26 September 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FRASERS GROUP PLC

IRREVOCABLE COMMITMENT ON BEHALF OF CARL JACKSON AND OTHERS

and

MANDATORY CASH OFFER

for

MYSALE GROUP PLC

and

ACCEPTANCE LEVEL ANNOUNCEMENT

1.    Introduction

On 17 August 2022, Frasers Group plc (Frasers) announced a firm intention to make an offer for the entire issued and to be issued ordinary share capital of MySale Group plc (MySale) not already owned by Frasers at a price of 2 pence per MySale Share (the Offer).

On 2 September 2022, Frasers published an offer document (the Offer Document) setting out the full terms and conditions of the Offer. Unless otherwise defined herein, words and expressions defined in the Offer Document apply in this announcement. A copy of the Offer Document is available at Frasers' website: https://www.frasers.group/financials/offer-for-mysale-group-plc.

On 16 September 2022, the directors of MySale published MySale's response to the Offer, recommending that MySale Shareholders do not accept the Offer as they are of the view that a price of 2 pence per MySale Share does not reflect an adequate value or premium for control of MySale and therefore undervalues MySale and its prospects. On the same date, Carl Jackson resigned from his position as the Non-executive Chairman of MySale as a result of conflicts arising in his role as a director of MySale with his personal position as a substantial MySale Shareholder. Carl Jackson informed the Board of MySale that he intended to accept the Offer in respect of his holding of MySale Shares and convert his holding (held via Jackson Future Funds Pty Limited) of Convertible Loan Notes into MySale Shares and accept the Offer in respect of such MySale Shares on the basis that accepting the Offer provides him with the greatest certainty of receiving 2 pence per MySale Share in the foreseeable future in respect of his MySale Shares, having regard (amongst other things) to the historic low liquidity of MySale Shares.

As further detailed in this announcement, Frasers has now received an irrevocable commitment from Jackson Family Capital Pty Limited to sell 103,745,000 MySale Shares, being all of the MySale Shares currently held by Jackson Family Capital Pty Limited and Lynchwood Nominees Limited on behalf of Carl Jackson / the Jackson Family Trust and an irrevocable commitment from Jackson Future Funds Pty Limited in respect of all of the MySale Shares arising from the conversion of its holding of Convertible Loan Notes at a price of 2 pence per MySale Share (being at least 43,319,189 MySale Shares depending on the date of conversion). In addition, Frasers has received an irrevocable commitment from Jamie Jackson to sell a further 62,145,385 MySale Shares, being all of the MySale Shares currently held by or on behalf of Jamie Jackson, at a price of 2 pence per MySale Share.

As a result, Frasers is now interested in 481,276,224 MySale Shares, representing 48.5% per cent. of the voting rights of MySale (including the voting rights in respect of 43,319,189 MySale Share arising from the conversion by Jackson Future Funds Pty Limited of its holding of Convertible Loan Notes). Under Rule 9 of the Takeover Code, Frasers is now required to make a mandatory cash offer for the MySale Shares not already held by Frasers (or any persons acting in concert with it).

Frasers now intends to seek to acquire additional MySale Shares by means of market or other purchases and in accordance with the Takeover Code. Frasers believes that accepting the Offer (or otherwise selling MySale Shares to Frasers) will provide MySale Shareholders with the opportunity to achieve an immediate liquidity event.  Frasers also believes that a price of 2 pence per MySale Share (such price being no less than the highest price paid by Frasers (or any person acting in concert with it) for any MySale Share during the 12 months prior to the date of this announcement) reflects a fair valuation of each MySale Share.

2.    Mandatory Offer

Under Rule 9 of the Takeover Code Frasers is now required to make a mandatory cash offer for the MySale Shares not already held by Frasers (or any persons acting in concert with it), at a price of 2 pence per MySale Share (such price being no less than the highest price paid by Frasers (or any person acting in concert with it) for any MySale Share during the 12 months prior to the date of this announcement).

Frasers therefore announces that the Offer is now a mandatory cash offer (the Mandatory Offer and, unless the context otherwise requires, all references to the Offer in this announcement shall be references to the Mandatory Offer) for the entire issued and to be issued share capital of MySale, not already owned by Frasers (or any persons acting in concert with it), at a price of 2 pence per MySale Share. The Mandatory Offer of 2 pence in cash for each MySale Share is final and the offer price will not be increased, except that Frasers reserves the right to increase the offer price if there is an announcement on or after the date of this announcement of an offer or a possible offer for MySale by a third party offeror or potential offeror.

In accordance with Rule 9 of the Takeover Code, all of the conditions set out in Part A of Appendix 1 to the Offer Document other than the Acceptance Condition in paragraph 1 of Part A of Appendix 1 shall immediately cease to apply.

In accordance with Note 9 to Rule 9 of the Takeover Code, as there is no change in the consideration offered, a revised Offer Document will not be published in respect of the Mandatory Offer and, before taking any action, you should read the Offer Document as amended by the terms of this announcement.

MySale Shareholders are reminded that, as a summary and subject to the fuller description in the Offer Document, the Acceptance Condition shall be satisfied if valid acceptances of the Mandatory Offer have been received (and not validly withdrawn) by no later than 1.00pm (London time) on the Unconditional Date in respect of such number of MySale Shares which, when aggregated with the MySale Shares held by Frasers and its concert parties at the date of the Offer and any MySale Shares acquired or agreed to be acquired by Frasers and its concert parties on or after such date, carry more than 50 per cent. of the voting rights then normally exercisable at a general meeting of MySale.

3.    Irrevocable commitments on behalf of Carl Jackson and others and intention to make market or other purchases

On 26 September 2022, Frasers received an irrevocable commitment from Jackson Family Capital Pty Limited to sell to Frasers the 103,745,000 MySale Shares held by Jackson Family Capital Pty Limited and Lynchwood Nominees Limited on behalf of Carl Jackson / the Jackson Family Trust and an irrevocable commitment from Jackson Future Funds Pty Limited (of which Carl Jackson is a director) to sell to Frasers such number of MySale Shares held by it arising pursuant to the conversion of the Convertible Loan Notes held by  it (being at least 43,319,189 MySale Shares depending on the date of conversion), in each case at a price of 2 pence per MySale Share.

On the same date, Frasers also received an irrevocable commitment from Jamie Jackson to sell to Frasers the 62,145,385 MySale Shares held by him (or on his behalf) at a price of 2 pence per MySale Share.

As a result, Frasers is now interested in 481,276,224 MySale Shares, representing 48.5 per cent. of MySale's issued share capital (as increased by 43,319,189 MySale Shares arising from the conversion by Jackson Future Funds Pty Limited of its holding of Convertible Loan Notes).

Frasers also intends to purchase MySale Shares within the market on AIM or otherwise from MySale Shareholders in accordance with the Takeover Code.

4.    Acceptance procedure

Acceptances of the Offer shall be deemed to be acceptances of the Mandatory Offer in accordance with paragraph 4 of Section C of Part II of the Offer Document. Therefore, MySale Shareholders who have already validly accepted (and not validly withdrawn) the Offer are not required to take any further action in respect of the Mandatory Offer.

MySale Shareholders who have not yet accepted the Mandatory Offer are urged to do so as soon as possible by signing and returning the Form of Acceptance, or by making an Electronic Acceptance, as soon as possible and, in any event, so as to be received or settled by no later than 1.00 p.m. (London time) on the Unconditional Date, which is 1 November 2022 or such earlier date as Frasers may specify in any Acceleration Statement unless, where permitted, it has withdrawn that statement.

Full details of how to accept the Mandatory Offer in respect of certificated and uncertificated Shares are set out in the Offer Document which is available on Frasers' website at https://www.frasers.group/financials/offer-for-mysale-group-plc and in the case of certificated Shares, the Form of Acceptance, which is available from Frasers' receiving agents, Computershare Investor Services plc, by telephoning +44 (0370) 707 1076.

5.    Level of acceptances

In accordance with Rule 17 of the Takeover Code, Frasers announces that, as at 7.00 a.m. (London time) on 26 September 2022, Frasers had received valid acceptances of the Offer in respect of a total of 1,175,688 MySale Shares, representing approximately 0.12 per cent. of MySale's existing issued share capital, which may count towards satisfaction of the Acceptance Condition.

So far as Frasers is aware, none of these acceptances had been received from persons acting in concert with it.

Frasers holds 270,666,650 MySale Shares, and has an in interest in a further 1,400,000 through contracts for difference held by Frasers, together representing approximately 28.7 per cent. of MySale's entire issued share capital as at 23 September 2022 (being the last Business Day prior to the date of this announcement). As at 7.00 a.m. (London time) on 26 September 2022, Frasers owns or has received valid acceptances in respect of a total of 273,242,338 MySale Shares, representing approximately 28.8 per cent. of MySale's issued share capital, which may count towards satisfaction of the Acceptance Condition.

Further, upon settlement of the share purchases from Jackson Family Capital Pty Limited, Lynchwood Nominees Limited and Jamie Jackson of the MySale Shares held by them and the sale of the MySale Shares arising from the conversion of the Convertible Loan Notes held Jackson Future Funds Pty Limited, Frasers will own, be interested in or have received valid acceptances in respect of a total of 482,451,912 MySale Shares, representing approximately 48.6 per cent. of MySale's issued share capital, which may count towards satisfaction of the Acceptance Condition.

6.    Interests in MySale Shares

As at close of business on 23 September 2022 (being the last Business Day prior to the date of this announcement), save as disclosed in this announcement, neither Frasers nor any of its directors, nor, so far as Frasers is aware, any persons acting in concert (within the meaning of the Takeover Code) with Frasers, for the purposes of the Mandatory Offer: a) had any interest in, or right to subscribe for, any Relevant Securities; b) had any short position (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery of Relevant Securities; c) has borrowed or lent (including, for these purposes, entering into any financial collateral arrangements of the kind referred to in Note 4 on Rule 4.6 of the Takeover Code) any Relevant Securities; or d) has any outstanding irrevocable commitment or letter of intent with respect to Relevant Securities. Furthermore, save as disclosed in this announcement, no arrangement exists with Frasers in relation to Relevant Securities. For these purposes, an arrangement includes any indemnity or option arrangement, any agreement or any understanding, formal or informal, of whatever nature, relating to Relevant Securities which may be an inducement to deal or refrain from dealing in such securities.

7.    MySale Shareholders resident in Australia

Frasers has now obtained relief from the Australian Securities and Investments Commission to enable it to formally extend the Mandatory Offer to shareholders resident in Australia. As a result, Australia is no longer a Restricted Jurisdiction for the purposes of the Mandatory Offer and Frasers has sent offer documentation to shareholders resident in Australia.

8.    Compulsory acquisition, cancellation of trading and admission of MySale Shares and re-registration

If Frasers receives acceptances under the Mandatory Offer in respect of, and/or otherwise acquires or contracts to acquire, 90 per cent. or more of the MySale Shares to which the Mandatory Offer relates and assuming that all of the other Conditions to the Mandatory Offer have been satisfied or waived (if capable of being waived), Frasers intends to exercise its rights in accordance with Part 18 of the Companies Jersey Law to acquire compulsorily the remaining MySale Shares on the same terms as the Mandatory Offer.

If the Mandatory Offer becomes or is declared unconditional in all respects and if Frasers then holds 75 per cent. of the issued share capital of MySale, Frasers will consider making an application for the cancellation of the admission of MySale Shares to trading on AIM.

It is anticipated that, subject to any applicable requirements of the London Stock Exchange, cancellation of admission to trading on AIM will take effect no earlier than 20 Business Days after such application is made. Frasers may also consider causing MySale to be re-registered as a Jersey private company, either as part of that process or at a separate extraordinary general meeting convened following MySale ceasing to be admitted to trading on AIM.

Any cancellation of the admission of the MySale Shares to trading on AIM would significantly reduce the liquidity and marketability of any MySale Shares in respect of which the Mandatory Offer has not been accepted at that time and the value of any such MySale Shares may be adversely affected as a consequence.

9.    General

The calculations in this announcement are based upon the issued share capital of MySale as at 7:00 am (London time) on 26 September 2022 of 949,274,076 MySale Shares and, where stated, an issued share capital of 992,593,265 MySale Shares arising from the conversion by Jackson Future Funds Pty Limited of its holding of Convertible Loan Notes into 43,319,189 MySale Shares.

Enquiries:

Numis (Financial adviser to Frasers)                                                   Tel: 020 7260 1000

Luke Bordewich

Stuart Ord

Ollie Steele

Frasers

Robert Palmer, Company Secretary                                                             Tel: 0344 245 9200

LEI: 213800JEGHHEAXIJDX34

Numis Securities Limited (Numis), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser exclusively for Frasers and no-one else in connection with the matters referred to in this announcement and will not regard any other person as its client in relation to such matters and will not be responsible to anyone other than Frasers for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to in this announcement.

Website publication

A copy of this announcement will be published pursuant to Rule 26.1 of the Code, subject to restrictions relating to persons resident in any Restricted Jurisdiction, on Frasers' website at https://www.frasers.group/financials/offer-for-mysale-group-plc by no later than 12 noon (London time) on the business day following the publication of this announcement.

Requesting hard copy documents

Pursuant to Rule 30.3 of the Takeover Code, a person so entitled may request a copy of this announcement in hard copy form by contacting Numis on +44 (0)20 7260 1000. A person may also request that all future documents, announcements and information to be sent to that person in relation to the Mandatory Offer should be in hard copy form. For persons who receive a copy of this announcement in electronic form or via a website notification, a hard copy of this announcement will not be sent unless so requested.

Further information

1          This announcement is for information purposes only. It is not intended to, and does not, constitute or form part of, any invitation, offer or the solicitation of an offer to purchase, otherwise acquire, subscribe, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Mandatory Offer or otherwise. The Mandatory Offer is made solely by means of the Offer Document and, in respect of MySale Shares held in certificated form, the Form of Acceptance, which contains the full terms and conditions of the Mandatory Offer, including details of how the Mandatory Offer may be accepted. Any decision in respect of, or other response to, the Mandatory Offer should be made only on the basis of the information contained in those documents. MySale Shareholders should read the Mandatory Offer Document and other formal documentation relating to the Mandatory Offer carefully.

2          This announcement has been prepared for the purpose of complying with English law and regulation (including the Takeover Code), and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of jurisdictions outside of England.

3          The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by the laws and/or regulations of those jurisdictions. Therefore, any persons who are subject to the laws and regulations of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable requirements in their jurisdiction. Any failure to comply with the applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction.

4          The availability of the Mandatory Offer to persons who are resident in jurisdictions other than the United Kingdom may be restricted by the laws and/or regulations of those jurisdictions. Therefore, persons who are not resident in the United Kingdom into whose possession this announcement comes should inform themselves about and observe any such restrictions in their jurisdiction. Failure to comply with any such restrictions may constitute a violation of the laws and/or regulations of any such jurisdiction.

5          Copies of this announcement are not being and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction, and persons receiving the announcement (including custodians, nominees and trustees) must not mail or otherwise distribute or send it in, into or from such Restricted Jurisdictions as doing so may invalidate any purported acceptance of the Mandatory Offer.

Dealing and Opening Position Disclosure requirements

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Mandatory Offer Period and, if later, following the announcement in which any securities exchange offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) MySale and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th Business Day following the commencement of the Mandatory Offer Period and, if appropriate, by no later than 3.30 pm (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of MySale or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of MySale or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of MySale or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) MySale and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Takeover Code.

Opening Position Disclosures must also be made by MySale and by any offeror and Dealing Disclosures must also be made by MySale, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the Takeover Code).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.