Epe Special Opp Regulatory News (ESO)

EPE Special Opportunities plc

29 March 2018

This announcement contains inside information

EPE Special Opportunities plcPortfolio Update

EPE Special Opportunities plc ("ESO plc", or the "Company") announces that Pharmacy2U Limited ("P2U"), a company in which it has a minority investment via ESO Investments 1 LP ("ESO 1 LP"), has raised a further £40 million of new growth capital to support the rapid expansion of its online NHS repeat prescription service.

P2U is England's leading online NHS pharmacy and is the fastest growing pharmacy group in the country, with 25,000 new patient registrations in the last month alone and year-on-year growth in patient numbers of 178%.

As well as offering consumers increased choice and convenience, P2U's online prescription management service is highly beneficial for the healthcare economy, saving GPs an estimated six hours and 40 minutes a week on paperwork. It is estimated that managing repeat prescriptions online could save the NHS over £300 million per year on prescription costs.

The growth capital raise was led by G Square Capital, a European private equity firm focussed on the healthcare sector. In conjunction with the new investment, G Square Capital also acquired a majority of the share capital of P2U from existing shareholders and as a result is now the majority shareholder.

The new investment will allow P2U to invest further in technology infrastructure to support customer demand and remain at the forefront of innovation in digital pharmacy services. P2U's state-of-the-art, award winning dispensing facility in Leeds is already the largest and most technologically advanced in the United Kingdom, with the ability to dispense one million prescription items per month.

ESO 1 LP has realised 50% of its existing investment in P2U in the transaction, implying a 2.0x Money Multiple realised return. The transaction was completed at a premium to the holding value of P2U. The remaining 50% of ESO 1 LP's investment has been retained to benefit from the growth potential in P2U offered by the £40 million investment. This retained investment offers further upside in terms of Money Multiple returns to ESO 1 LP

The person responsible for releasing this information on behalf of the Company is Hilary Jones of R&H Fund Services (Jersey) Limited.

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