Roebuck Food Regulatory News (RFG)

The information contained within this announcement was previously deemed by the Company to constitute inside information as stipulated by Market Abuse Regulation (EU) No 596/2014 ("EU MAR") and the retained UK law version of EU MAR pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310) ("UK MAR"). With the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain.

Roebuck Food Group plc ("Roebuck" or "the Company")

Management and Directorate Changes

5 July 2023

Management

Roebuck announces that Declan Morrissey will step down from his position as Group Chief Executive on 6 July 2023. Mr Morrissey joined the Company in 2017 as head of the Dairy Division. Mr Morrissey will receive payment in lieu of one year's notice under his service agreement of €100,000 (being equivalent to one year's base salary).

Mr Morrissey stated "I have enjoyed my six years at Roebuck immensely and it has always been a great work environment with a culture of learning and open dialogue. The business has undergone immense change over the period, especially since the very successful exit from the Cold Stores in 2021, and the consequent return of capital to Shareholders. Throughout my time with the business, Roebuck and its leadership team has had a focus on operational excellence, capital allocation and delivering value for shareholders. I wish my colleagues at Roebuck every success.

I plan to pursue an interest in NUA Bioenergy in order to develop a network of Integrated Bioenergy sites across Ireland, focussing on Anaerobic Digestion, Biomethane, Biofuels and Renewable Energy production, an area in which Roebuck is not currently involved."

Commenting, Chairman Ted O'Neill stated: "I would like to thank Declan for his innovation and endeavour with the Company which has helped the Company establish an existing dairy division. I and my fellow directors wish Declan the very best in his future business ventures and interests."

Mr Morrissey will be replaced as Group Chief Executive by Kieran Mahon, who rejoined Roebuck as non-executive director on 14 April 2023. Mr Mahon will be employed by the Company at a salary of €150,000 per annum on a rolling one-year contract.

As Kieran Mahon is a non-executive director and substantial shareholder of the Company the entering into the service contract with the Company constitutes a related party transaction. The directors of the Company excluding Kieran Mahon having consulted with its nominated adviser Davy consider that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.

Board

In addition, Seán Savage, non-executive director has signalled his intention to step down from the Board on 31 December 2023. Mr Savage was appointed to the Board in 2012 having had previous extensive experience in the food industry. He holds 1,000,333 shares in Roebuck, representing approximately 3.33% of the Company's issued share capital.

Commenting, Chairman Ted O'Neill stated: "I would like to thank Seán for his contribution to the Company. He joined the Company and made a significant investment in the Company at a crucial time. His investment and input at Board level have been central to enabling Roebuck's diversification from its previous principal business of temperature-controlled storage."

Chairman

In view of these changes, the Board have asked Ted O'Neill to reconsider his position with regards to standing down as Chairman at 29 September 2023 and he has agreed to this request, such that Mr O'Neill will not now stand down as Chairman on that date and will continue in office as Non-Executive Chairman.

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries:

Roebuck

Aidan Hughes, Deputy Chairman Telephone: + 44 1293 862 498

Davy

Anthony Farrell Telephone: + 353 1 679 6363