Updates

Brave Bison - Takes 28% stake in System1

April 2026

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Bison has taken a strategic 28% stake in System1 (SYS1; 272p), a specialist in the somewhat niche but increasingly valuable field of marketing effectiveness measurement. The stake has been assembled through a mixture of paper and cash. The bulk came via a share-for-share exchange with System1’s founder and largest shareholder, John Kearon, who rolled his entire 2.92m shareholding into Bison stock. In return, Kearon received 9.81m Bison shares at 74p (subject to an 18 month lockup), leaving him with an 8.7% stake. To top things up, Bison then purchased an additional 5% stake on-market for £1.3m or 210p per share. Taken together, the blended entry price works out at 242p per System1 share or 5.2x expected EBITDA for FY26. This is not an ob ...

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