Chesnara Regulatory News (CSN)

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING HEREIN SHALL CONSTITUTE AN OFFERING OF NEW ORDINARY SHARES.

16 December 2016

Chesnara plc ("Chesnara" or the "Company")

Update on Excess Applications

Further to its announcement on 13 December 2016, the Company is providing an update in relation to the Excess Application Facility, which was described in the Company's Prospectus dated 24 November 2016 (the "Prospectus"). Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Prospectus.

As set out in the Prospectus, Qualifying Shareholders were given the opportunity to apply for Open Offer Shares at the Issue Price, pro rata to their holdings of Existing Ordinary Shares on the Record Date on the basis of 3.69 New Ordinary Shares for every 100 Existing Ordinary Shares then held. These applications will be satisfied in full.

As further set out in the Prospectus, Qualifying Shareholders who validly elected to take up their Basic Open Offer Entitlement in full were also given the opportunity to apply for Excess Shares using the Excess Application Facility up to a maximum number of Excess Shares equal to two times the number of Existing Ordinary Shares held in such Qualifying Shareholder's name as at the Record Date. The total number of Open Offer Shares was fixed and would not be increased in response to any applications under the Excess Application Facility. No assurance could be given therefore that the applications by Qualifying Shareholders for Excess Shares under the Excess Application Facility would be met in full, in part, or at all.

As announced on 13 December 2016, the Company received valid acceptances under the Open Offer, including acceptances under the Excess Application Facility, in respect of 12,465,882 Open Offer Shares from Qualifying Shareholders. Applicable applications under the Excess Application Facility will receive approximately 3.8 per cent. of the number of Excess Shares applied for. Excess monies in respect of applications which cannot be met under the Excess Application Facility will be returned to the relevant applicants as soon as practicable (and no later than 23 December 2016) by way of cheque or CREST payment, as appropriate.

Share certificates for the Open Offer Shares to be held in certificated form will be despatched to relevant Qualifying Non-CREST Shareholders by no later than 23 December 2016.

Enquiries:

Chesnara plc

John Deane, Chief Executive +44 (0)1772 972079

David Rimmington, Finance Director

FWD Consulting

Financial PR +44 (0)20 7280 0651

Roddy Watt +44 (0)7714 770493