Highlights

• 80 Mile and Greenland Energy Company agreed a further seven-day extension to the put up or shut up deadline.

• The new deadline falls at 5.00 p.m. London time on 17 November 2026, subject to further Panel consent.

• Greenland Energy is finalising documentation for an indicative all-share Acquisition of the AIM-quoted company, with diligence nearly complete.

• The update stresses there is no certainty a firm offer will be made or on what terms any offer proceeds.

The clock was due to stop ticking at 5.00 p.m. on 10 November 2026. Instead, AIM-quoted 80 Mile (LSE:80M) said that it and Greenland Energy Company had agreed another seven days of talks, pushing the put up or shut up (PUSU) deadline to 5.00 p.m. on 17 November 2026.

What 80 Mile announced on 10 November

The extension gives Greenland Energy time to finalise documentation for its indicative all-share acquisition proposal. Due Diligence was described as all but complete. Confirmatory work and definitive transaction documents are still outstanding.

By the new deadline, Greenland Energy must either announce a firm intention to make an offer under Rule 2.7 of the Takeover Code or confirm that it does not intend to make one. The deadline can be extended again only with the consent of the Takeover Panel.

Greenland Energy also kept the right to amend or reduce its proposed terms in specified circumstances. These include the payment of any Dividend by 80 Mile, a Rule 9 waiver, and a third party announcing a firm intention to make an offer.

How the 80 Mile takeover talks have unfolded

The Offer Period began on 8 September 2026, when 80 Mile disclosed a proposed Merger with Greenland Energy Company under Rule 2.4. Indicative all-share terms at that stage valued 80 Mile at £61.48 million, and a definitive announcement was expected by 6 October 2026.

That target date passed without a firm offer. 80 Mile announced a first PUSU extension on 6 October, and a later update both extended the deadline to 10 November and amended the proposed terms.

Under the amended proposal, the revised exchange ratio valued 80 Mile's issued Share Capital at £92.01 million. That figure was based on a Greenland Energy closing price of US$2.68 and an Exchange Rate of 0.75 between the US dollar and sterling. Greenland Energy said it would not issue warrants and indicated a £3.0 million unsecured 12-month convertible Loan note to support 80 Mile's operations pending any firm offer.

80 Mile share capital in the offer period

A Rule 2.9 notice showed that 80 Mile had 5,598,657,935 ordinary shares of 0.01p each in issue at the close of Business on 30 September 2026, with none held in treasury. The ISIN for the shares is GB00BFD3VF20.

Risks surrounding the proposed deal

The central risk is plain: there is no certainty that a firm offer will be made, nor certainty over the terms of any offer. Talks have now run for more than two months, across several deadline extensions.

The all-share structure also means the value implied for 80 Mile depends on Greenland Energy's share price and on currency movements, both of which can shift before any firm offer. The reserved right to reduce terms adds another variable for holders of LSE:80M.

What comes next for 80 Mile shareholders

The next fixed point is 5.00 p.m. on 17 November 2026. By then, Greenland Energy must announce a firm Rule 2.7 offer, walk away, or the parties must seek Panel consent for another extension. Any firm offer announcement would set out final terms, structure and timetable for shareholders in LSE:80M.