Updates

Brave Bison - Makes offer for System1

September 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.

Brave Bison, which already owns 28% of System1 (SYS1; 325p), has made an offer for the rest of it, comprising 135p cash plus 2.04 new Brave Bison shares. There’s also an all-share alternative - 3.36 Brave Bison shares. The whole thing is fully funded with debt, so no dilutive equity raise. If it pulls it off, it’s a coup for the Greens as SYS1’s results are starting to demonstrate a proper recovery. A combined group would have proper horsepower: £79m of net revenue and £14m of EBITDA before you even start hacking out the duplicate boards, offices and IT systems. BBSN needs to get over the 50% line, so they’re not asking for the moon. Await developments. ...

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The Beauty Tech Group - Fourth upgrade since IPO

Staffline

Brave Bison (October 2026)

Brave Bison (July 2026)

Brave Bison - Trading ahead - EPS upgraded to 8.1p (June 2026)

Brave Bison - Takes 28% stake in System1 (April 2026)

Brave Bison - Trading ahead of expectations (February 2026)

Brave Bison - Cheeky offer for Saatchi’s Performance arm (December 2025)

Brave Bison - Fifth EPS upgrade this year (October 2025)

Brave Bison - MiniMBA acquisition for £19m produces second upgrade in a single month (July 2025)

Brave Bison (April 2025)

Brave Bison (February 2025)

Brave Bison (October 2024)

Brave Bison (September 2024)

Brave Bison (July 2024)

Brave Bison (October 2023)

Brave Bison (June 2023)

Brave Bison - High growth and exciting (February 2023)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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