20 February 2023 

VSA Capital Group plc

("VSA Capital Group", "VSA Capital" or the "Company")

Update Silverwood Brands PLC investment in Lush

VSA Capital Group notes the announcement today by Silverwood Brands plc ("Silverwood") noting the refusal by Lush Cosmetics Limited and Cosmetic Warriors Limited (together referred to as "Lush") to record the transfer of shares for the 19.8% stake acquired by Silverwood for a total consideration of £216.8m payable in Silverwood shares.

VSA Capital are in agreement with Silverwood's stance that Lush's actions have no merit. VSA Capital are equally disappointed that a well-known ethical brand is refusing to record the transfer of shares in line with their articles of association. Together with its legal advisers, Silverwood will engage Lush and its solicitors to resolve the current situation.

VSA Capital are Aquis Corporate Advisors to Silverwood and currently hold 0.88% of Silverwood's total share capital. The Company advised on the Aquis regulatory issues and discussions with the Takeover Panel pertaining to the acquisition transaction.

VSA Capital Group reiterates that per the interim results announced on the 16^th of December 2022, the Company remains positive about its full year outcome.

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