VSA Capital Group plc

("VSA" or the "Company")

Corporate update

VSA Capital Group plc (Aquis: VSA), the international investment banking and broking firm notes the announcement by Silverwood Brands plc (Aquis: SLWD) ("Silverwood") this morning concerning the service of proceedings by Lush Cosmetics ("Lush") against Silverwood in connection with its acquisition of approximately 20% of shares in Lush.  VSA currently has a shareholding of approximately 0.85% of Silverwood's shares. VSA believes that this does not significantly change the position of Silverwood and thus also VSA. VSA continues to believe that Silverwood's acquisition of Lush was undertaken in accordance with Lush's articles and that consequently Silverwood has significant value upside. 

We are pleased to report that VSA had a better than expected first quarter (April to June 2023).  As stated in the outlook statement of the full year results in June, we still expect to show an operating loss for the first half to 30 September 2023 but are cautiously optimistic about the full year results to March 2024, driven by a significant increase in M&A and strategic advisory work.

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