Update on Equity Raise

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Koovs plc ("Koovs" or the "Company") 

Update on Equity Raise 

For immediate release

On 4th July 2018 Koovs announced that, inter alia, it had reached agreement with Future Lifestyle Fashions Limited (FLFL) on the terms by which FLFL would acquire up to a 29.9 per cent stake in Koovs and an intention to raise a further £10 million through the issue of new ordinary shares (the "Equity Raise").

Following significant interest in the Equity Raise, Koovs today announces that the bookbuilding exercise run by Whitman Howard, has closed early having successfully raised £10.5 million at a price of 15p per new ordinary share, alongside the £1.5 million committed for investment by Lord Alli, taking the total raised to £12 million.

Under the equity raise, Lord Alli has subscribed for 10,000,000 new ordinary shares. Nina Amin and Emily Sheffield are subscribing for 800,000 and 66,667 new ordinary shares respectively.

With the exception of Lord Waheed Alli (the "Participating Director") (who is treated as a related party due to his participation in the Equity Raise), the independent Directors, having consulted with Peel Hunt LLP in its capacity as the Company's Nominated Adviser for the purposes of the AIM Rules, consider the terms on which the Participating Director will subscribe for new ordinary shares in the Equity Raise to be fair and reasonable insofar as the Company's shareholders are concerned.

The Equity Raise is conditional upon, among other things, shareholder approval and completion of the subscriptions by FLFL and Lord Waheed Alli. A circular containing full details of the Equity Raise will be sent to shareholders as soon as practicable.

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Participation in the Equity Raise is being offered to a limited number of specifically invited persons only and will not be offered in such a way as to require any prospectus or other offering document to be published. No prospectus or other offering document has been or will be submitted to be approved by the United Kingdom Listing Authority in relation to the Equity Raise. Participants' commitments will be made solely on the basis of the information contained in the announcement of the terms and conditions of the Equity Raise and any information publicly announced through a Regulatory Information Service (as defined in the AIM Rules for Companies) by or on behalf of the Company on or prior to the date of such announcement and subject to any further terms set forth in the trade confirmation to be sent to individual participants.