Removal Notice

PRESS CORPORATION PLC

NOTICE OF INTENTION TO DELIST FROM LONDON STOCK EXCHANGE

Press Corporation Plc hereby announces that the Company's Board of Directors (the "Board") in January 2020 approved the cancellation of the listing of the Company's common stock (the "Shares") on the standard segment of the Official List of the London Stock Exchange (the "LSE") and the cancellation of admission to trading of such shares on the main market of the LSE (together, the "Cancellation"). Consequently, the Company intends to apply to the UK Financial Conduct Authority and the LSE to request the Cancellation.

In connection with the proposed delisting, the Board has also resolved to terminate the global depositary program agreement that established PCL's UK depositary interest facility. This programme was established in 1998 to facilitate trading of PCL's shares on the LSE.

Cancellation timetable

In accordance with UK Listing Rule 5.2.8, the Company is required to give at least 20 business days' notice to the LSE of the intended Cancellation. It is anticipated that the Cancellation will take effect on 10th July 2020.

Reasons for the Cancellation

The Board approved the Cancellation for the following reasons:

1. Only a small amount of trading in the Shares is conducted on the LSE. Taking into account these low trading volumes and the ongoing regulatory compliance and administrative costs the Company incurs annually as a result of its London listing, the Board determined that there is no significant benefit to the Company in maintaining the listing;

2. The Company does not believe that the Cancellation will adversely affect its shareholders, since the Company's common shares will continue to be listed and tradeable on the Malawi Stock Exchange (the "MSE"); and

3. As the Company has its primary listing and main trading platform on the MSE, the continued listing on the LSE would not afford the Company a significant advantage in terms of liquidity or additional sources of funding compared to the ongoing costs of maintaining the listing.

Continued listing on MSE

As a result of its primary listing on the MSE, Press Corporation Plc will continue to be subject to the rules and regulations of the MSE; the Malawi Companies Act 2013 and all other laws, rules and regulations applicable to a company with a primary listing of shares on the MSE.

For further information, please contact: 

Benard M.W. Ndau - Company Secretary; orGeorge B Partridge - Group Chief ExecutiveOffice (+265 1 824 656 ); Mobile (+265 888 997 007)

Email: Companysec@presscorp.com 

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GEORGE B PARTRIDGE BENARD M W NDAU

GROUP CHIEF EXECUTIVE COMPANY SECRETARY