This announcement is a notification of a major shareholding, not a trading update or business development. It tells us that Alvar Financial Services Ltd has crossed the 15% threshold of voting rights in BSF Enterprise, holding 35,650,000 voting rights through a financial instrument settled physically, as at 2 April 2026.

Alvar Financial Services holds no shares directly, its 15% position comes entirely through this financial instrument. The company notified us of the change on 7 April 2026, and we're releasing the formal TR-1 form now as required under the disclosure rules.

For shareholders, this is simply a matter of transparency around who holds significant influence over the company through voting rights. It doesn't change our strategy, our operations or our financial position, and there's no other detail in the notification about Alvar's intentions.