Payment of Historic Dividends and General Meeting

21 December 2017

Bilby Plc

("Bilby" or the "Group")

Payment of Historic Dividends and forthcoming General Meeting

Bilby Plc (AIM: BILB.L), announces that it has identified a technical issue with the payment of both interim and final dividends in relation to the year ended 31 March 2017 and both interim and final dividends in relation to the year ended 31 March 2016. This matter has no impact on Bilby's current trading, nor on the Group's dividend policy going forward. 

Dividends are paid out of available profits in the holding company and by reference to the last filed annual accounts unless interim accounts are required and have been filed. At all times the Group has had sufficient profits and other distributable reserves. However at the specific time of annual accounts being filed funds set aside for dividend distribution remained at subsidiary company level and had not been transferred to the holding company in order to make such dividend payments at the appropriate time and the required holding company interim accounts had not been filed at Companies House. At the time the dividends were subsequently paid, sufficient reserves had been transferred from the subsidiary to Bilby.

Having taken legal advice, Bilby plans to resolve this technical issue by holding a General Meeting to consider the necessary resolutions and, assuming these are passed, to regularise the position, putting all potentially affected parties in the position in which they were always intended to be in respect of these dividends. In addition, all required interim accounts have now been filed at Companies House.

Full details will be contained in a Circular and Notice of General Meeting which will be sent to shareholders as soon as practicable in January 2018.

In November 2017 the Company's board approved the payment of an interim dividend in respect of the financial year ending 31 March 2018, to be paid in January 2018. The Company intends the payment of this dividend will be made as planned.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries

Bilby Plc 0203 874 7088

Phil Copolo, Deputy Executive Chairman

Sangita Shah, Non-Executive Chairman

David Ellingham, Finance Director

Northland Capital Partners 020 3861 6625

(Nominated Adviser and Broker)

Corporate Finance:

David Hignell

Matthew Johnson

Patrick Claridge

Sales and Broking:

Bob Pountney

John Howes

Hudson Sandler 020 7796 4133

(Financial PR)

Charlie Jack

Emily Dillon