Acquisition of Remaining Shareholding - Skinny Tan

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InnovaDerma PLC

 ("InnovaDerma" or the "Company")

Acquisition of Remaining Minority Shareholding in Skinny Tan

InnovaDerma (LSE: IDP), a leading digitally focused UK beauty brand developer, announces that it has acquired the remaining 4% minority shareholding of Skinny Tan Pty Ltd (the "Acquisition") from the brand's founder. Following the Acquisition, Skinny Tan Pty Ltd (and its subsidiary Skinny Tan UK Limited) will be wholly owned subsidiaries of the Company. The Acquisition continues the Board's strategy of simplifying and refocusing the business and reducing operational and financial complexity.

Consideration for the Acquisition

The total consideration payable for the Acquisition is AUD$0.96 million. This consists of cash consideration of AUD$0.48 million (£0.26 million), payable in eight equal tranches over a two year period and a proposed issue of 683,152 ordinary shares of €0.10 pence each in the capital of the Company ("Ordinary Shares") at a price of 37.79 pence per Ordinary Share (being the average daily VWAP of an Ordinary Share for each of the thirty (30) consecutive Trading Days immediately prior to 31 December 2021) equating to an additional AUD$0.48 million (£0.26 million).

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for 683,152 new Ordinary Shares to be admitted to trading ("Admission"). It is expected that Admission will become effective, and dealings will commence, at 8.00 a.m. on 10 January 2022.

Following Admission, the Company will have in issue 28,057,825 Ordinary Shares, with no shares held in treasury. Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Blake Hughes, CEO InnovaDerma PLC, commented

"InnovaDerma acquired an initial 80% of the share capital of Skinny Tan from founders Louise and Kate back in 2015, since then the brand has gone from strength to strength and become one of the best-selling self-tanning brands in the UK.

Over the years we have built our ownership to 96% and as we enter into a new phase of profitable growth for InnovaDerma, I'm pleased that we have now acquired the remaining shares in our flagship brand, Skinny Tan. This resolves a legacy situation and further simplifies our Company. 

I look forward to continuing to work with Louise to maximise the potential of Skinny Tan as we launch new products and further expand the Skinny Tan business into existing and new geographies."

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