Dillistone Group PLC (AIM: DSG), the AIM-listed software business, has received a formal TR-1 major holdings notification disclosing that a named concert party holds 24.507791% of the company's voting rights, down from a previous notification of 26.8%. The filing, dated 9 November 2026 and relating to events on 6 November 2026, was submitted on behalf of Aakash Vanchi Nath and four associated parties acting in concert. The movement reflects both a dilutive share issuance in late October 2026 and subsequent open-market purchases by two concert party members at 14 pence per share, making this a noteworthy disclosure for investors monitoring significant shareholder activity at DSG.

Key Points

  • Dillistone Group PLC (AIM: DSG) — AIM-listed software company with LEI 213800E9K3JGQ46ZS753
  • A concert party comprising Aakash Vanchi Nath, P&R Real Value, Matthias Riechert, Maxigendance Ltd, and Martin Alipiev now holds 24.507791% of voting rights, equating to 10,071,428 shares
  • The aggregate holding fell from 26.8% following the issuance of 5,676,780 new shares on 27 October 2026, before partially recovering after purchases at 14p on 6 November 2026
  • Investors may wish to monitor whether further threshold crossings or additional concert party transactions are disclosed in forthcoming regulatory filings

How Dillistone Group's 5.68 Million Share Conversion Diluted the Concert Party to 23.1%

The notification explains that the decline in the concert party's percentage holding occurred in two distinct steps. On 27 October 2026, Dillistone Group issued 5,676,780 new ordinary shares through the conversion of loans, expanding the company's total voting rights from 35,418,021 to 41,094,801. Because the concert party's absolute holding remained unchanged at 9,500,000 shares at that point, their aggregate percentage fell from 26.8% to approximately 23.1%. The announcement states this loan conversion was the primary driver of the initial reduction, a mechanism that affects all existing shareholders proportionally through dilution.

Matthias Riechert and Aakash Vanchi Nath Buy DSG Shares at 14 Pence on 6 November 2026

Following the dilution, two members of the concert party moved to increase their individual positions. The notification states that on 6 November 2026, Matthias Riechert acquired 428,571 shares and Aakash Vanchi Nath acquired 142,857 shares, with both transactions executed at 14 pence per share. These purchases lifted the concert party's combined holding from approximately 23.1% back to 24.507791%, representing 10,071,428 shares in total. Riechert holds his interest partly directly and partly indirectly through Maxigendance Ltd, a vehicle he controls, as detailed in the chain-of-control section of the TR-1 form.

Individual Breakdown of DSG Concert Party Members' Voting Rights After 6 November Threshold Crossing

The notification provides a granular breakdown of each concert party member's holding following the threshold crossing. P&R Real Value holds the largest individual stake at 14.6%, equating to 6,000,000 shares. Matthias Riechert holds 7.9% across 3,228,571 shares, with 2,800,000 of those held indirectly through Maxigendance Ltd. Martin Alipiev holds 1.2% via 500,000 shares, and Aakash Vanchi Nath, who filed the notification on behalf of the group, holds 0.8% across 342,857 shares. No financial instruments or cash-settled derivatives are disclosed for any party, meaning the entire 24.507791% interest is held in direct or indirect ordinary shares.