Completion of Acquisition

MHA plc

("MHA", the "Company" and together with its subsidiaries the "Group")

Completion of Acquisition

MHA (AIM: MHA), a leading professional services provider of audit and assurance, tax, accountancy and advisory services, is pleased to announce the completion of the acquisition of Moore Stephens LLC, an audit practice, and Moore Stephens Consulting LLC, a tax and consulting services firm (together "MS UAE").

On 22 December 2025, the Company announced that it had entered into an agreement to acquire MS UAE, a well-established professional services business providing audit, tax and advisory services across the UAE. The acquisition is consistent with the Group's strategy of pursuing selective cross-border opportunities that enhance the Group's international presence.

Total consideration payable is AED 36.0 million (approximately £7.4 m) on a cash-free, debt-free basis with a normalised level of working capital, subject to net cash and working capital adjustments.

Pursuant to completion, an initial payment of AED 30.0 million is being made, comprising 50 percent in cash approximately and 50 percent through the issue of 1,993,581 new ordinary shares in the Company to the vendors (the "Completion Consideration Shares") at a price of 154.5 pence per share.

The final balance payment, reflecting the net cash and working capital adjustments, will be settled following agreement of completion accounts in cash and new ordinary shares in accordance with the acquisition agreement. A further announcement will be made in due course confirming the final balance of consideration, including any additional ordinary shares to be issued.

Application has been made for the 1,993,581 Completion Consideration Shares to be admitted to trading on AIM ("Admission"), which is expected to become effective on Friday 10th April 2026. Following Admission, the Company will have 286,899,495 ordinary shares of 1 pence each in issue. The Company holds no shares in treasury. The total voting rights in the Company following Admission will therefore be 286,899,495. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Further detail on MS UAE is set out in the Company's RNS dated 22 December 2025.

Rakesh Shaunak, CEO of MHA, commented:

"The completion of the acquisition of MS UAE marks another important step in delivering our international growth strategy. It gives us a strong foothold in a strategically important market, broadens our international reach and strengthens our ability to support clients operating across key global trade and investment corridors. We are delighted to welcome Farad and the wider team to MHA."

Farad Lakdawala, Managing Partner of MS UAE, commented:

"Joining MHA aligns with our ambition to build a leading advisory presence in a market that continues to attract global capital and enterprise. The reputation and strength of the MHA brand and business model creates a compelling platform for the next stage of our growth. By combining our local insight with the Group's broader capabilities, we look forward to delivering enhanced value for clients and contributing to the continued success of the wider firm."

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About MHA

MHA is a leading professional services provider of audit and assurance, tax, accountancy and advisory services, based in the UK with an international presence.

Following the acquisition of MS UAE on 1st April 2026, MHA now employs over 2300 people and has 157 partners across its network of 37 offices in the UK, Ireland, South-East Europe, the UAE and the Cayman Islands.

MHA is the representative of the Baker Tilly International ("BTI") network in the UK, Ireland, Cyprus, Greece, Romania, Bulgaria and Moldova.