Result of Open Offer

10 January 2022

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Likewise Group plc

("Likewise" or the "Group")

Result of Open Offer

Likewise Group plc (AIM:LIKE), the distributor of residential and commercial flooring to retailers and contractors is pleased to announce that it has raised gross proceeds of £2.0 million, pursuant to the Open Offer, as set out in the Circular dated 17 December 2021.

The Company has received valid acceptances from Qualifying Shareholders under their Basic Entitlements in respect of 2,307,936 Open Offer Shares and applications from Qualifying Shareholders under the Excess Application Facility in respect of 15,022,568 Open Offer Shares, representing in aggregate approximately 303.3% of the Open Offer Shares.

As set out in the Circular, the Placing and Open Offer was structured such that if the Open Offer was not fully subscribed, the number of Open Offer Shares for which valid applications were not received, would instead be placed with institutional investors pursuant to the Clawback Placing. Due to the Open Offer being over-subscribed, no funds will be raised pursuant to the Clawback Placing.

The Board greatly appreciates this support from its shareholders and, recognising the significant scale back necessarily applied to shareholder applications under the excess entitlement of the Open Offer, the Board proposes that the Open Offer is increased such that a further 5,714,286 Open Offer Shares ("Extended Open Offer Shares") of the total applications for 17,330,504 Open Offer Shares be issued (the "Extended Open Offer").  This will increase the gross proceeds raised under the open offer to £4.0 million and subject to Shareholder approval and the satisfactory completion of certain other conditions, the Group is expecting to have raised a total of £16.0 million comprising £12.0 million from the Firm Placing, £2.0 million from the Open Offer and £2.0 million from the Extended Open Offer.

The Company will inform shareholders of their initial excess allotment under the Open Offer and will be writing to this limited number of shareholders on 11 January 2022 asking them to inform the Company if they do not wish the Company to utilise a proportion of their surplus funds being held as part of their original excess application for Open Offer Shares. Further details will be set out in the letter, but should Shareholders not wish to maintain their application for the Extended Open Offer Shares, they should contact the Company at openoffer@likewiseplc.com by 5:30 p.m. on 26 January 2022.  If no reply is received the Company will assume that the shareholder has accepted the proposal and confirmed their wish to apply for new Ordinary Shares as aforementioned and will allot the shares by using the funds held by the Registrars, with the remaining funds being returned to the shareholder.

General Meeting

The Placing and Open Offer remain conditional on the approval by Shareholders of Resolutions 1 and 2 at the Company's General Meeting to be held later today, the satisfaction of certain conditions in the Placing and Open Offer Agreement and admission of the New Ordinary Shares to trading on AIM occurring at or before 8.00 a.m. on 11 January 2022 (or such later date as the Company, Zeus and Ravenscroft may agree, being not later than 8.00 a.m. on 28 February 2022).

The results of the General Meeting will be made as soon as practicable following the conclusion of the General Meeting.

The issuance of the Extended Open Offer Shares will not be subject to further Shareholder approval and it is expected that the Extended Open Offer Shares will be admitted to trading on AIM on or around 1 February 2022.

For further information, please contact: