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BME Growth published Substrate AI’s consolidated annual accounts for 2024.
On 3 April 2026, Subgen AI published the final outcome of its voluntary public offer to the shareholders of Substrate AI. This page summarises only what is now publicly confirmed.
The offer is unconditional and the final outcome has now been published. Earlier preliminary figures should therefore be replaced by the final release.
The figures below refer to accepted Substrate AI A shares, new ordinary Subgen shares, the total share base after the issue and direct ownership after completion. The final release explicitly states both 48,547,347 accepted A shares and a new total share count of 1,309,721,451 shares after the issue.
Registration of the directed issue is expected around week 16, 2026. Payment to accepting shareholders is expected to begin around week 16–17.
48,547,347 A shares
About 23.7% of capital and 23.9% of votes in Substrate AI.
291,284,082
Directed issue with payment in kind to deliver the consideration.
About 38.7% of capital
About 39.0% of votes in Substrate AI, excluding any votes controlled through voting syndication agreements.
The final release shows that additional acceptances were processed after the preliminary release on 1 April. That is why both acceptance and the number of new shares are higher in the final outcome.
The total number of shares in Subgen rises from 1,018,437,369 to 1,309,721,451. That implies dilution of about 22.2% of capital and about 5.0% of votes.
The directed issue is expected to be registered around week 16, 2026, and the consideration shares are expected to start being delivered around week 16–17. That is the next clear public checkpoint after the final outcome.
Only items that can currently be verified in open documents are shown here. The focus is on the legal top entity, direct ownership, vote share and relation type.
This section separates what already has a verified date from items that are only being watched as the next public checkpoint.
30 April 2026 according to the previously communicated report calendar.
The date is not yet verified in open documents on Vinox Data. The page is prepared for an update once the document is published.
The audit track is being watched, but no dated open document confirming completion has been linked here yet.
Disclaimer: This site is created to compile public information and show illustrative models. The material is not financial advice and does not constitute an offer to buy or sell securities.
Always check prospectuses, reports, regulatory releases and official company pages before making investment decisions. Indicative market feeds may differ from official trading statistics.
