Marechale Cap. Regulatory News (MAC)

25 July 2014

Marechale Capital plc

("Marechale" of the "Company")

Consolidated Financial Statements for the year ended 31 March 2014

Marechale is pleased to announce its final results for the year ended 31 March 2014.

Financial highlights

Business overview

· Deals completed in primary sectors of leisure/retail and renewable energy

· Northfield UK Solar currently completing second funding round

· Strong net gain in value of investments

Commenting, Mark Warde-Norbury, Chairman, said:

"Marechale has continued to build on the strong start to the year as reported in our interim statement. On the back of improving economic sentiment, and more confidence in the equity markets, we are pleased to report that we have made a profit of £79,000 (2013 loss £16,000) for the full year."

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Chairman's Statement

Marechale continued to build on the strong start to the year as reported in our interim statement. On the back of improving economic sentiment, and more confidence in the equity markets, the Company's Gross Profit - revenue less commissions paid to 3rd parties - has increased by 10% from £470,200 to £517,600. Furthermore, on the back of gains from our strategy of making investments in our client companies, we recorded 'Other Gains' (net) of £152,400 and we are pleased to report that we have made a profit of £80,000 (2013 loss £16,400) for the full year.

Marechale helps management teams to finance or refinance in two key areas of activity; Growth Capital through private equity transactions for more established businesses, and Development Capital, fundraising for smaller growth companies, the latter typically being Enterprise Investment Scheme (EIS) qualifying. As part of our success fee, the Company secures warrants or equity on most of its projects, so Marechale's shareholders have the opportunity to share in the potentially significant upside of the equity value in these businesses.

Marechale's core work is in the corporate finance advisory and capital raising activities for growth companies in two primary sectors in which the Marechale team has a long term track record -Leisure & Retail, and Renewable Energy.

During the year the Company completed a number of leisure deals, including the debt and equity funding raised for the North Eastern leisure group, Inn Collection. Further EIS funding has also been raised for the new brewhouse business, Brewhouse & Kitchen, and the Southern based managed pub group, Heartstone Inns. Most recently equity funding was completed for The Salt Yard restaurant group, further endorsing Marechale's strong position in funding businesses in the leisure sector. In the renewables sector funding has been raised for, amongst others, Future Biogas, the leading anaerobic digestion plant operator in the UK.

The Company's most significant initiative in the renewables sector is the development of ultra large scale solar energy sites in the UK, through Marechale's associated company, Northfield UK Solar Limited (Northfield). Established in 2013, Northfield is developing a portfolio of solar sites. This is one of the larger solar energy initiatives in the UK, and, whilst it is difficult to attribute values until planning permissions and grid connections for the various sites have been secured, there is significant potential uplift value for Marechale's shareholders from our investment in Northfield. Furthermore, Northfield is currently completing its second round of funding and Marechale's stake in Northfield at around 30% of the enlarged equity, is the Company's largest investment to date. The valuation on the balance sheet represents the first funding round, where the Company's investment, accounted for using the Equity Method was valued at £120,000, compared to cost of £500.

Details of other completed transactions on which the Company advised are all detailed on the Company's website at: www.marechalecapital.com.

Marechale remains committed to working with the management teams of quality companies to secure funding from the Company's extensive list of private and institutional investors.

There is an appetite amongst our investor contacts to invest in high quality investment opportunities. The Directors believe that backing the right growth companies, whilst not without its risks, represents an attractive private equity investment for investors looking to diversify their portfolios. Over the last three and half years, if an investor had invested in each of the 18 transactions Marechale has funded, based on the last round of funding or exit value of these transactions, we calculate that they would have achieved an IRR of over 23% to date.

Marechale is quoted on the London Stock Exchange as an AIM listed company and continues to look at a number of potentially interesting acquisitions, investment and merger opportunities, particularly in fund management, and remains open to such approaches. However, none has been progressed to date.

Mark Warde-Norbury

Chairman

24 July 2014

Consolidated Income Statement

Year ended 31 March 2014

Consolidated Statement of Comprehensive Income

Consolidated Balance Sheet

Year ended 31 March 2014

Statement of Changes in Equity

Year ended 31 March 2014

The Reserve for ESOP comprises 232,603 shares in the Group held in an ESOP Trust. As at 31 March 2014 and 2013, none of the shares had been unconditionally granted to any of the Group's employees and had an aggregate market value of £4,652 (2013: £2,719).

Consolidated Cash Flow Statement

Year ended 31 March 2014

Notes to the Financial Information

Year ended 31 March 2014

1. Basis of preparation

These financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union and the International Financial Reporting Interpretations Committee ('IFRIC') interpretations in accordance with the Companies Act 2006. The financial statements have been prepared on the historical cost basis as modified by the valuation of certain financial instruments.

The principal accounting policies adopted in the preparation of the financial information is this announcement are set out in the Company's full financial statements for the year ended 31 March 2014.

2. Business and geographical segments

The directors consider that there is only one activity undertaken by the Group, that of corporate finance advisory. All of this activity was undertaken in the United Kingdom.

3. Earnings per share

4. Other matters

The financial information for the year ended 31 March 2014 set out in this announcement does not constitute statutory financial statement, as defined in section 434 of the Companies Act 2006, but is based on the statutory financial statements for the year then ended. Those financial statements, upon which the auditors have issued an unqualified opinion, will be delivered to the Registrar of Companies.

Copies of the Company's full audited Annual Report and Financial Statements for the year ended 31 March 2014 will be sent to shareholders in due course and will be available on the Company's website: www.marechalecapital.com.