Result of Tender Offer

Prime People Plc

("Prime People" or the "Group")

Result of Tender Offer

Prime People plc (AIM: PRP), the global group of specialist recruitment businesses operating in depth, across the Real Estate & Built Environment sectors, is pleased to announce the result of the Tender Offer, details of which were set out in the circular published by the Company on 17 December 2021 (the "Circular"). Capitalised terms in this announcement (unless otherwise defined) have the same meanings as set out in the Circular.

The maximum aggregate number of Ordinary Shares that can be purchased pursuant to the Tender Offer is 2,282,628 Ordinary Shares (representing 18.78 per cent. of the Company's issued share capital). The Tender Price is 87 pence per Share.

The Tender Offer was oversubscribed with a total of 2,697,754 Ordinary Shares (representing 22.19 per cent. of the Company's issued share capital) being validly tendered by Shareholders under the Tender Offer. Shareholders who validly tendered Shares equal to or less than their Basic Entitlement will have their tender accepted in full. Shareholders who validly tendered Shares in excess of their Basic Entitlement will have their tender accepted in respect of their Basic Entitlement plus approximately 77.88 per cent. of the number of Ordinary Shares in excess of their Basic Entitlement that they validly tendered.

After application of the scale-back mechanism, a total of 2,282,628 Ordinary Shares will, therefore, be purchased under the Tender Offer and subsequently cancelled. The total value which will be returned to Shareholders pursuant to the Tender Offer will be approximately £1.985 million.

The Company announces that it has been notified that the Blakeney Holdings Directors Pension Scheme, a pension scheme in which Sir John Lewis, Non-executive Director of the Company holds a beneficial interest, tendered 594,750 Ordinary Shares in the Tender Offer. Following this transaction, Sir John Lewis and persons closely associated, beneficially hold 500,000 Ordinary Shares representing 5.06 per cent. of the Company's issued share capital following the Tender Offer.

Payment of the consideration due to Shareholders whose tenders under the Tender Offer have been accepted is expected to be despatched (by cheque or by a CREST payment, as appropriate) along with balance certificates in respect of non-tendered shares on 21 January 2022.

Following the implementation of the Tender Offer and the cancellation of the tendered Ordinary Shares, the Company will have 9,874,645 Ordinary Shares in issue.

Cancellation and Re-registration

As previously announced on 12 January 2022, following the approval of the proposed Cancellation by shareholders at the General Meeting held on 12 January 2022, the last day of dealings of the Ordinary Shares on AIM will be 24 January 2022 and the Cancellation of the admission to trading on AIM of the Ordinary Shares will become effective following the issue of a Dealing Notice at 7.00 a.m. on 25 January 2022.

The Re-registration of the Company as a private company is expected to take place by 11 February 2022.

For further information please contact:

Cenkos, which is authorised and regulated by the Financial Conduct Authority, is acting for the Company and for no one else in connection with the Tender Offer and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Cenkos or for affording advice in relation to the Tender Offer, the contents of this announcement or any transaction, arrangement or other matter referred to in the Circular.

Certain statements in this announcement may be forward-looking. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward looking statements.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM