concert with them and connected EPTs must be made by no later than 12 noon on the business day (as defined in the Code) following the date of the relevant dealing and Dealing Disclosures by persons with an interest in relevant securities of 1% or more must be made by 3.30 pm on the business day following the date of the relevant dealing. 7. Opening Position Disclosures by the parties to an offer and by connected EPTs must be made by no later than 12 noon on the 10th business day after the commencement of the offer period or the announcement that first identifies an offeror (as the case may be). Where required, Opening Position Disclosures by persons with interests in relevant securities of 1% or more must be made by no later than 3.30 pm on the 10th business day after the commencement of the offer period or the announcement that first identifies an offeror (as the case may be). Details of the time and date at which an offer period commenced and at which an offeror was first identified are set out in the Disclosure Table. In order to calculate the deadline for Opening Position Disclosures, it is therefore necessary to count forward 10 business days from the relevant date. 8. Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Code must be made to a Regulatory Information Service ("RIS"). 9. This Note is applicable if it says "See Note 9 below" by the name of the company in the Disclosure Table above.  The Executive has granted the company a dispensation from the requirements under the Code that announcements must be published via a RIS. The company is instead required to publish all announcements on its website. The Executive has also granted a dispensation from Note 3 on Rule 8 of the Code that disclosures made under Rule 8 of the Code must be made to a RIS. Therefore, Opening Position Disclosures and Dealing Disclosures required under Rule 8 of the Code may be made to the company at the address stated in the announcement that commenced the offer period.   10. The following are approved Regulatory Information Services:   . Business Wire Regulatory Disclosure provided by Business Wire +44 (0)20 7626 1982 . EQS IR COCKPIT provided by EquityStory AG +49 89 21 02 98-50 . GlobeNewswire provided by West Digital Media Solutions +44 (0)20 3753 2071 . MFN provided by Modular Finance +44 (0)20 3026 4414 . PR Newswire Disclose provided by PR Newswire +44 (0)20 7454 5210 . RNS provided by the London Stock Exchange +44 (0)20 7797 4400  

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