The Peoples Operator Regulatory News (TPOP)

The People's Operator plc

("TPO", the "Company" or the "Group")

Fundraising update

The People's Operator (AIM: TPOP), the cause-based commercial mobile virtual network operator, provides the following update on its conditional fundraising to raise gross proceeds of up to £3.2 million (the "Fundraising").

Update on Proposed Fundraising

Further to the announcement of 7 December 2017, the Company announces that it has conditionally procured additional subscribers for 35,000,000 new ordinary shares of £0.0005 each ("Ordinary Shares") at a price of 0.1 pence per Ordinary Share to raise additional gross proceeds of £35,000, with an associated conditional issue of 17,500,000 warrants over Ordinary Shares.

Therefore, the Company has conditionally raised total gross proceeds of approximately £2.82 million (the "Subscription") through the issue of 2,823,000,000 new Ordinary Shares (the "Subscription Shares") with an associated conditional issue of 1,411,500,000 warrants over Ordinary Shares (the "Warrants").

The Warrants are exercisable in the six months following Admission (as defined below) at a price of 0.2 pence per Ordinary Share. The Warrants will be issued to each subscriber in the Subscription on the basis of 1 Warrant for every 2 Subscription Shares. The Warrants will be not admitted to trading on any Exchange and are non-transferable.

Conditional on the General Meeting, the Company has also agreed to issue 40,000,000 new Ordinary Shares in lieu of fees to an adviser at a deemed price of 0.1 pence per Ordinary Share (the "Adviser Shares").

General Meeting

The Company has posted a circular to shareholders to convene a general meeting of the Company (the "General Meeting") for the purpose of seeking approval for the resolutions (the "Resolutions") needed to complete the Subscription and to issue the Adviser Shares.

The General Meeting will be held at the Company's registered office at Unit 53, The Chocolate Studios, 7 Shepherdess Place, London N1 7LJ at 11.00 a.m. on 22 December 2017.

Admission

Application has been made to the London Stock Exchange for the 2,823,000,000 Subscription Shares and the 40,000,000 Adviser Shares to be admitted to trading on AIM. It is expected that the admission of the Subscription Shares and the Adviser Shares will become effective and dealings in the Subscription Shares and the Adviser Shares will commence at 8.00 a.m. on 27 December 2017 ("Admission").

Following Admission, the Company will have 3,004,804,182 Ordinary Shares in issue with each Ordinary Share carrying the right to one vote.

IMPORATANT NOTICE

If the Subscription does not proceed then the Board would have to urgently seek alternative funding for the Company and there is no guarantee that this would be available.

It is therefore of the utmost importance that Shareholders vote in favour of the Resolutions. If the Resolutions are not passed by Shareholders at the General Meeting and the Subscription does not proceed, the Company will need to urgently seek alternative sources of funding but, given the current stage of the Company's development and attempts by the Company to secure alternative financing to date, this outcome is unlikely to be favourable to Shareholders since the Company would likely have insufficient working capital to continue to trade and, in the absence of any other source of funding, there may be no alternative but to place the Company into insolvency proceedings.

For further information

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.