Administration & proposed CVA update

For immediate release

ICONIC LABC PLC - IN ADMINISTRATION

The Joint Administrators provide the following update on the administration and the adjournment of General Meeting:

Administration extension

Following consent from the Secured Creditor, the Administration has been extended for a further 6 months to 3 December 2022.

Disputes

The Joint Administrators confirm that negotiations between the Company, Arch Capital Partners LLP and the European High Growth Opportunities Securitization Fund are progressing.

Proposed Company Voluntary Arrangement

The terms of the proposed Company Voluntary Arrangement have now been agreed, subject to the outcome of the negotiations, referred to above.

 As soon as the negotiations are successfully concluded the CVA will be issued, with a view to returning control of the Company back to its Board, if agreed by creditors and shareholders.

It is hoped that a further update will be issued shortly

Antony Batty

Joint Administrator

8 June 2022