Commercial Agreement & Equity Subscription

Speedy Hire plc

("Speedy", "the Company" or "the Group")

Update on commercial agreement with ProService and investment in ProService Building Services Marketplace plc  

On 6 October, Speedy, the UK's leading tools and equipment hire services company, announced that its subsidiary Speedy Asset Services signed a comprehensive commercial hire and services supply agreement (the "Commercial Agreement") with HSS ProService Limited ("ProService"), a UK building services marketplace and wholly owned subsidiary of HSS Hire Group plc (to be re-named ProService Building Services Marketplace plc) ("ProService plc"). In addition, ProService plc agreed the issue to Speedy of 79,368,711 of its shares, representing approximately 9.99% of the post subscription issued share capital of ProService plc (the "Subscription" and, together with the Commercial Agreement and the HSS APA (as defined in that announcement), the "Transaction").

The Transaction was conditional, including the Subscription and the HSS APA being subject to approval by ProService plc shareholders, who have passed the required resolutions at a general meeting today.

The Transaction remains inter-conditional but, otherwise, subject only to the satisfaction of the CMA condition and admission of the shares subscribed for by Speedy to trading on AIM ("Admission"). The CMA has confirmed to Speedy and ProService plc that it has no further questions in response to the briefing paper submitted by Speedy in connection with the Transaction, but the CMA condition cannot be satisfied until the dealing day before Admission. Admission is currently anticipated to be at 8.00 a.m. on 17 November 2025.

Enquiries:

Speedy Hire Plc                                                           Tel: 01942 720 000

Dan Evans, Chief Executive

Paul Rayner, Chief Financial Officer

Teneo                                                                            Tel:  020 7427 5494

Giles Kenrick