Acceptance level update 24 October 2022

RNS Number : 7829D

Frasers Group PLC

24 October 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

RECOMMENDED MANDATORY CASH OFFER

for

MYSALE GROUP PLC

ACCEPTANCE LEVEL UPDATE

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 26 September 2022, Frasers was interested in 481,275,544 MySale Shares, representing 48.5 per cent. of the voting rights of MySale (based on the issued share capital at the time). Consequently, Frasers also announced that the Offer had become 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.

On 18 October 2022, Frasers announced that the Mandatory Offer had become unconditional.

2. Level of acceptances

In accordance with Rule 17 of the Takeover Code, Frasers announces that, as at 5:00 pm (London time) on 21 October 2022, Frasers had received valid acceptances of the Mandatory Offer in respect of a total of 1,222,481 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 currently holds 622,364,901 MySale Shares representing approximately 59.85 per cent. of MySale's entire issued share capital as at 21 October 2022 (being the last Business Day prior to the date of this announcement). As at 5:00 pm (London time) on 21 October 2022, Frasers owns or has received valid acceptances in respect of a total of 1,222,481 MySale Shares, representing approximately 0.12 per cent. of MySale's issued share capital, which may count towards satisfaction of the Acceptance Condition.

3. Interests in MySale Shares

As at close of business on 21 October 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.

4. Acceptance procedure

The closing date of the recommended Mandatory Offer is 1:00pm on 1 November 2022.

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. General

The calculations in this announcement are based upon the issued share capital of MySale as disclosed by MySale on 7 October 2022, being 1,039,910,498 MySale Shares held outside of treasury and 396,035 MySale Shares held in treasury.

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. The contents of Frasers' website are not incorporated into and do not form part 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.

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