Admission to AIM and First Day of Dealings

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

3 September 2025

 Vulcan Two Group plc

(the "Company" or "Vulcan Two")

Admission to AIM and First Day of Dealings

Vulcan Two Group plc, the company aiming to create the UK's leading regulated ePharmacy through buy-and-build, is pleased to announce that its entire issued ordinary share capital, consisting of 6,775,000 ordinary shares of 10 pence each ("Ordinary Shares"), will today be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). Dealings will start at 08:00 a.m. today under the ticker "VUL".  The Company's ISIN is GB00BTQLZH16 and its SEDOL is BTQLZH1.

In connection with the Admission, the Company has successfully raised gross proceeds of £12.0 million, by way of an institutional placing of new Ordinary Shares (the "Placing") and a direct subscription by certain Subscribers for new Ordinary Shares (the "Subscription") (together, the "Fundraising"). Pursuant to the Fundraising, a total of 6,000,000 new Ordinary Shares will be issued in the Company, at a price of 200 pence per share (the "Issue Price"). Based on the Issue Price, the Company's market capitalisation on Admission will be approximately £13.6 million.

The Admission Document is available to view on the Company's website at www.vulcantwo.com. Canaccord Genuity Limited is acting as Nominated Adviser and Sole Broker to the Company.

Transaction Highlights

· The Placing received strong support from institutional investors, raising gross proceeds of approximately £10.5 million.

· The Subscription raised gross proceeds of approximately £1.5 million.

· The net proceeds of the Fundraising will be used to:

o  provide working capital for the Group;

o finance due diligence costs in relation to potential acquisition targets, in accordance with the Company's Investing Policy;

o  contribute to consideration for acquisitions or investments; and

o  repay certain existing Group debt and pay certain fees in relation to services previously provided to the Group, of approximately £120,000 in aggregate.

Company Highlights

· Vulcan Two Group plc is a new company that has been established to acquire companies or businesses that the Directors believe have the potential to generate shareholder value. The Directors will focus on acquiring companies in the ePharmacy market and will initially focus on businesses operating substantially in the UK.

· The UK's ePharmacy market is high-growth and fragmented, which the Directors believe creates a clear consolidation opportunity. The Directors intend to lead the consolidation of the private prescription sector - one of the fastest growing and most profitable sectors of the UK Pharmacy market.

·  Following Admission, the Group intends to develop acquisition opportunities as quickly and effectively as possible. The Board believes that its significant experience and the considerable market research conducted to date will result in strong deal flow and the Directors have already established a promising pipeline of potential acquisition opportunities. However, there can be no certainty at this stage that any such transactions will be completed and/or on what timeframe any such transactions might occur.

· Once acquisitions have been completed, the Directors will focus on growth and operational improvement of acquired businesses and will seek to drive cost and revenue synergies as the Group expands in order to enhance Shareholder value, whilst continuing to identify and appraise additional acquisition opportunities.

· The Group's two Executive Directors, Michael Kraftman and Brendan O'Brien, have leading experience in the eCommerce healthcare sector, having built Vision Direct, one of Europe's leading online contact lens suppliers, between 2009 and 2021. Vision Direct was built through a combination of strong organic growth and through six acquisitions in the period, to create a business generating over £100 million of revenue. In 2016 they sold the enlarged business, generating a 4.25x return to investors in a two-year period, which included leading a successful re-brand, integration of operations of acquired businesses into a single operational structure and growing the team to over 200 people across Europe.

· They now see an opportunity to build the UK's leading regulated ePharmacy group and will use the Company as the platform on which to pursue that opportunity.

Unless otherwise stated, defined terms used in this announcement have the same meaning as those in the Admission Document published by the Company on 29 August 2025.

Michael Kraftman, Chief Executive Officer of Vulcan Two, commented:

"We are delighted to join AIM today and deeply appreciate the strong support we have received from our investors. This milestone marks the beginning of an exciting new chapter as we work to build the UK's leading regulated ePharmacy platform. With a clear strategy and a strong pipeline, we believe we are well positioned for the future, and we look forward with great excitement to the opportunities ahead."

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