On 1 November 2023 the board of Equals Group plc (AIM:EQLS) (?Equals? or the ?Company?) announced that it is conducting a review of the Company's strategic options (the ?Strategic Review?) and that as part of this process, the Company has contacted a limited number of potential counterparties including Madison Dearborn Partners, LLC, to assess whether such parties could put forward a proposal that would deliver greater value to Equals' shareholders than pursuing a standalone independent strategy (the ?Strategic Review?). The Board also noted in its announcement of 1 November 2023 that any such proposal could include an offer for the entire issued and to be issued share capital of the Company and as such the effect of the announcement was to commence an 'offer period' in respect of the Company in accordance with the Takeover Code (the ?Code?).

Whilst the Board recognises the time elapsed since the commencement of the Strategic Review, it considers it to be in the best interests of shareholders that the Strategic Review remains ongoing to allow further time for it to reach its conclusion.