Mattioli Woods Regulatory News (MTW)

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

3 August 2020

Mattioli Woods plc

("Mattioli Woods", "the Company" or "the Group")

Completion of Acquisition of Hurley Partners Limited and Issue of Equity

Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, is pleased to announce that its acquisition of Hurley Partners Limited ("Hurley") from its shareholders ("the Sellers") previously announced on 11 March 2020, has now completed following receipt of FCA approval.

The initial consideration for the acquisition has been satisfied through £10.7 million in cash plus 842,866 new ordinary shares in Mattioli Woods ("the Consideration Shares"), with a value of £[5.9] million, based on the closing price of a Mattioli Woods share on 31 July 2020. In addition, contingent consideration of up to £8.0 million is payable in cash in the two years following completion, dependant on Hurley meeting and outperforming forecast earnings targets. The estimated total assets being acquired include £2.5 million of cash.

Application has been made for the admission of the Consideration Shares to trading on AIM ("Admission"). Admission of the Consideration Shares, which will rank pari passu in all respects with Mattioli Woods' existing shares in issue, is expected to become effective on 10 August 2020.

The Sellers have entered into a lock-in agreement with Mattioli Woods and its nominated adviser and joint broker, Canaccord Genuity Limited, restricting sales of the Consideration Shares during the two years following completion.

Total Voting Rights

Following the issue of the Consideration Shares, the total number of ordinary shares of 1p each ("the Ordinary Shares") in the Company with voting rights will be 27,800,456. Mattioli Woods does not hold any Ordinary Shares in Treasury.

The above figure of 27,800,456 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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