Marlowe Regulatory News (MRL)

3 June 2024

Marlowe plc

Completion of Divestment, Special Dividend Timetable and Board Changes

Commencement of £225 million return to shareholders

Marlowe plc ("Marlowe" or the "Group"), the leader in business-critical services, announces completion of the sale of certain Governance, Risk & Compliance ("GRC") software and services assets for an Enterprise Value of £430 million (the "Divestment") and, as a result, confirms the timetable for the £150 million special dividend set out by the Group on 22 May 2024. The Group also announces the resignation of Kevin Quinn as Executive Chairman and the appointment of Julia Robertson as an Independent Non-Executive Director, both with immediate effect.

Special Dividend Timetable

The Divestment completed on schedule on 31 May 2024 and, following receipt of the cash proceeds of the Divestment, the Group confirms that a special dividend of £1.55 per Marlowe ordinary share will be paid on 5 July 2024, with a record date of 14 June 2024 and an ex-dividend date of 13 June 2024.

The Group's previously announced share buyback programme to return up to £75 million to Marlowe shareholders ("Buyback Programme") will commence on payment of the special dividend. The terms of the Buyback Programme were announced by the Company on 22 May 2024.

Board Changes

Julia Robertson has been appointed as an Independent Non-Executive Director of the Company with immediate effect. Julia Robertson is Group Chief Executive Officer of Impellam Group Limited, having been appointed in April 2013. Her journey at Impellam began in 2000 when she sold two businesses to the group after which she held numerous leadership positions before taking on the role of Group CEO. She has also served as Chief Executive of the Institute of Employment Consultants (now REC), the professional body for the UK recruitment industry.

Kevin Quinn has resigned as Executive Chairman of the Company with immediate effect. Lord Ashcroft KCMG PC has assumed the role of Non-Executive Chairman on an interim basis.

Lord Ashcroft, Interim Non-Executive Chairman of Marlowe, commented:

"The Board extends its sincere thanks to Kevin for his dedicated service and commitment as Marlowe's Chairman. Kevin has made a significant contribution to the development of Marlowe throughout his six-year tenure, and we wish him all the best for the future.

We are pleased to welcome Julia to the Board of Marlowe."

For further information:

The directorships and partnerships currently held by Julia Robertson, aged 65, and over the five years preceding the date of her appointment, are as follows:

Julia Robertson was previously a non-executive director of both Devonshire Club (Holdings) Limited and Devonshire Club Limited. Both of these companies entered into administration on 18 March 2020 and were dissolved on 23 June 2021 and 24 June 2021 respectively following liquidations and an aggregate creditors deficit of approximately £3.5 million.

Julia Robertson currently holds no Ordinary Shares in Marlowe.

About Marlowe plc

Marlowe is a leader in business-critical services which ensures compliance with strict regulations and insurance requirements across Fire Safety & Security, Water & Air Hygiene and Occupational Health. The Group has a national footprint and serves over 30,000 customers across office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include thousands of SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.