The investment objective of 450 plc is to provide shareholders with attractive total returns achieved through capital appreciation. The Directors believe that opportunities exist to create significant value for shareholders through properly executed, acquisition-led growth strategies arising within the traditional and digital creative industries encompassing the content, media and technology sectors.

The Company may either seek to recruit sector-leading executive management in advance of an acquisition, or alternatively may consider identifying acquisition opportunities with impressive incumbent management teams that require a catalyst to unlock growth. The Company will look to achieve its investment objective by taking an active approach to investments made within the following parameters:

• Types of investment: It is anticipated that the Company will acquire controlling or noncontrolling stakes in one or more businesses or companies (quoted or private) on a long-term basis, including the consideration of public offers for, or mergers with, existing listed businesses. The investments made by the Company may be in the form of equity or other types of capital investment.
• Geographic focus: The Company’s principal focus will be on making investments in the UK, Europe or North America.
• Sector focus: The Company intends to focus on the acquisition opportunities in the traditional and digital creative industries encompassing the content, media and technology sectors. The Directors believe that opportunities exist to create value for shareholders through a properly executed, acquisition-led strategy in one of these sectors.
• Target companies: The Company will target companies with either a well-established presence in their specific segments or companies which are in a position to become leaders in their specific segments, and which fit into the stated geographic and asset criteria guidelines.
• Extent of controlling interests: It is envisaged that the Company will make one or more acquisitions of controlling or noncontrolling stakes.
• Nature of returns: It is anticipated that returns to shareholders will be delivered primarily through an appreciation in the Company’s share price.

Subject to the structure of the transaction, the Company may need to raise additional funds for an acquisition in the form of equity and/or debt. Depending on the composition of the Company’s share register, it is possible that any equity fundraising for those purposes will, subject to the necessary shareholder approval, be carried out on a non-pre-emptive basis to allow for the diversification of the Company’s shareholder register and to obtain sufficient equity funding.