Letter Of Support From Schroder

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. 

1 April 2019

Findel plc ("Findel" or the "Group")

Letter of support from Schroder Investment Management Limited ("Schroders")

Further to the Response Circular published on 27 March 2019, recommending the rejection of the mandatory offer for the entire issued and to be issued share capital of Findel not already owned by Sports Direct at a price of 161 pence per share in cash (the "Offer"), the Findel Board has received a letter of support from its second largest shareholder, Schroders Investment Management Limited ("Schroders"). Schroders is the discretionary investment manager of, with power to dispose of and direct the exercise of voting rights attached to, 16,297,490 ordinary shares representing approximately 18.85 per cent. of the issued share capital of Findel.

In its letter, Schroders confirms that "it remains supportive of Findel and its management team and the operational and financial progress that the Group has made under the leadership of Phil Maudsley and Stuart Caldwell. Furthermore, having carefully considered the merits of the Offer and the arguments advanced by the Board of Findel for its rejection, Schroders agrees with the conclusion of the Findel Board that the Offer significantly undervalues the future prospects of Findel and as such, our current intention is not to accept the Offer on the terms proposed."

This letter, received from Schroders, is considered a statement of support under Rule 19.3 of The Takeover Code.

Commenting on the letter, Ian Burke, Chairman of Findel said:

"We are grateful for the support of our second largest shareholder in Schroders, and continue to recommend strongly that all other shareholders take no action in respect of the offer from Sports Direct."

A copy of the letter received from Schroders is available on the Company's website, https://www.findel.co.uk/investor-centre/mandatory-offer-for-findel-plc.

For further information please contact:

Further information

N+1 Singer Advisory LLP ("N+1 Singer"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Findel and no one else in connection with the above and will not be responsible to anyone other than Findel for providing the protections offered to clients of N+1 Singer nor for providing advice in relation to the subject matter of this announcement or any other matters referred to in this announcement.

Stifel Nicolaus Europe Limited ("Stifel"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Findel and no one else in connection with the above and will not be responsible to anyone other than Findel for providing the protections offered to clients of Stifel nor for providing advice in relation to the subject matter of this announcement or any other matters referred to in this announcement.

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on Findel's website, www.findel.co.uk, by no later than 12 noon on the business day following the date of this announcement. For the avoidance of doubt, the content of the website is not incorporated into and does not form part of this announcement.