On June 30, 2021, M&G Investments announced that, although welcoming the revised offer, we are minded rejecting it, as it still fails to meet our expectation of UDG's value. Further, M&G Investments stated that, we are seeing an unsettling trend of boards entertaining private equity offers at levels well below the true value of their businesses and will continue to reject bids which are not in the best interests of our customers.