Ardgowan Update

Inside Information

This announcement contains inside information for the purposes of the UK Market Abuse Regulations ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is Mr Don Goulding, Executive Chairman.

Distil PLC

9 July 2026

Ardgowan update

Distil plc (AIM: DIS), owner of premium drinks brands Blackwoods Gin and Vodka, RedLeg Spiced Rum and Blavod Black Vodka, provides an update on developments at Ardgowan Distillery Company Limited ("Ardgowan"). Distil previously held a Convertible Loan Note relative to Ardgowan. That CLN converted to equity in Ardgowan as advised on 22 June 2026

Issue of Ardgowan equity

Ardgowan has confirmed that it has raised a total of £1,070,500 of equity by the issue of 42,820 new shares in Ardgowan at an issue price of £25 per share, comprising 9.3 % of Ardgowan's issued share capital.

The issue was made available to Ardgowan's existing shareholders. Given Distil's prioritisation of its cash reserves, the Board of Distil determined not to subscribe for any shares in the offer. As a result, Distil's shareholding in Ardgowan has reduced from 10.5% to c9.6%. Distil continues to hold 48,247 shares in Ardgowan

Reasons for the issue

This raise was conducted by Ardgowan as a part of the wider exercise to simplify its balance sheet, which included the conversion of all Convertible Loan Notes into shares (as detailed in Distil's notification 22 June 2026). Ardgowan has raised this cash to settle other debts within the business, subsequently releasing the next tranche of £2m from the Revolving Credit Facility from Nationwide Building Society (trading as Virgin Money).

This further loan from Virgin Money significantly improves the company's cash runway and allows Ardgowan to continue to lay down valuable malt whisky stocks for ageing. 

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