TIDMCIP

RNS Number : 1826J

CIP Merchant Capital Ltd

25 April 2022

25 April 2022

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company")

Payment of Additional Director Fees

The Board of CIP announces that it has agreed to make a one-off additional payment of, in aggregate, GBP57,500, to the Company's directors in connection with the additional work undertaken by the Board, beyond the scope of their existing contractual arrangements with the Company, in relation to addressing Corporation Financière Européenne S.A.'s ("CFE") protracted stake building, announcement of a possible offer for CIP, and subsequent hostile offer for CIP, over the past 18 months (the "Additional Director Fees").

The Additional Director Fees are to be paid as follows:

 
 Director          Additional Director 
                    Fees 
 Adrian Collins    GBP17,500 
                  -------------------- 
 John Falla        GBP15,000 
                  -------------------- 
 Robert King       GBP12,500 
                  -------------------- 
 Piero Sansalone   GBP12,500 
                  --------------------

Related Party Transaction

The payment of the Additional Director Fees is deemed to be a related party transaction under the AIM Rules. Due to the participation of all of the Company's directors, there is no director independent of the Additional Director Fees arrangement to provide the necessary AIM Rule 13 related party transaction opinion.

Accordingly, Strand Hanson Limited, the Company's Nominated Adviser, is satis ed that the Additional Director Fees are fair and reasonable, insofar as the Shareholders are concerned.

Enquiries :

 
CIP Merchant Capital Limited 
 Wikus van Schalkwyk                                   +44 1481 749363 
Strand Hanson Limited (Financial & Nominated Adviser 
 and Broker) 
 Stuart Faulkner / Matthew Chandler / James Bellman 
 / Rob Patrick                                         +44 20 7409 3494

The information contained in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (which applies in the United Kingdom by operation of the European Union (Withdrawal) Act 2018 (as amended)). The person responsible for arranging release of this announcement on behalf of CIP is Adrian Collins.

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END

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April 25, 2022 03:45 ET (07:45 GMT)

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