Update re proposed reverse takeover of Blue Air

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.

Ridgecrest plc

("Ridgecrest" or the "Company")

Update re proposed reverse takeover of Blue Air

Ridgecrest, an AIM Rule 15 cash shell, has terminated negotiations on its proposed reverse takeover of Blue Air*. This is a consequence of Blue Air's inability to raise the pre-RTO funding that was the principal condition of the non-binding heads of agreement between Ridgecrest and Blue Air's vendors referred to in Ridgecrest's announcement of 6 July 2021.

The Board of Ridgecrest has concluded that it is in the Company's shareholders' best interests to pursue an alternative transaction. The Company anticipates being able to make a further announcement regarding an alternative transaction in the near future.

Trading in the Company's shares was suspended on 6 July 2021, pursuant to AIM Rule 15. If the Company does not complete a reverse takeover or become readmitted to trading on AIM as an investing company under the AIM Rules within six months of the suspension, it is expected that trading in the Company's shares on AIM will be cancelled.

The Company expects to announce its final results for the year ended 31 March 2021 later this week.

* Blue Air is defined in the announcement of 6 July 2021.