Note on Latest Shareholder Distribution

 In May 2020 the board of Urban Exposure PLC decided to pursue a strategy whereby the Company would no longer write new business and would undertake an orderly wind down of the loan book to maximise returns to shareholders. This decision was subsequently reaffirmed in June 2020.

Since that date, management has successfully realised value in a loan book which had approximately £1 billion of commitments. Initial success resulted in a reduction in the loan book from 21 to 13 loans, which enabled a distribution to shareholders of £65.0m in December 2020.

On 22nd June 2021 FRP Advisory Trading Limited was appointed as liquidator to effect the voluntary winding-up of Urban Exposure PLC. On 23rd June the admission of Urban Exposure PLC’s ordinary shares to trading on AIM was cancelled.

Despite significant market headwinds and a further national lockdown, the Company managed to reduce the loan book from 13 loans to 5 loans by July 2021. As a result, the Company made a further distribution of £38.7m (53.6p) to shareholders. Further details of the Cancellation and the Liquidation are set out in the Circular, a copy of which is available

The Company has now redeemed further loans, enabling an additional distribution to shareholders of £7.5m (10.4p). This distribution will be made on 30th November 2021. The distribution amount takes into account the Company’s current cash reserves, future expenses and an appropriate cash buffer.

As at 30 November 2021 the company has 3 remaining loans. Of these loans, two require additional time to work out. Given this situation the Company is forecasting that the final distribution to shareholders will be made by approximately Q2 2022. The current expected range of total shareholder returns, is now 72 to 74p on a pence per share basis.

Signed:

Urban Exposure
Sam Dobbyn, Director
+44 (0) 7779 663684
sam@urbanexposureuk.com

FRP Advisory
Geoff Rowley, Liquidator
+44 (0) 20 3005 4289
geoff.rowley@frpadvisory.com