Distil Regulatory News (DIS)

Distil PLC

Directorate changes

Distil plc (AIM: DIS), owner of premium drinks brands including RedLeg Spiced Rum, Blackwoods Gin and Vodka, and Blavod Black Vodka, announces that Roland Grain will step down from his position as non-executive director on the Board of Distil plc, effective from 31 December 2024.

The decision comes as part of Mr Grain's broader decision to step down from all his board positions, other than those companies where he has majority control. Distil is the final board position he is resigning from as part of this move. Mr Grain's decision has been made to allow time for him to provide closer support in particular to Ardgowan Distillery, as it moves from the construction phase towards malt whisky production in Spring 2025.

Roland Grain has a majority shareholding in the Ardgowan Distillery, where Distil remains the second largest investor with a £3m investment in the form of a Convertible Loan Note, which is convertible into shares representing 9.1% of Ardgowan's fully diluted share capital, and has an observer position on the Ardgowan board.

Alongside its shareholding and access to whisky production, Distil's investment also includes the development of the Blackwoods distillery and brand home at the Ardgowan Distillery. Gin production has already moved to the site, with the brand home experience scheduled to open to the public in Spring 2025.

To further strengthen the board, Adebola Adebo ACCA, Finance Director, and Sarah Kingsbury, Marketing Director, will join the Distil PLC board effective from 1 January 2025. Both are already directors of the subsidiary Distil Company Limited, handling all trading.

Sarah has over 15 years' experience in the drinks industry ranging from the hospitality sector, drinks journalism and PR. She worked across both global and challenger brands on a range of PR, marketing campaigns and events before joining the Distil team as Marketing Manager in March 2020. Sarah was promoted to Marketing Director in October 2022.

Adebola has a BA in Applied accounting, Accounting and Finance and an ACCA, as well as a MA in Management. Adebola has worked within finance and operations across various industries including beverages D2C, major retail logistics and fashion retail. Adebola joined Distil from her position of Group Finance Controller at The Whisky Exchange (part of the Pernod Ricard Group) in December 2022.

Commenting on the changes, Don Goulding, Executive Chairman, said:

"I thank Roland for his significant contribution to the business as both an investor and as a non-exec over the past four years. Roland maintains his investment in Distil, and so remains as a significant shareholder - we thank him for his continued support as an investor.

We naturally welcome his move to provide greater support to Ardgowan as they transition from planning and building to significant volumes of malt whisky production. This exciting next phase will transform the Ardgowan project, not only benefiting our investment in the Ardgowan business itself but also providing huge benefits and growth opportunities to our Blackwoods brand. We look forward to bringing this to life for shareholders in the near future.

I am delighted to welcome both Adebola and Sarah to the Distil plc board alongside myself and non-executive director, Shaun Claydon, from 1 January. They have both demonstrated strong operational experience and industry knowledge, and I look forward to their greater involvement in developing Distil's strategy at main board level."

Additional information:

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

Adebola Tolulope Adebo, aged 41, holds or has previously held the following directorships:

Adebola Adebo holds no ordinary shares in the Company.

Sarah Claire Kingsbury, aged 33, holds or has previously held the following directorships:

Sarah Kingsbury holds no ordinary shares in the Company.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.