Mountfield Group (MOGP.L) Completion of Disposals and Directorate Change

Completion of Disposals, Directorate Changes and Grant of Options

Further to the announcement of 2 March 2021, Mountfield Group Plc announces, the completion of the disposal of Mountfield Building Group Limited (“MBG”) and Connaught Access Flooring Holdings Limited (“Connaught”) (“Completion”) and directorate changes.

Following Completion, the Company has been designated as a Cash Shell pursuant to AIM Rule 15. As such, the Company must make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million) within six months failing which trading in the Company’s shares on AIM will be suspended pursuant to Rule 40 of the AIM Rules. Admission to trading on AIM would be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.

It is the intention of the board to commence the process of identifying suitable acquisition targets immediately.

Directorate Changes

As previously announced, Andy Collins has resigned as Chief Executive Officer of the Company and Graham Read has resigned as Executive Director the Company with immediate effect. Simon Grant-Rennick and Nigel Fitzpatrick have been appointed to the board as non-executive directors with immediate effect. Peter Jay, currently a non-executive director, has become an executive director.

Simon Grant-Rennick graduated from the Cambourne School of Mines (Bsc Mining Engineering, ACSM) and has been actively involved in the mining and metal trading industry for over 30-years. During this time Simon has served Board & Management roles for both private and public (LSE, ASX, AQSE) entities globally. Mr Grant-Rennick founded and ran Portsmouth Metals Limited in Bermuda, a trader in rare earth minerals, which he sold to Ferromet Group Plc. Mr Grant-Rennick maintains a number of board and management roles across industries including agriculture, property and technology. Among his current company directorships, he is the Chairman of, AQSE quoted, Evrima plc, and a non-executive director of AIM quoted All Active Asset Capital Limited. He was also interim chairman of QX Resources Limited (previously Black Mountain Resources Ltd), listed on the ASX and is an adviser to several companies in the industrial minerals’ field.

Nigel Fitzpatrick (known as Brent) has as over 20 years’ experience as a corporate finance consultant and brings with him considerable quoted company experience, with current directorships including Lombard Capital plc, Path Investments plc and Vela Technologies plc. He has been instrumental in advising a number of companies on their acquisitions, funding and subsequent flotations. Mr Fitzpatrick was Chairman of Global Marine Energy plc, an AIM traded oil services company. He was also Chairman of RiskAlliance Group Limited and Powerhouse Energy Group plc. He is a member of the Audit Committee Institute. In the Queen’s Birthday Honours List 2012, Mr Fitzpatrick was awarded an MBE for services to education.

Additional Disclosures

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules of Companies:

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