Further update re sale of Northern Aerospace Ltd

9 July 2018

Better Capital PCC Limited 2012 Cell

Further Update Re: Sale of Northern Aerospace Limited

Further to the announcement of 25 June 2018, BECAP 12 GP Limited ("the GP") has informed Better Capital PCC Limited as below.

Permission to complete the sale was not obtained from the Competition and Markets Authority by the revised contractual deadline, despite requests for such permission by both parties. Accordingly the proposed transaction has lapsed.

 NAL and the GP believe that they have clearly demonstrated that there are no competition issues and that all the matters raised by the Ministry of Defence (many of which did not actually relate to NAL) have been satisfactorily disposed of. NAL and the GP have been advised that there are national security issues but neither has any knowledge of their nature and both remain ignorant as to how the disposal of NAL could give rise to any transaction-specific concern.

It is anticipated that the Annual Results for the year ended 31 March 2018 will now be released on Friday 13 July.

NAL has well established plans for its continued separate existence and will now continue in implementing those plans. 

This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.

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