THIS ANNOUNCEMENT, INCLUDING THE APPENDICES (TOGETHER, THE "ANNOUNCMENT") AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, TRANSMISSION, DISTRIBUTION OR FORWARDING DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION OR STATE IN WHICH SUCH PUBLICATION, TRANSMISSION, RELEASE, DISTRIBUTION OR FORWARDING WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OR SUBSCRIPTION IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT AN OFFER OF OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES.

22 March 2022

TruFin plc
("TruFin" or the "Company")

Placing and Open Offer to raise up to approximately £10 million

The Company today announces it is proposing to raise up to approximately £10 million, before expenses, by way of a Placing to raise £8.0 million (the "Placing") and an Open Offer to raise up to approximately £2.0 million (the "Open Offer", together with the Placing, the "Share Issue") at a price of 75 pence per share (the "Issue Price").

The Placing is being conducted through an accelerated bookbuild process (the "Bookbuild"), which will be launched immediately following this Announcement.

Liberum Capital Limited ("Liberum") is acting as sole bookrunner in relation to the Placing.

Placing and Open Offer Highlights

·      Proposed Placing of £8.0 million (before expenses) to certain existing shareholders and other institutional investors at the Issue Price.

·      Open Offer of up to approximately £2.0 million (before expenses) to Qualifying Shareholders at the Issue Price.

·      Issue Price of 75 pence per New Ordinary Share represents a discount of 9.09 per cent. to the closing mid-market price of the Company's existing ordinary shares on 22 March 2022, the latest practicable date prior to this Announcement.

·      The net proceeds of the Placing and Open Offer will be used to provide working capital, invest in growth opportunities and fund Satago and Playstack to profitability.

·      Major shareholder, Watrium AS, has agreed to support the Placing with a cornerstone investment.

·      Upon completion of the Placing and the Open Offer, the 13,360,739 New Ordinary Shares would represent approximately 14.2 per cent. of the Enlarged Share Capital (assuming the Open Offer is subscribed in full).

·      The timing for the close of the Bookbuild and allocation of the Placing Shares shall be at the discretion of Liberum, in consultation with the Company. The Placing is not underwritten.

·      The final number of Placing Shares will be agreed by Liberum and the Company at the close of the Bookbuild, and the result will be announced as soon as practicable thereafter.

·      The Appendix to this Announcement (which forms part of this Announcement) contains the detailed terms and conditions of the Placing.

·      Completion of the Placing and Open Offer will be conditional upon, inter alia, the approval by Shareholders of the resolutions to be proposed at a general meeting of the Company expected to be convened and held on 11 April 2022 and Admission occurring.

·      The Company expects to publish a circular (the "Circular") in connection with the Placing and Open Offer following the successful closure of the Bookbuild, in order to convene the General Meeting. Full details of the Open Offer will also be included in the Circular.

Introduction

The Company is proposing to undertake the Placing to raise up to £8.0 million (before expenses) through the issue of up to 10,666,666 Placing Shares in aggregate at the Issue Price.

In addition, in order to provide Qualifying Shareholders with the opportunity to participate in the Share Issue, the Company is providing all Qualifying Shareholders with the opportunity to subscribe for an aggregate of up to 2,694,073 Open Offer Shares in the Open Offer at the Issue Price, to raise up to approximately £2.0 million (before expenses), on the basis of 1 Open Offer Share for every 30 Existing Ordinary Shares held on the Record Date. Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility.

The Placing and the Open Offer, and the issue of the New Ordinary Shares are conditional upon, inter alia, the approval by the Shareholders of the Resolutions to be proposed at the General Meeting of the Company. The Resolutions must be passed by Shareholders at the General Meeting in order for the Share Issue to proceed.

Trading Update

Satago

Satago has been working closely with Lloyds Bank ("Lloyds") on a partnership to deliver Satago's technology solution to Lloyds and Lloyds' SME customers. A commercial pilot of Satago's technology was launched on 11 December 2020. On 9 March 2022, TruFin announced the conclusion of the commercial pilot and a competitive tender process, and that Lloyds had confirmed its intention to enter into a commercial agreement to license Satago's software platform for its Single Invoice Finance and whole of book Invoice Factoring customers. Satago and Lloyds are working towards finalising this commercial agreement in the coming months. TruFin also announced on 9 March 2022 that Lloyds Banking Group had completed an investment of £5 million of new equity capital into Satago, at a pre-money valuation of £20 million.

The Board of TruFin views this as a landmark transaction, with Satago securing one of the largest banks in the UK as a strategic, commercial and financial partner. This partnership validates Satago's technology, personnel and strategy toward addressing the invoice finance market with its LaaS (lending as a service) solution.

Having secured Lloyds as a partner, Satago is in conversations with several blue-chip organisations across the UK and Europe to offer all or part of its technology solution suite.

The significant progress with Lloyds accelerates and grows Satago's opportunity set and Satago is expected to remain loss making in the short term. Satago will continue to convert its pipeline, fund technology development and recruit key employees and the Board is excited by its growth trajectory and its potential for significant value creation.  

Oxygen

Oxygen recorded its first year of positive EBITDA for the year ended 31 December 2021 and also recorded its first cash flow positive month in December 2021. During the year, Oxygen signed 28 new clients (taking the total to 120 as at 31 December 2022) and processed its millionth rebate. Client retention stood at 98 per cent. - two clients were lost, both in the data insights division, but it is a testament to the strength of Oxygen's product that one of those clients later re-subscribed for Oxygen's data insights product in early 2022.

Oxygen expects to deliver revenue growth in excess of 20 per cent. per annum over the coming years, which, given the operational gearing in the business, is expected to translate to increasing profits. Approximately 90 per cent. of revenue over the next four years is expected to be contributed by existing clients. Oxygen is fully funded for this organic growth, requiring no further financial support from TruFin.

Vertus

Vertus had a strong 2021, recording its first year of profit, writing £8.4 million of facilities and making a £2 million advance, its largest to date. Its existing book remains resilient - it is yet to experience a default - and its pipeline is strong. Vertus' loan book stood at £18.0 million as at 28 February 2022, with £2.8 million of facilities written in 2022 year-to-date, and it currently has a pipeline of £24.4 million. Vertus has a medium-term loan book target of £50 million and it will be investing in technology-enabled lending solutions during 2022 to satisfy the growing pipeline.

Playstack

Within games publishing, Playstack continues to expand the impact of the Mortal Shell IP, whilst also having secured publishing rights for three new games to be released within the next 12 months, each with the expectation of high user appeal and strong marketability. Playstack is also working to expand its internal games development capability through recruitment or acquisition such that it can increase its core games portfolio and increase reach in all key markets.

The beta launch of the brand technology platform 'Interact' occurred in late November 2021 and is now in the test phase with several external developers who have access to over 500,000 users. Interact has been developed to allow tailored bespoke campaigns, programmatic advertising and full sponsorship solutions across a suite of games on mobile - with a flexible tool for precise audience reach and targeting. Interact is forecast by management to be revenue generating within 2022, but is expected to remain loss making in the medium term.

Unaudited Financial Information & Cash Position

The Group expects to publish its audited results for the year ended 31 December 2021 (FY21) in April 2022. The Group reports unaudited financial results for FY21 as follows:

·      Revenue - £13.1 million (2020: £14.8 million), driven by reduced revenue at Satago as they focussed on the Lloyds partnership and lower revenue at Playstack following a particularly strong performance in 2020 resulting from the release of Mortal Shell 

·      Loss before tax - £8.2 million (2020: £8.9 million), as a result of cost reductions at head office and at Playstack

·      Cash - £7.6 million (includes cash of £4.7 million in Satago and £0.7 million in Vertus which cannot be accessed at a Group level) (2020: £17.7 million)

·      Net assets - £32.3 million, of which £16.3 million represents goodwill (2020: £39.7 million)

The Group recorded revenue of more than £1.6 million for the calendar year to 28 February 2022, which represents revenue growth of 9 per cent. over the equivalent period in 2021 and growth of 35 per cent. in February 2022 compared to February 2021.

During 2021, TruFin loaned Satago £3 million to provide working capital as Satago continued its commercial pilot with Lloyds. This loan was originally due to be repaid to TruFin, but as announced on 9 March 2022, as part of the investment by Lloyds Banking Group, TruFin agreed to vary the terms of the loan. The loan is now convertible into equity capital in Satago at the same valuation as the investment made by Lloyds Banking Group at TruFin's election for six months from the date of the variation or, if a further funding round takes place after such six month period, automatically at the valuation implied by the funding round. As a result, these funds are no longer available to TruFin.

The Group's unrestricted cash position as at 28 February 2022 was £2.8 million. Following the announcement of Lloyds' intention to enter into a commercial agreement with Satago, the Group will accelerate its investment in this substantial opportunity.  Without the funds to be raised under the Share Issue, the Directors forecast that the Group has sufficient working capital to maintain its current business plan until August 2022.

Reasons for the Share Issue and Use of Proceeds

With two of the Group's subsidiaries reaching breakeven, and Satago securing a partner in Lloyds, 2021 and 2022 to date have been transformational for the Group. The Board continues to see significant value across each of the portfolio companies and, in order to fund Satago and Playstack to profitability, and to provide working capital, the Company is proposing to raise gross proceeds of up to approximately £10.0 million through a placing of £8.0 million and an open offer of up to approximately a further £2.0 million.

The Company intends to use the net proceeds as follows:

•              c.£2 million intended to be invested in Satago, which together with the £5 million invested by Lloyds Banking Group and the £3 million already invested by TruFin, will be used to fund technology development and recruit key employees, which is expected to fund Satago to profitability

•              c.£4 million for growth opportunities in Playstack and to fund it to profitability

•              c.£1.5-3.5 million for Group working capital (replacing TruFin's loan, provided to Satago converting into Satago equity)

Following completion of the Placing and the Open Offer, the Group is expected to have sufficient working capital and cash headroom to execute on its ambitious growth strategy through to a position of being cash generative.

Enquiries:

Note:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of EU Regulation No. 596/2014 as it forms part of UK domestic law and as defined in, and by virtue of, the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of the Company is Annie Styler.

IMPORTANT NOTICE

This Announcement, and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa, or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction (the "Restricted Jurisdictions").

The New Ordinary Shares referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or under any securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold, transferred or delivered, directly or indirectly, in or into the United States except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any state or other jurisdiction of the United States. The New Ordinary Shares are being offered and sold solely outside the United States in "offshore transactions" as defined in and pursuant to Regulation S under the Securities Act. No public offering of New Ordinary Shares is being made in the United States.

This Announcement does not constitute or form part of an offer to sell or issue or a solicitation of an offer to buy, subscribe for or otherwise acquire any securities in any jurisdiction including, without limitation, the Restricted Jurisdictions or any other jurisdiction in which such offer or solicitation would be unlawful. This Announcement and the information contained in it is not for publication or distribution, directly or indirectly, to persons in a Restricted Jurisdiction, unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction.

No action has been taken by the Company or Liberum or any of their respective directors, officers, partners, agents, employees or affiliates that would permit an offer of the New Ordinary Shares or possession or distribution of this Announcement or any other publicity material relating to such New Ordinary Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any restrictions contained in this Announcement.

This Announcement is directed only at:  (a) persons in member states of the European Economic area who are "qualified investors", as defined in article 2 (e) of the Regulation (EU) 2017/1129 (together with its delegated and implementing regulations (the "EU Prospectus Regulation"), (b)  in the United Kingdom, persons who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or are high net worth companies, unincorporated associations or partnerships or trustees of high value trusts as described in Article 49(2) of the Order and (ii) are "qualified investors", as defined in Article 2 (e) of the Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) (the "UK Prospectus Regulation") ("UK Qualified Investors"), (c) professional investors as defined in the Financial Services (Investment Business (Special Purpose Investment Business - Exemption)) (Jersey) Order 2001, and (d) persons to whom it may otherwise lawfully be communicated (each, a "Relevant Person"). No other person should act on or rely on this Announcement and persons distributing this Announcement must satisfy themselves that it is lawful to do so. By accepting the terms of this announcement, investors represent and agree that they are a Relevant Person.

This Announcement must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this Announcement or the Placing relate is available only to Relevant Persons and will be engaged in only with Relevant Persons. As regards all persons other than Relevant Persons, the details of the Placing set out in this Announcement are for information purposes only.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER UNDER THE LAWS OF JERSEY AND THE CONSENT OF THE REGISTRAR OF COMPANIES IN JERSEY TO THE CIRCULATION OF THIS ANNOUNCEMENT IS NOT REQUIRED, BECAUSE (A) THE INVITATION IS ADDRESSED SOLELY TO RELEVANT PERSONS (B) THE NUMBER OF PERSONS (OTHER THAN RELEVANT PERSONS) TO WHOM THE ANNOUNCEMENT IS ADDRESSED DOES NOT EXCEED 50 IN JERSEY AND 150 ELSEWHERE; (C) THE MINIMUM CONSIDERATION WHICH MAY BE PAID OR GIVEN BY A PERSON FOR SECURITIES TO BE ACQUIRED BY THAT PERSON IS AT LEAST EUR 100,000 (OR AN EQUIVALENT AMOUNT IN ANOTHER CURRENCY); (D) THE SECURITIES TO BE ACQUIRED OR APPLIED FOR ARE DENOMINATED IN AMOUNTS OF AT LEAST EUR 100,000 (OR AN EQUIVALENT AMOUNT IN ANOTHER CURRENCY); (E) THE INVITATION RELATES TO THE ISSUE OF SHARES OR OTHER SECURITIES BY A COMPANY TO ITS MEMBERS IN SATISFACTION, IN WHOLE OR IN PART, OF A DISTRIBUTION TO BE MADE BY THAT COMPANY; (F) THE INVITATION RELATES TO A SCHEME SPECIFIED IN ARTICLE 3(2)(C) OF THE COMPANIES (GENERAL PROVISIONS) (JERSEY) ORDER 2002 (THE "CGP ORDER"); OR (G) ANY COMBINATION OF (A) TO (F) APPLIES. THE INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO SUCH PERSONS. IT IS NOT INTENDED THAT THIS ANNOUNCEMENT BE DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER CLASS OF PERSON AND IN ANY EVENT, AND UNDER NO CIRCUMSTANCES SHOULD PERSONS OF ANY OTHER DESCRIPTION RELY ON OR ACT UPON THE CONTENTS OF THIS ANNOUNCEMENT.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

This Announcement is not being distributed by, nor has it been approved for the purposes of section 21 of FSMA by Liberum or any other person authorised under FSMA. This Announcement is being distributed and communicated to persons in the United Kingdom only in circumstances in which section 21(1) of FSMA does not apply.

No prospectus or offering document will be made available in connection with the matters contained in this Announcement and no such prospectus is required (in accordance with the UK Prospectus Regulation) to be published.

Certain statements in this Announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "could", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Group's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by the UK Financial Conduct Authority ("FCA"), the London Stock Exchange or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Any indication in this Announcement of the price at which the Company's shares have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Group.

Liberum, which is authorised and regulated in the United Kingdom by the FCA, are acting for the Company and for no one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Liberum or for providing advice in relation to the Placing, or any other matters referred to in this Announcement.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by or on behalf of the Company or Liberum or by their affiliates or their respective agents, directors, officers and employees as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed.

The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than to trading on AIM.

The Appendix to this Announcement sets out the terms and conditions of the Placing. By participating in the Placing, each person who is invited to and who chooses to participate in the Placing by making or accepting an oral and legally binding offer to acquire Placing Shares will be deemed to have read and understood this Announcement in its entirety and to be making such offer on the terms and subject to the conditions set out in this Announcement and to be providing the representations, warranties, undertakings and acknowledgements contained in the Appendix.

Members of the public are not eligible to take part in the Placing and no public offering of Placing Shares is being or will be made.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Announcement.

Notice to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the New Ordinary Shares have been subject to a product approval process, which has determined that such securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). 

Notwithstanding the Target Market Assessment, distributors should note that: the price of the New Ordinary Shares may decline and investors could lose all or part of their investment; the New Ordinary Shares offer no guaranteed income and no capital protection; and an investment in the New Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. 

The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Liberum are only procuring investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability of appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the New Ordinary Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the New Ordinary Shares and determining appropriate distribution channels.

EXPECTED TIMETABLE OF EVENTS

Notes

1.                    All time references in this announcement are to London, UK time.

2.                    These dates are given on the basis of the Board's current expectations and are subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service and will be available on the Company's website at www.trufin.com.

3.                    All events in the above timetable scheduled to take place after the General Meeting are conditional on the approval by Shareholders of the Resolutions as proposed.

FURTHER DETAILS OF THE PROPOSED PLACING AND OPEN OFFER

1.     Introduction

The Company is proposing to undertake a Placing to raise approximately £8.0 million (before expenses) through the issue of 10,666,666 Placing Shares in aggregate at a price of 75 pence per Placing Share (the "Issue Price") (the "Placing").

In addition, in order to provide Qualifying Shareholders with the opportunity to participate in the Share Issue (as defined below), the Company is providing all Qualifying Shareholders with the opportunity to subscribe for an aggregate of up to 2,694,073 Open Offer Shares, to raise up to approximately £2.0 million (before expenses), on the basis of 1 Open Offer Share for every 30 Existing Ordinary Shares held on the Record Date, at the Issue Price (the "Open Offer" and, together with the Placing, the "Share Issue"). Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility.

The Placing and the Open Offer, and the issue of the New Ordinary Shares are conditional upon, inter alia, the approval by the Shareholders of the Resolutions to be proposed at the General Meeting of the Company. The Resolutions must be passed by Shareholders at the General Meeting in order for the Share Issue to proceed.

2.     Background to TruFin

TruFin is the holding company of an operating group comprising four growth-focused technology businesses operating in niche markets: early payment provision, invoice finance, IFA (Independent Financial Advisor) finance and mobile games publishing. The Group's portfolio companies have performed impressively during 2021 and 2022 to date.

TruFin's portfolio at IPO was focussed on speciality lending businesses and its revenue was derived predominately from interest income. Alongside Satago Financial Solutions Limited ("Satago"), which at the time was focussed on the provision of finance rather than technology, TruFin's portfolio also consisted of two lending companies applying for bank licences, which were divested from the Group. Today, TruFin's portfolio companies are predominately technology focussed and, in the year ended 31 December 2021, the Group derived 87 per cent. of its revenue from recurring software fees and licencing fees.

Satago

Satago is focussed on the provision of technology solutions for the invoice finance market. TruFin owns 64.0 per cent. of Satago (on a fully diluted basis).[1] 

Satago has been working closely with Lloyds on a partnership to deliver Satago's technology solution to Lloyds and Lloyds' SME customers. A commercial pilot of Satago's technology was launched on 11 December 2020. On 9 March 2022, TruFin announced the conclusion of the commercial pilot and a competitive tender process, and that Lloyds had confirmed its intention to enter into a commercial agreement to license Satago's software platform for its Single Invoice Finance and whole of book Invoice Factoring customers. Satago and Lloyds are working towards finalising this commercial agreement in the coming months. TruFin also announced on 9 March 2022 that Lloyds Banking Group had completed an investment of £5 million of new equity capital into Satago, at a pre-money valuation of £20 million.

The Board of TruFin views this as a landmark transaction, with Satago securing one of the largest banks in the UK as a strategic, commercial and financial partner. This partnership validates Satago's technology, personnel and strategy toward addressing the invoice finance market with its LaaS (lending as a service) solution.

Having secured Lloyds as a partner, Satago is in conversations with several blue-chip organisations across the UK and Europe to offer all or part of its technology solution suite.

This significant progress with Lloyds accelerates and grows Satago's opportunity set and Satago is expected to remain loss making in the short term. Satago will continue to convert its pipeline and fund technology development and recruit key employees and the Board is excited by its growth trajectory and its potential for significant value creation.  

Oxygen

Oxygen Finance ("Oxygen") is a provider of early payment solutions and data insight services to the public and private sector. TruFin owns 87.5 per cent. of Oxygen (on a fully diluted basis).

Oxygen recorded its first year of positive EBITDA for the year ended 31 December 2021 and also recorded its first cash flow positive month in December 2021. During the year, Oxygen signed 28 new clients (taking the total to 120 as at 31 December 2021) and processed its millionth rebate. Client retention stood at 98 per cent. - two clients were lost, both in the data insights division, but it is a testament to the strength of Oxygen's product that one of those clients later re-subscribed for Oxygen's data insights product in early 2022.

Oxygen expects to deliver revenue growth in excess of 20 per cent. per annum over the coming years, which, given the operational gearing in the business, is expected to translate to increasing profits. Approximately 90 per cent. of revenue over the next four years is expected to be contributed by existing clients. Oxygen is fully funded for this organic growth, requiring no further financial support from TruFin.

Vertus

Vertus Capital ("Vertus") is a provider of finance to independent financial advisors. TruFin owns 53.8 per cent. of Vertus (on a fully diluted basis).

Vertus had a strong 2021, recording its first year of profit, writing £8.4 million of facilities and making a £2 million advance, its largest to date. Its existing book remains resilient - it is yet to experience a default - and its pipeline is strong. Vertus' loan book stood at £18.0 million as at 28 February 2022, with £2.8 million of facilities written in 2022 year-to-date, and it currently has a pipeline of £24.4 million. Vertus has a medium-term loan book target of £50 million and it will be investing in technology-enabled lending solutions during 2022 to satisfy the growing pipeline.

Playstack

Playstack Limited ("Playstack") has two linked business offerings - a games publishing service and Interact, a platform to allow advertisers to integrate promotions within game. TruFin owns 99.9% per cent. of Playstack (on a fully diluted basis).

Within games publishing, Playstack continues to expand the impact of the Mortal Shell IP, whilst also having secured publishing rights for three new games to be released within the next 12 months, each with the expectation of high user appeal and strong marketability. Playstack is also working to expand its internal games development capability through recruitment or acquisition such that it can increase its core games portfolio and increase reach in all key markets.

The beta launch of the brand technology platform 'Interact' occurred in late November 2021 and is now in the test phase with several external developers who have access to over 500,000 users. Interact has been developed to allow tailored bespoke campaigns, programmatic advertising and full sponsorship solutions across a suite of games on mobile - with a flexible tool for precise audience reach and targeting. Interact is forecast by management to be revenue generating within 2022, but is expected to remain loss making in the medium term.

3.     Current trading

The Group expects to publish its audited results for the year ended 31 December 2021 (FY21) in April 2022. The Group reports unaudited financial results for FY21 as follows:

•              Revenue - £13.1 million (2020: £14.8 million), driven by reduced revenue at Satago as it focussed on the Lloyds partnership and lower revenue at Playstack following a particularly strong performance in 2020 resulting from the release of Mortal Shell

•              Loss before tax - £8.2 million (2020: £8.9 million), as a result of cost reductions at head office and at Playstack

•              Cash - £7.6 million (includes cash of £4.7 million in Satago and £0.7 million in Vertus which cannot be accessed at a Group level) (2020: £17.7 million)

•              Net assets - £32.3 million, of which £16.3 million represents goodwill (2020: £39.7 million)

The Group recorded revenue of more than £1.6 million for the calendar year to 28 February 2022, which represents revenue growth of 9 per cent. over the equivalent period in 2021 and growth of 35 per cent. in February 2022 compared to February 2021.

During 2021, TruFin loaned Satago £3 million to provide working capital as Satago continued its commercial pilot with Lloyds. This loan was originally due to be repaid to TruFin, but as announced on 9 March 2022, as part of the investment by Lloyds Banking Group, TruFin has agreed to vary the terms of the loan. The loan is now convertible into equity capital in Satago at the same valuation as the investment made by Lloyds Banking Group at TruFin's election for six months from the date of the variation or, if a further funding round takes place after such six month period, automatically at the valuation implied by the funding round). As a result these funds are no longer available to TruFin.

The Group's unrestricted cash position as at 28 February 2022 was £2.8 million. Following the announcement of Lloyds' intention to enter into a commercial agreement with Satago, the Group will accelerate its investment in this substantial opportunity.  Without the funds to be raised under the Share Issue, the Directors forecast that the Group has sufficient working capital to maintain its current business plan until August 2022.

4.     Reasons for the share issue and Use of Proceeds

With two of the Group's subsidiaries reaching breakeven, and Satago securing a partner in Lloyds, 2021 and 2022 to date have been transformational for the Group. The Board continue to see significant value across each of the portfolio companies and, in order to fund Satago and Playstack to profitability, and to provide working capital, the Company is proposing to raise gross proceeds of up to approximately £10.0 million through the Placing of £8.0 million and an Open Offer of up to approximately a further £2.0 million.

The Company intends to use the net proceeds as follows:

•              c.£2 million intended to be invested in Satago, which together with the £5 million invested by Lloyds Banking Group and the £3 million already invested by TruFin, will be used to fund technology development and recruit key employees, which is expected to fund Satago to profitability

•              c.£4 million for growth opportunities in Playstack and to fund it to profitability

•              c.£1.5-3.5 million for Group working capital (replacing TruFin's loan, provided to Satago converting into Satago equity)

Following completion of the Placing and the Open Offer, the Group is expected to have sufficient working capital and cash headroom to execute on its ambitious growth strategy through to a position of being cash generative.

5.     Principal terms of the Share Issue

The Company proposes to raise gross proceeds of £8.0 million (approximately £7.5 million net of expenses) through the issue of 10,666,666 New Ordinary Shares by way of a Placing at the Issue Price of 75 pence per New Ordinary Share. The Issue Price represents a discount of 9.09 per cent. to the closing middle market price of 82.5 pence per Existing Ordinary Share on 22 March 2022 (being the last business day prior to the announcement of the Share Issue). In addition, the Company proposes to raise gross proceeds of up to approximately £2.0 million (before expenses) through the issue of up to 2,694,073 New Ordinary Shares by way of an Open Offer at the Issue Price.

The Placing

Liberum, as agent for the Company, has agreed to procure Placees by way of an accelerated bookbuild process on the terms of the Placing Agreement. Placees will apply to subscribe for the Placing Shares on the basis of the Terms and Conditions of the Placing set out in the Appendix to this Announcement.  The Placing is not being underwritten. The Placing Shares are not subject to clawback and are not part of the Open Offer.

The Board believes that raising equity finance using the flexibility provided by a non-pre-emptive placing is the most appropriate and optimal structure for the Company at this time. This allows certain existing institutional holders and new institutional investors the opportunity to participate in the Placing.

The Placing Agreement contains customary warranties and an indemnity from the Company in favour of Liberum, together with provisions which enable Liberum to terminate the Placing Agreement in certain circumstances, including where there is a material adverse change affecting the Company or the Group prior to Admission.

The obligations of Liberum under the Placing Agreement are conditional, inter alia, upon Resolutions 1 and 2 being passed at the General Meeting, and Admission of the Placing Shares occurring on or before 8.00 a.m. on 12 April 2022 (or such later date and/or time as the Company and Liberum may agree, being no later than 30 April 2022).

The Placing Agreement provides for payment by the Company to Liberum of customary commissions and expenses.

Open Offer

The Directors consider it important that Qualifying Shareholders have the opportunity to participate in the fundraising, and the Directors have concluded that the Open Offer is the most suitable option available to the Company and its Shareholders.

Subject to the fulfilment of the conditions set out below, Qualifying Shareholders will be able to subscribe for Open Offer Shares in proportion to their holding of Existing Ordinary Shares held on the Record Date. Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares as an Excess Entitlement, up to the total number of Open Offer Shares available to Qualifying Shareholders under the Open Offer. The Open Offer is not underwritten.

The Open Offer will be conditional, inter alia, on the following:

i)          the passing (without amendment) at the General Meeting of the Resolutions and the Resolutions becoming unconditional;

ii)          the Placing Agreement not being terminated prior to Admission of the Placing Shares and having become unconditional in all respects;

iii)         Admission of the Placing Shares becoming effective on or before 8.00 a.m. on 12 April 2022 (or such later date and/or time as the Company and Liberum may agree, being no later than 30 April 2022); and

iv)         Admission of the Open Offer Shares becoming effective on or before 8.00 a.m. on 12 April 2022 (or such later date and/or time as the Company and Liberum may agree, being no later than 30 April 2022).

The allotment and issue of the Open Offer Shares is conditional on Admission of the Placing Shares but the Placing is not conditional on Admission of the Open Offer Shares; if the Placing does not complete, then the Open Offer will lapse. However, if the Open Offer does not complete, then this will not prevent the Placing from completing.

If these and the other conditions to the Open Offer are not satisfied or waived (where capable of waiver), the Open Offer will lapse and will not proceed and any applications made by Qualifying Shareholders will be rejected. In these circumstances, application monies received by the Receiving Agent in respect of Open Offer Shares will be returned (at the Applicant's sole risk), without payment of interest, as soon as reasonably practicable thereafter. Lapsing of the Open Offer cannot occur after dealings in the Open Offer Shares have begun.

Basic Entitlement

Subject to the terms and conditions of the Open Offer, the Company will invite Qualifying Shareholders to apply for their Basic Entitlement of Open Offer Shares at the Issue Price. Each Qualifying Shareholder's Basic Entitlement has been calculated on the following basis:

1 Open Offer Share for every 30 Existing Ordinary Shares held at the Record Date

Basic Entitlements will be rounded down to the nearest whole number of Ordinary Shares and any fractional entitlements to Open Offer Shares will be aggregated and made available under the Excess Application Facility.

Excess Entitlement

Qualifying Shareholders will also be invited to apply for additional Open Offer Shares (up to the total number of Open Offer Shares available to Qualifying Shareholders under the Open Offer) as an Excess Entitlement. Any Open Offer Shares not issued to a Qualifying Shareholder pursuant to their Basic Entitlement will be apportioned between those Qualifying Shareholders who have applied for an Excess Entitlement at the sole and absolute discretion of the Company, provided that no Qualifying Shareholder shall be required to subscribe for more Open Offer Shares than he or she has specified on the Application Form or through CREST.

The Open Offer Shares will, when issued and fully paid, rank pari passu in all respects with the Ordinary Shares in issue at that time, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission of the Open Offer Shares. The Open Offer is not being underwritten.

Qualifying Shareholders should note that the Open Offer is not a "rights issue". Invitations to apply under the Open Offer are not transferable unless to satisfy bona fide market claims. Qualifying non-CREST Shareholders should be aware that the Application Form is not a negotiable document and cannot be traded. Qualifying Shareholders should also be aware that in the Open Offer, unlike in a rights issue, any Open Offer Shares not applied for pursuant to the Open Offer (including under the Excess Application Facility) will not be sold in the market nor will they be placed for the benefit of Qualifying Shareholders who do not apply for Open Offer Shares under the Open Offer (including under the Excess Application Facility). The Company reserves the right to place, with other third party investors at the Issue Price, any Open Offer Shares that are not taken up by Qualifying Shareholders pursuant to the Open Offer.

Overseas Shareholders

Subject to certain exceptions, the Open Offer Shares will not be and are not intended to be registered or qualified for sale in any jurisdiction other than the United Kingdom. Accordingly, unless otherwise determined by the Company and effected by the Company in a lawful manner, the Application Form will not be sent to Shareholders with registered addresses in, or who are resident or located in the United States or any other Open Offer Restricted Jurisdiction since to do so would require compliance with the relevant securities laws of that jurisdiction. The Company reserves the right to treat as invalid any application or purported application for Open Offer Shares which appears to the Company or its agents or professional advisers to have been executed, effected or despatched in a manner which may involve a breach of the laws or regulations of any jurisdiction or if the Company or its agents or professional advisers believe that the same may violate applicable legal or regulatory requirements or if it provides an address for delivery of share certificates for Open Offer Shares outside the UK, or in the case of a credit of Open Offer Shares in CREST, to a CREST member whose registered address would not be in the UK.

Notwithstanding the foregoing and any other provision of the Circular or the Application Form, the Company reserves the right to permit any Qualifying Shareholder to apply for Open Offer Shares if the Company, in its sole and absolute discretion, is satisfied that the transaction in question is exempt from, or not subject to, the legislation or regulations giving rise to the restrictions in question.

General

The New Ordinary Shares will represent approximately 14.2 per cent. of the Company's issued share capital as enlarged by the New Ordinary Shares (the "Enlarged Share Capital") following Admission (assuming full subscription under the Open Offer and no further issues of Ordinary Shares prior to the issue of the New Ordinary Shares). The New Ordinary Shares will be issued credited as fully paid and will be identical to and rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive all future distributions, declared, paid or made in respect of the Ordinary Shares following the date of Admission.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM subject to the passing of the Resolutions at the General Meeting. It is expected that Admission will become effective on 12 April 2022 and that dealings for normal settlement in the New Ordinary Shares will commence at 8.00 a.m. on 12 April 2022.

DEFINITIONS

The following definitions apply throughout this Announcement, unless the context requires otherwise:

All references in Announcement to "£", "pence" or "p" are to the lawful currency of the United Kingdom.

APPENDIX - TERMS AND CONDITIONS OF THE PLACING

IMPORTANT INFORMATION FOR INVITED PLACEES ONLY REGARDING THE PLACING.

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES (TOGETHER, THE "ANNOUNCEMENT") AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, PUBLIC RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) COMES ARE REQUIRED BY THE COMPANY AND LIBERUM TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS.

THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER OR INVITATION TO UNDERWRITE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT AND THE TERMS AND CONDITIONS SET OUT IN THIS APPENDIX ARE FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT PERSONS WHO ARE: (A) PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA") WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(E) OF REGULATION (EU) 2017/1129 (TOGETHER WITH ITS DELEGATED AND IMPLEMENTING REGULATIONS) (THE "EU PROSPECTUS REGULATION") ("EU QUALIFIED INVESTORS"), (B) IF IN THE UNITED KINGDOM, PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER"), OR ARE HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS OR PARTNERSHIPS OR TRUSTEES OF HIGH VALUE TRUSTS AS DESCRIBED IN ARTICLE 49(2) OF THE ORDER AND (II) ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(E) OF REGULATION (EU) 2017/1129 AS AMENDED, AS IT FORMS PART OF UK DOMESTIC LAW AND AS DEFINED IN, AND BY VIRTUE OF, THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) (THE "UK PROSPECTUS REGULATION") ("UK QUALIFIED INVESTORS"), (C) PROFESSIONAL INVESTORS AS DEFINED IN THE FINANCIAL SERVICES (INVESTMENT BUSINESS (SPECIAL PURPOSE INVESTMENT BUSINESS - EXEMPTION)) (JERSEY) ORDER 2001, AND (D) TO PERSONS TO WHOM IT MAY OTHERWISE BE LAWFUL TO COMMUNICATE (EACH A "RELEVANT PERSON"). NO OTHER PERSON SHOULD ACT OR RELY ON THIS ANNOUNCEMENT AND PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO. BY ACCEPTING THE TERMS OF THIS ANNOUNCEMENT YOU REPRESENT AND AGREE THAT YOU ARE A RELEVANT PERSON. THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT (INCLUDING THIS APPENDIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN RELATE IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS ANNOUNCEMENT (INCLUDING THIS APPENDIX) DOES NOT ITSELF CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY OR ACQUIRE ANY SECURITIES IN THE COMPANY.

THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) DOES NOT CONSTITUTE AND MAY NOT BE CONSTRUED AS AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THE PLACING SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD, ACQUIRED, RESOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY WITHIN, INTO OR IN THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY RELEVANT STATE OR OTHER JURISDICTION OF THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF THE PLACING SHARES IN THE UNITED STATES, THE UNITED KINGDOM OR ELSEWHERE.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER UNDER THE LAWS OF JERSEY AND THE CONSENT OF THE REGISTRAR OF COMPANIES IN JERSEY TO THE CIRCULATION OF THIS ANNOUNCEMENT IS NOT REQUIRED, BECAUSE (A) THE INVITATION IS ADDRESSED SOLELY TO RELEVANT PERSONS (B) THE NUMBER OF PERSONS (OTHER THAN RELEVANT PERSONS) TO WHOM THE ANNOUNCEMENT IS ADDRESSED DOES NOT EXCEED 50 IN JERSEY AND 150 ELSEWHERE; (C) THE MINIMUM CONSIDERATION WHICH MAY BE PAID OR GIVEN BY A PERSON FOR SECURITIES TO BE ACQUIRED BY THAT PERSON IS AT LEAST EUR 100,000 (OR AN EQUIVALENT AMOUNT IN ANOTHER CURRENCY); (D) THE SECURITIES TO BE ACQUIRED OR APPLIED FOR ARE DENOMINATED IN AMOUNTS OF AT LEAST EUR 100,000 (OR AN EQUIVALENT AMOUNT IN ANOTHER CURRENCY); (E) THE INVITATION RELATES TO THE ISSUE OF SHARES OR OTHER SECURITIES BY A COMPANY TO ITS MEMBERS IN SATISFACTION, IN WHOLE OR IN PART, OF A DISTRIBUTION TO BE MADE BY THAT COMPANY; (F) THE INVITATION RELATES TO A SCHEME SPECIFIED IN ARTICLE 3(2)(C) OF THE COMPANIES (GENERAL PROVISIONS) (JERSEY) ORDER 2002 (THE "CGP ORDER"); OR (G) ANY COMBINATION OF (A) TO (F) APPLIES. THE INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO SUCH PERSONS. IT IS NOT INTENDED THAT THIS ANNOUNCEMENT BE DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER CLASS OF PERSON AND IN ANY EVENT, AND UNDER NO CIRCUMSTANCES SHOULD PERSONS OF ANY OTHER DESCRIPTION RELY ON OR ACT UPON THE CONTENTS OF THIS ANNOUNCEMENT.

EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF A SUBSCRIPTION FOR THE PLACING SHARES.

A Circular explaining the background to and reasons for the Placing and containing the Notice of General Meeting is expected to be posted to shareholders following the close of the Bookbuild. A copy of the Circular and the Notice of General Meeting will thereafter be made available on the Company's website: www.trufin.com.

Persons (including individuals, funds or otherwise) who are invited to and who have chosen to participate in the Placing (and any person acting on such person's behalf), by making an oral or written offer to subscribe for Placing Shares will be deemed to have read and understood this Announcement, including this Appendix, in its entirety and to be making such offer on the terms and conditions, and to be providing the representations, warranties, acknowledgements, and undertakings contained in this Appendix.

In this Appendix, unless the context otherwise requires, "Placee" means a Relevant Person (including individuals, funds or others) by whom or on whose behalf a commitment to subscribe for Placing Shares has been given. In particular, each such Placee represents, warrants and acknowledges that:

1.         it is a Relevant Person (as defined above) and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;

2.         in the case of any Placing Shares acquired by it as a financial intermediary within the United Kingdom, as that term is used in Article 5(1) of the UK Prospectus Regulation, (i) the Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in the United Kingdom or to which the UK Prospectus Regulation otherwise applies other than UK Qualified Investors or in circumstances in which the prior consent of Liberum has been given to the offer or resale; or (ii) where Placing Shares have been acquired by it on behalf of persons in the United Kingdom other than UK Qualified Investors, the offer of those Placing Shares to it is not treated under the UK Prospectus Regulation as having been made to such persons;

3.         in the case of any Placing Shares acquired by it as a financial intermediary within the EEA, as that term is used in Article 5(1) of the EU Prospectus Regulation, (i) the Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any member state of the European Economic Area or to which the EU Prospectus Regulation otherwise applies other than EU Qualified Investors or in circumstances in which the prior consent of Liberum has been given to the offer or resale; or (ii) where Placing Shares have been acquired by it on behalf of persons in any member state of the EEA other than EU Qualified Investors, the offer of those Placing Shares to it is not treated under the EU Prospectus Regulation as having been made to such persons;

4.         (i) it and the person(s), if any, for whose account or benefit it is acquiring the Placing Shares are purchasing the Placing Shares in an "offshore transaction" as defined in and pursuant to Regulation S under the Securities Act ("Regulation S"); (ii) it is aware of the restrictions on the offer and sale of the Placing Shares pursuant to Regulation S; and (iii) the Placing Shares have not been offered to it by means of any "directed selling efforts" as defined in Regulation S;

5.         it is acquiring the Placing Shares for its own account or is acquiring the Placing Shares for an account with respect to which it exercises sole investment discretion and has the authority to make and does make the representations, warranties, indemnities, acknowledgements and agreements contained in this Announcement;

6.         it understands (or, if acting for the account of another person, such person understands) the resale and transfer restrictions set out in this Appendix;

7.         it acknowledges that the Placing Shares have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or transferred, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States, and that there will be no public offer of the Placing Shares in the United States; and

8.         the Company and Liberum will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

The Placing Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this Announcement. Any representation to the contrary is a criminal offence in the United States.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Appendix (or the Announcement of which it forms part) should seek appropriate advice before taking any action.

Details of the Placing

Liberum, acting as Placing Agent, has entered into a placing and open offer agreement with the Company (the "Placing Agreement") under which, subject to the conditions set out therein, Liberum has agreed to use its reasonable endeavours to procure subscribers for the Placing Shares at the Placing Price.

The Placing is conditional upon the Placing Agreement becoming unconditional in all respects.

The Placing Shares will, when issued, rank pari passu in all respects with the existing issued Ordinary Shares, including the right to receive dividends and other distributions declared, made or paid following Admission.

Application for admission to trading

Applications will be made to the London Stock Exchange plc ("LSE") for admission of the New Ordinary Shares to be issued pursuant to the Placing ("Admission") to trading on AIM, a market of that name operated by LSE ("AIM") in accordance with the AIM Rules for Companies. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM at 8.00 a.m. on 12 April 2022, and in any event no later than 30 April 2022.

Bookbuild

Liberum will today commence the bookbuilding process in respect of the Placing (the "Bookbuild") to determine demand for participation in the Placing by Placees. This Appendix gives details of the terms and conditions of, and the mechanics of participation in, the Placing. No commissions will be paid to Placees or by Placees in respect of any Placing Shares.

Liberum and the Company shall be entitled to effect the Placing by such alternative method to the Bookbuild as they may, in their sole discretion, determine.

Participation in, and principal terms of, the Placing

Liberum is arranging the Placing as agent for and on behalf of the Company. Participation in the Placing will only be available to Placees who may lawfully be, and are, invited to participate by Liberum. Liberum's agents and their respective affiliates are each entitled to enter bids in the Bookbuild as principal.

The number of Placing Shares to be issued will be agreed between Liberum and the Company following completion of the Bookbuild. The number of Placing Shares will be announced on a Regulatory Information Service following the completion of the Bookbuild.

To bid in the Bookbuild, Placees should communicate their bid by telephone or in writing to their usual sales contact at Liberum. Each bid should state the number of Placing Shares which the prospective Placee wishes to acquire at the Placing Price established by the Company and Liberum. Bids may be scaled down by Liberum on the basis referred to below.

The Bookbuild is expected to close no later than 12 p.m. on 23 March 2022, but may be closed earlier or later at the absolute discretion of Liberum. Liberum may, in agreement with the Company, accept bids that are received after the Bookbuild has closed. The Company reserves the right (upon the agreement of Liberum) to reduce or seek to increase (subject to the maximum size referred to in the Announcement) the amount to be raised pursuant to the Placing.

Liberum will determine in its absolute discretion (in consultation with the Company) the extent of each Placee's participation in the Placing, which will not necessarily be the same for each Placee and this will be confirmed orally or in writing by Liberum as agent of the Company ("Confirmation"). No element of the Placing will be underwritten. The Confirmation will constitute an irrevocable legally binding commitment upon that person (who will at that point become a Placee) to subscribe for the number of Placing Shares allocated to it at the Placing Price on the terms and conditions set out in this Appendix (a copy of the terms and conditions having been provided to the Placee prior to or at the same time as such Confirmation) and in accordance with the Company's articles of association. Each prospective Placee's allocation and commitment will be evidenced by a contract note or an electronic trade confirmation issued to such Placee by Liberum. The terms of this Appendix will be deemed incorporated by reference therein. For the avoidance of doubt, the Confirmation constitutes each Placee's irrevocable legally binding agreement, subject to the Placing Agreement not having been terminated, to pay the aggregate settlement amount for the Placing Shares to be subscribed for by that Placee regardless of the total number of Placing Shares (if any) subscribed for by any other investor(s).

Liberum reserves the right to scale back the number of Placing Shares to be subscribed by any Placee in the event of an oversubscription under the Placing. Liberum also reserves the right not to accept offers for Placing Shares or to accept such offers in part rather than in whole.

Each Placee will be required to pay to Liberum, on the Company's behalf, the Placing Price for each Placing Share agreed to be acquired by it under the Placing in accordance with the terms set out herein. Each Placee's obligation to acquire and pay for Placing Shares under the Placing will be owed to Liberum and the Company. Each Placee has an immediate, separate, irrevocable and binding obligation, owed to Liberum, to pay to it (or as it may direct) in cleared funds an amount equal to the product of the Placing Price and the number of Placing Shares such Placee has agreed to subscribe for. Each Placee will be deemed to have read and understood this Appendix in its entirety, to be participating in the Placing upon the terms and conditions contained in this Appendix, and to be providing the representations, warranties, agreements, acknowledgements and undertakings, in each case as contained in this Appendix. To the fullest extent permitted by law and applicable FCA rules (the "FCA Rules"), neither (i) Liberum, (ii) any of its respective directors, officers, employees or consultants, or (iii) to the extent not contained within (i) or (ii), any person connected with Liberum as defined in the FCA Rules ((i), (ii) and (iii) being together "affiliates" and individually an "affiliate"), shall have any liability to Placees or to any person other than the Company in respect of the Placing.

Irrespective of the time at which a Placee's participation in the Placing is confirmed, settlement for all Placing Shares to be acquired pursuant to the Placing will be required to be made at the same time, on the basis explained below under 'Registration and settlement'.

Completion of the Placing will be subject to the fulfilment of the conditions referred to below under 'Conditions of the Placing' and to the Placing not being terminated on the basis referred to below under 'Termination of the Placing Agreement'. In the event that the Placing Agreement does not become unconditional in any respect or is terminated prior to Admission, the Placing will not proceed and all funds delivered by the Placee to Liberum in respect of the Placee's participation will be returned to the Placee at the Placee's risk without interest.

By participating in the Placing, each Placee agrees that its rights and obligations in respect of the Placing will terminate only in the circumstances described below and will not otherwise be capable of rescission or termination by the Placee.

By participating in the Placing, each Placee is deemed to have read and understood this Announcement, including the Appendices, in its entirety and to be making such offer on the terms and conditions, and to be providing the representations, warranties, acknowledgements, and undertakings contained in the Appendices.

To the fullest extent permissible by law, neither the Company, nor Liberum nor any of their affiliates shall have any liability to Placees (or to any other person whether acting on behalf of a Placee or otherwise). In particular, neither Liberum nor any of its affiliates shall have any liability (including, to the extent permissible by law, any fiduciary duties) in respect of Liberum's conduct of the Bookbuild or of such alternative method of effecting the Placing as Liberum and the Company may agree.

Conditions of the Placing

The obligations of Liberum under the Placing Agreement in respect of the Placing Shares are conditional on, amongst other things:

(a)        the passing of the Resolutions at the General Meeting or any adjournment thereof;

(b)        the Company having complied with all of its material obligations under the Placing Agreement (to the extent that such obligations fall to be performed prior to Admission); and

(c)        Admission having occurred not later than 8.00 a.m. on 12 April 2022 or such later date as the Company and Liberum may agree, but in any event not later than 8.00 a.m. on 30 April 2022.

If (i) any of the conditions contained in the Placing Agreement in relation to the Placing Shares are not fulfilled or waived by Liberum by the respective time or date where specified, (ii) any of such conditions becomes incapable of being fulfilled or (iii) the Placing Agreement is terminated in the circumstances specified below, the Placing will not proceed and the Placee's rights and obligations hereunder in relation to the Placing Shares shall cease and terminate at such time and each Placee agrees that no claim can be made by the Placee in respect thereof.

Liberum, at its discretion and upon such terms as it thinks fit, may waive (where capable of waiver) compliance by the Company with the whole or any part of any of the Company's obligations in relation to the conditions in the Placing Agreement. Any such extension or waiver will not affect Placees' commitments as set out in this Announcement (including this Appendix).

None of Liberum, the Company or any other person shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision they may make as to whether or not to waive or to extend the time and/or the date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally, and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Liberum.

Termination of the Placing Agreement

Liberum is entitled at any time before Admission, to terminate the Placing Agreement in relation to its obligations in respect of the Placing Shares by giving notice to the Company if, amongst other things:

(a)        the Company has failed to comply with any of its obligations under the Placing Agreement; or

(b)        any statement in this Announcement or any other document or announcement issued or published by or on behalf of the Company in connection with the Placing has become or been discovered to be untrue or inaccurate in any material respect or misleading; or

(c)        any warranty given by the Company in the Placing Agreement is, or would be if repeated at any time up to Admission (by reference to the facts and circumstances then existing), untrue or inaccurate in any material respect or misleading; or

(d)        matters have arisen or have been discovered which would, if this Announcement, or any other document or announcement issued or published by or on behalf of the Company in connection with the Placing, were to be issued at that time, constitute a material inaccuracy or omission therefrom; or

(e)        there shall have occurred, happened or come into effect (i) any outbreak or escalation of hostilities, any attack or act of terrorism, any declaration of a national emergency or war and any other calamity or crisis of national or international effect; or (ii) any suspension or limitation of trading generally on the New York Stock Exchange or the LSE, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices of securities have been required, by any of said exchanges or by such system or by order of any governmental authority, or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or the United Kingdom; or (iii) any material adverse change in national or international financial, monetary, economic, political or market conditions, which, in each case, in the opinion of Liberum acting in good faith makes it impractical or inadvisable to proceed with the Placing.

Upon such termination, the parties to the Placing Agreement shall be released and discharged (except for any liability arising before or in relation to such termination) from their respective obligations under or pursuant to the Placing Agreement, subject to certain exceptions.

By participating in the Placing, Placees agree that the exercise by Liberum of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Liberum and that they need not make any reference to Placees and that they shall have no liability to Placees whatsoever in connection with any such exercise or failure so to exercise.

No prospectus

No offering document, prospectus or admission document has been or will be submitted to be approved by the FCA, the Jersey Financial Services Commission (the "JFSC") or submitted to the LSE in relation to the Placing and Placees' commitments will be made solely on the basis of their own assessment of the Company, the Placing Shares and the Placing based on the Company's publicly available information taken together with the information contained in this Announcement (including this Appendix) released by the Company today and any information publicly announced to a Regulatory Information Service by or on behalf of the Company on or prior to the date of this Announcement, and subject to the further terms set forth in the contract note to be provided to individual prospective Placees.

Each Placee, by accepting a participation in the Placing, agrees that the content of this Announcement (including this Appendix) is exclusively the responsibility of the Company and confirms that it has neither received nor relied on any other information, representation, warranty, or statement made by or on behalf of the Company, Liberum or any other person and none of Liberum nor the Company nor any other person will be liable for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement which the Placees may have obtained or received. Each Placee acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing. No Placee should consider any information in this Announcement (including this Appendix) to be legal, tax or business advice. Each Placee should consult its own legal adviser, tax adviser and/or business adviser for legal, tax and business advice regarding an investment in the Placing Shares. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.

Registration and settlement

Settlement of transactions in the Placing Shares following Admission will take place within the system administered by CREST, subject to certain exceptions. Liberum reserves the right to require settlement for and delivery of the Placing Shares (or a portion thereof) to Placees by such other means that it deems necessary, including in certificated form if, in the reasonable opinion of Liberum, delivery or settlement is not possible or practicable within the CREST system or would not be consistent with the regulatory requirements in the Placee's jurisdiction.

Participation in the Placing is only available to persons who are invited to participate in it by Liberum.

A Placee's commitment to acquire a fixed number of Placing Shares under the Placing will be agreed orally or in writing with Liberum. Such agreement will constitute a legally binding commitment on such Placee's part to acquire that number of Placing Shares at the Placing Price on the terms and conditions set out or referred to in the Appendices and subject to the Company's articles of association.

Following the close of the Bookbuild, each Placee allocated Placing Shares in the Placing will be sent a contract note or electronic trade confirmation in accordance with the standing arrangements in place with Liberum, stating the number of Placing Shares allocated to it at the Placing Price, the aggregate amount owed by such Placee to Liberum and settlement instructions.

Each Placee agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with the standing CREST or certificated settlement instructions that it has in place with Liberum. Settlement should be through Liberum against CREST ID: 7BUAG. For the avoidance of doubt, Placing allocations will be booked with a trade date of 24 March 2022 and settlement date of 12 April 2022. Settlement will take place on a delivery versus payment basis.

The Company will deliver the Placing Shares to the CREST account operated by Liberum as agent for the Company and Liberum will enter their delivery (DEL) instruction into the CREST system. The input to CREST by a Placee of a matching or acceptance instruction will then allow delivery of the relevant Placing Shares to that Placee against payment.

Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above at the rate of two percentage points above the Bank of England's base rate from time to time.

Each Placee is deemed to agree that, if it does not comply with these obligations, the Company may sell any or all of the Placing Shares allocated to that Placee on such Placee's behalf and retain from the proceeds, for the Company's account and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties thereon or other similar taxes imposed in any jurisdiction) which may arise upon the sale of such Placing Shares on such Placee's behalf. By communicating a bid for Placing Shares, each Placee confers on Liberum all such authorities and powers necessary to carry out any such transaction and agrees to ratify and confirm all actions which Liberum lawfully takes on such Placee's behalf.

If Placing Shares are to be delivered to a custodian or settlement agent, Placees should ensure that the contract note or electronic trade confirmation is copied and delivered immediately to the relevant person within that organisation. Insofar as Placing Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares should, subject as provided below, be so registered free from any liability to UK stamp duty or stamp duty reserve tax. If there are any other circumstances in which any stamp duty or stamp duty reserve tax (including any interest and penalties relating thereto) is payable in respect of the allocation, allotment, issue or delivery of the Placing Shares (or for the avoidance of doubt if any stamp duty or stamp duty reserve tax is payable in connection with any subsequent transfer of or agreement to transfer Placing Shares), neither Liberum nor the Company shall be responsible for the payment thereof. Placees will not be entitled to receive any fee or commission in connection with the Placing.

Representations and warranties

By submitting a bid and/or participating in the Placing, each Placee (and any person acting on such Placee's behalf) acknowledges, undertakes, represents, warrants and agrees (as the case may be) that:

1.         it has read and understood this Announcement, including this Appendix, in its entirety and that its participation in the Placing and its acquisition of Placing Shares is subject to and based upon all the terms, conditions, representations, warranties, acknowledgements, agreements and undertakings and other information contained herein;

2.         it has received this Announcement solely for its use and has not redistributed or duplicated it and it will not redistribute or duplicate this Announcement or any other materials concerning the Placing (including any electronic copies thereof);

3.         no offering document, prospectus or admission document has been or will be prepared in connection with the Placing and it has not received a prospectus, admission document or other offering document in connection with the Bookbuild, the Placing or the Placing Shares;

4.         its participation in the Placing shall also be subject to the provisions of the Placing Agreement and the memorandum and articles of association of the Company in force both before and immediately after Admission;

5.         (i) it has made its own assessment of the Company, the Placing Shares and the terms of the Placing based on this Announcement (including this Appendix) and any information publicly announced to a Regulatory Information Service by or on behalf of the Company prior to the date of this Announcement (the "Publicly Available Information"); (ii) the New Ordinary Shares are admitted to trading on AIM, and the Company is therefore required to publish certain business and financial information in accordance with the rules and practices of AIM (collectively, the "Exchange Information"), which includes a description of the nature of the Company's business and the Company's most recent balance sheet and profit and loss account and that it is able to obtain or access such Exchange Information without undue difficulty and is able to obtain access to such information or comparable information concerning any other publicly traded company without undue difficulty, and (iii) it has had access to such financial and other information (including the business, financial condition, prospects, creditworthiness, status and affairs of the Company, the Placing and the Placing Shares, as well as the opportunity to ask questions) concerning the Company, the Placing and the Placing Shares as it has deemed necessary in connection with its own investment decision to acquire any of the Placing Shares and has satisfied itself that the information is still current and relied on that investigation for the purposes of its decision to participate in the Placing;

6.         neither Liberum, the Company nor any of their respective affiliates, agents, directors, officers, employees or any person acting on behalf of any of them has provided, and will not provide, it with any material regarding the Placing Shares or the Company other than the information included in this Announcement; nor has it requested any of Liberum, the Company, any of their respective affiliates or any person acting on behalf of any of them to provide it with any such information;

7.         the content of this Announcement (including this Appendix) is exclusively the responsibility of the Company and that neither Liberum, nor any person acting on its behalf has or shall have any liability for any information, representation or statement contained in this Announcement or any information previously published by or on behalf of the Company and will not be liable for any Placee's decision to participate in the Placing based on any information, representation or statement contained in this Announcement or otherwise. Each Placee further represents, warrants and agrees that the only information on which it is entitled to rely and on which such Placee has relied in committing itself to subscribe for the Placing Shares is contained in this Announcement and any Publicly Available Information (including the Exchange Information), such information being all that it deems necessary to make an investment decision in respect of the Placing Shares and that it has neither received nor relied on any other information given or representations, warranties or statements made by Liberum or the Company or their respective affiliates and neither Liberum nor the Company nor their respective affiliates will be liable for any Placee's decision to accept an invitation to participate in the Placing based on any other information, representation, warranty or statement. Each Placee further acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in deciding to participate in the Placing;

8.         to the extent it has received any inside information (for the purposes of the UK Market Abuse Regulation (the UK version of EU Regulation No. 596/2014 as it forms part of UK domestic law and as defined in, and by virtue of, the European Union (Withdrawal) Act 2018, as amended ("UK MAR")) and section 56 of the Criminal Justice Act 1993) in relation to the Company and its securities, it has not: (a) dealt (or attempted to deal) in the securities of the Company; (b) encouraged, recommended or induced another person to deal in the securities of the Company; or (c) unlawfully disclosed inside information to any person, prior to the information being made publicly available;

9.         neither Liberum nor any person acting on its behalf nor any of their respective affiliates has or shall have any liability for any Publicly Available Information (including any Exchange Information), or any representation relating to the Company, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;

10.        it has complied with its obligations under the Criminal Justice Act 1993, UK MAR and in connection with money laundering and terrorist financing under the Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000 (as amended), the Terrorism Act 2006 and the Money Laundering Regulations 2007, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the "Regulations") and any related or similar rules, regulations or guidelines, issued, administered or enforced by any government agency having jurisdiction in respect thereof and the Money Laundering Sourcebook of the FCA and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations;

11.        if it is a financial intermediary within the United Kingdom, as that term is used in Article 5(1) of the UK Prospectus Regulation, the Placing Shares subscribed for by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in the United Kingdom or to which the UK Prospectus Regulation otherwise applies other than to UK Qualified Investors, or in circumstances in which the prior consent of Liberum has been given to the proposed offer or resale;

12.        if it is a financial intermediary within the EEA, as that term is used in Article 5(1) of the EU Prospectus Regulation, the Placing Shares subscribed for by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in a member state of the European Economic Area or to which the EU Prospectus Regulation otherwise applies other than to EU Qualified Investors, or in circumstances in which the prior consent of Liberum has been given to the proposed offer or resale;

13.        it has not offered or sold and will not offer or sell any Placing Shares to persons in the United Kingdom, except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted and which will not result in either: (i) an offer to the public in the United Kingdom within the meaning of section 85(1) of the FSMA; or (ii) an invitation to the public within the meaning of "prospectus" as set out more fully in article 1 of the Companies (Jersey) Law 1991;

14.        it has not offered or sold and will not offer or sell any Placing Shares to persons in the European Economic Area prior to Admission except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted in and which will not result in an offer to the public in any member state of the European Economic Area within the meaning of the EU Prospectus Regulation (including any relevant implementing measure in any member state);

15.        it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) relating to the Placing Shares in circumstances in which section 21(1) of the FSMA does not require approval of the communication by an authorised person or the JFSC pursuant to article 5 of the CGP Order;

16.        it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving, the United Kingdom;

17.        if within the United Kingdom, it is a person falling within Article 19(5) and/or Article 49(2)(a) to (d) of the Order and is a UK Qualified Investor or is a person to whom this Announcement may otherwise be lawfully communicated;

18.        any offer of Placing Shares may only be directed at persons in member states of the European Economic Area who are EU Qualified Investors and represents and agrees that, in the EEA, it is such an EU Qualified Investor;

19.        (i) it and any person acting on its behalf is entitled to subscribe for Placing Shares under the laws of all relevant jurisdictions which apply to it; (ii) it has all necessary capacity and has obtained all necessary consents and authorities to enable it to commit to this participation in the Placing (including executing and delivering all documents necessary for such participation); (iii) it is and will remain liable to the Company and/or Liberum for the performance of all of its obligations in relation thereto (including, without limitation, in the case of any person on whose behalf it is acting, all necessary consents and authorities to agree to the terms set out or referred to in this Announcement) and will honour such obligations, and that its subscription of the Placing Shares will be in compliance with applicable laws and regulations in the jurisdiction of its residence, the residence of the Company, or otherwise; (iv) it has paid any issue, transfer or other taxes due in connection with its participation in any territory; and (v) it has not taken any action which will or may result in the Company, Liberum or any of their affiliates or any person acting on their behalf being in breach of the legal and/or regulatory requirements of any territory in connection with the Placing. Each Placee agrees that the provisions of this paragraph 19 shall survive the resale of the Placing Shares by or on behalf of any person for whom it is acting;

20.        it is not, and any person who it is acting on behalf of is not, and at the time the Placing Shares are subscribed will not be, a resident of, or with an address in, the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa and that the Placing Shares have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or jurisdiction of the United States, or the relevant Australian, Canadian, Japanese, New Zealand or South African securities legislation and therefore the Placing Shares may not be offered, sold, transferred or delivered directly or indirectly into the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa or their respective territories and possessions, except subject to limited exemptions;

21.        it has complied with all relevant laws and regulations of all relevant territories, obtained all requisite governmental or other consents which may be required in connection with the Placing Shares, complied with all requisite formalities and that it has not taken any action or omitted to take any action which will or may result in Liberum, the Company or any of their respective directors, officers, agents, employees or advisers acting in breach of the legal or regulatory requirements of any territory in connection with the Placing;

22.        its purchase of Placing Shares does not trigger, in the jurisdiction in which it is resident or located: (i) any obligation to prepare or file a prospectus or similar document or any other report with respect to such purchase; (ii) any disclosure or reporting obligation of the Company; or (iii) any registration or other obligation on the part of the Company;

23.        it (and any person acting on its behalf) will make payment for the Placing Shares allocated to it in accordance with this Announcement on the due time and date set out herein, failing which the relevant Placing Shares may be placed with other subscribers or sold as Liberum may in its discretion determine and it will remain liable for any amount by which the net proceeds of such sale falls short of the product of the Placing Price and the number of Placing Shares allocated to it and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties due pursuant to the terms set out or referred to in this Announcement) which may arise upon the sale of such Placee's Placing Shares on its behalf;

24.        none of Liberum nor any of its affiliates, nor any person acting on behalf of any of them, is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that participation in the Placing is on the basis that it is not and will not be a client of Liberum for the purposes of the Placing and that Liberum has no duties or responsibilities to it for providing the protections afforded to its clients or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any conditions or exercise any termination right;

25.        the person whom it specifies for registration as holder of the Placing Shares will be (i) itself or (ii) its nominee, as the case may be. Neither Liberum nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement. Each Placee and any person acting on behalf of such Placee agrees to participate in the Placing and it agrees to indemnify the Company and Liberum in respect of the same on the basis that the Placing Shares will be allotted to the CREST stock account of Liberum who will hold them as nominee on behalf of such Placee until settlement in accordance with its standing settlement instructions;

26.        these terms and conditions and any agreements entered into by it pursuant to these terms and conditions and any non-contractual obligations arising out of or in connection with such agreements shall be governed by and construed in accordance with the laws of England and Wales and it submits (on behalf of itself and on behalf of any person on whose behalf it is acting) to the exclusive jurisdiction of the English courts as regards any claim, dispute or matter arising out of any such contract, except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with any interest chargeable thereon) may be taken by the Company or Liberum in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange;

27.        the rights and remedies of the Company and Liberum under the terms and conditions in this Announcement are in addition to any rights and remedies which would otherwise be available to each of them and the exercise or partial exercise of one will not prevent the exercise of others;

28.        it agrees to indemnify on an after tax basis and hold the Company and Liberum and their respective affiliates harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in the Appendices and further agrees that the provisions of the Appendices shall survive after completion of the Placing;

29.        it will acquire any Placing Shares subscribed for by it for its account or for one or more accounts as to each of which it exercises sole investment discretion and it has full power to make the acknowledgements, representations and agreements herein on behalf of each such account;

30.        its commitment to subscribe for Placing Shares on the terms set out herein and in the relevant contract notes will continue notwithstanding any amendment that may in the future be made to the terms of the Placing and that Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's conduct of the Placing. The foregoing representations, warranties and confirmations are given for the benefit of the Company and Liberum. The agreement to settle a Placee's subscription (and/or the subscription of a person for whom such Placee is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to the subscription by it and/or such person direct from the Company for the Placing Shares in question. Such agreement assumes, and is based on a warranty from each Placee, that neither it, nor the person specified by it for registration as holder, of Placing Shares is, or is acting as nominee or agent for, and that the Placing Shares will not be allotted to, a person who is or may be liable to stamp duty or stamp duty reserve tax under any of sections 67, 70, 93 and 96 of the Finance Act 1986 (depositary receipts and clearance services). If there are any such arrangements, or the settlement relates to any other dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable. In that event the Placee agrees that it shall be responsible for such stamp duty or stamp duty reserve tax, and neither the Company nor Liberum shall be responsible for such stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and notify Liberum accordingly;

31.        no action has been or will be taken by any of the Company, Liberum or any person acting on behalf of the Company or Liberum that would, or is intended to, permit a public offer of the Placing Shares in any country or jurisdiction where any such action for that purpose is required;

32.        in making any decision to subscribe for the Placing Shares, it has knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of subscribing for the Placing Shares. It further confirms that it is experienced in investing in securities of this nature in this sector and is aware that it may be required to bear, and is able to bear, the economic risk of, and is able to sustain a complete loss in connection with the Placing. It further confirms that it relied on its own examination and due diligence of the Company and its associates taken as a whole, and the terms of the Placing, including the merits and risks involved;

33.        it has (i) made its own assessment and satisfied itself concerning legal, regulatory, tax, business and financial considerations in connection herewith to the extent it deems necessary; (ii) had access to review publicly available information concerning the Company that it considers necessary or appropriate and sufficient in making an investment decision; (iii) reviewed such information as it believes is necessary or appropriate in connection with its subscription of the Placing Shares; and (iv) made its investment decision based upon its own judgment, due diligence and analysis and not upon any view expressed or information provided by or on behalf of Liberum;

34.        it may not rely on any investigation that Liberum or any person acting on its behalf may or may not have conducted with respect to the Company or the Placing and Liberum has not made any representation to it, express or implied, with respect to the merits of the Placing, the subscription for the Placing Shares, or as to the condition, financial or otherwise, of the Company, or as to any other matter relating thereto, and nothing herein shall be construed as a recommendation to it to subscribe for the Placing Shares. It acknowledges and agrees that no information has been prepared by Liberum or the Company for the purposes of this Placing;

35.        it will not hold Liberum or any of its affiliates or any person acting on their behalf responsible or liable for any misstatements in or omission from any publicly available information relating to the Company or information made available (whether in written or oral form) in presentations or as part of roadshow discussions with investors relating to the Company (the "Information") and that neither Liberum nor any person acting on behalf of Liberum makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of such Information or accepts any responsibility for any of such Information;

36.        the Placee is a person located outside the United States and is subscribing for Placing Shares only in an "offshore transaction" as defined in and pursuant to Regulation S;

37.        the Placee is not acquiring Placing Shares as a result of any "directed selling efforts" as defined in Regulation S;

38.        it is not acting on a non-discretionary basis for the account or benefit of a person located within the United States at the time the undertaking to subscribe for Placing Shares is given;

39.        it has complied and will comply with all applicable provisions of the Companies (Jersey) Law 1991 with respect to anything done by it in relation to the Placing Shares in, from or otherwise involving, Jersey; and

40.       the foregoing representations, warranties and confirmations are given for the benefit of the Company and Liberum and are irrevocable. The Company, Liberum and their respective affiliates, agents, directors, officers and employees and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations, warranties and agreements and it agrees that if any of the acknowledgements, representations, warranties and agreements made in connection with its acquiring of Placing Shares is no longer accurate, it shall promptly notify the Company and Liberum. It irrevocably authorises Liberum and the Company to produce this Announcement pursuant to, in connection with, or as may be required by, any applicable law or regulation, administrative or legal proceeding or official inquiry with respect to the matters set out herein.

The agreement to allot and issue Placing Shares to Placees (or the persons for whom Placees are contracting as nominee or agent) free of stamp duty and stamp duty reserve tax relates only to their allotment and issue to Placees, or such persons as they nominate as their agents, direct from the Company for the Placing Shares in question. Such agreement is subject to the representations, warranties and further terms above and assumes, and is based on the warranty from each Placee, that the Placing Shares are not being acquired in connection with arrangements to issue depositary receipts or to issue or transfer the Placing Shares into a clearance service. If there are any such arrangements, or the settlement relates to any other dealing in the Placing Shares, stamp duty or stamp duty reserve tax or other similar taxes may be payable, for which neither the Company nor Liberum will be responsible and each Placee shall indemnify on an after-tax basis and hold harmless the Company, Liberum and their respective affiliates, agents, directors, officers and employees for any stamp duty or stamp duty reserve tax paid by them in respect of any such arrangements or dealings.

In addition, Placees should note that they will be liable for any stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the United Kingdom by them or any other person on the subscription by them of any Placing Shares or the agreement by them to subscribe for any Placing Shares. Each Placee agrees to indemnify on an after-tax basis and hold harmless the Company, Liberum and their respective affiliates, agents, directors, officers and employees from any and all interest, fines or penalties in relation to any such duties or taxes to the extent that such interest, fines or penalties arise from the unreasonable default or delay of that Placee or its agent.

Each Placee should seek its own advice as to whether any of the above tax liabilities arise and notify Liberum accordingly.

Each Placee and any person acting on behalf of each Placee acknowledges and agrees that Liberum or any of its affiliates may, at their absolute discretion, agree to become a Placee in respect of some or all of the Placing Shares.

When a Placee or person acting on behalf of the Placee is dealing with Liberum, any money held in an account with Liberum on behalf of the Placee and/or any person acting on behalf of the Placee will not be treated as client money within the meaning of the rules and regulations of the FCA made under the FSMA. The Placee acknowledges that the money will not be subject to the protections conferred by the client money rules; as a consequence, this money will not be segregated from Liberum money in accordance with the client money rules and will be used by Liberum in the course of its own business; and the Placee will rank only as a general creditor of Liberum.

All times and dates in this Announcement may be subject to amendment. Liberum shall notify the Placees and any person acting on behalf of the Placees of any changes.

Past performance is not a guide to future performance and persons needing advice should consult an independent financial adviser.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, the Placing Documents.