Purchase of all outstanding Bell Group N.V. notes CH0005575151, GB0040901711 and XS0000001247

THIS OFFER IS SUBJECT TO ENGLISH LAW. THIS OFFER IS NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

21st of January 2026

PURCHASE OFFER FOR OUTSTANDING NOTES OF BELL GROUP N.V.

BELL GROUP N.V. was in Liquidation between 1996 and 2023, its liquidation is now complete and the offeror is looking to purchasing the remaining notes outstanding.

Southey Capital Ltd (the “Offeror”) invites holders of the securities set forth in the table below (the “Securities”), issued by BELL GROUP N.V. (the “Issuer”), to voluntarily tender for purchase by the Offeror for cash, subject to applicable offer and distribution restrictions.

southeycapital.com/corporate-bankruptcy-claims/bellgr/

Purchase Price

The Offeror will settle the purchase of the notes with DVP settlement instructions or if preferred Free Of Payment, of the above Purchase Rate multiplied by the Nominal Amount.

Maximum Acceptance AmountThe offer has not set a Maximum Acceptance Amount, we are willing to purchase the entire outstanding amount of notes of each Issuance.

Offer DocumentsOffer Documents shall mean all the documents related to the Offer including the Offer Announcement, Form of Acceptance and Confirmation.

Rationale for the OfferThe Offeror believes that many holders including itself can benefit from a reduction in custody costs and that under certain circumstances some holders may be able to use final price as a write-off level for valuation purposes. 

Expected Timetable of EventsThe times and dates below are indicative only.

Acceptance Procedure Holders that wish to accept the Offer are requested to complete the Form of Acceptance and send this directly to the Offeror via email to bellgroup@southeycapital.com attaching evidence of holding. Forms of Acceptance received by the 21st of February 2026 will receive a Confirmation, which is to be executed subsequently. Later acceptances may still be accepted at the absolute discretion of the Offeror.

SettlementThe securities are eligible to settle in Euroclear and Southey Capital intends to receive them in to our EUROCLEAR account.  

Reservation of RightsThe Offeror expressly reserves it right, in its sole and absolute discretion, not to accept any tendered Securities, not to purchase Securities or to extend, re-open, withdraw or terminate the Offer and to amend or waive any of the terms and conditions of the Offer in any manner (including, but not limited to, purchasing more or less than the Maximum Acceptance Amount), subject to applicable laws and regulations.

For Further Information

WebLink: Southey Capital Bell Groupbellgroup@southeycapital.com DISCLAIMER – available here