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The Kellan Group PLC - Update on fundraising

The Kellan Group PLC - Update on fundraising

Further to the statement made by James McHugh yesterday, which has been widely reported, the Kellan Board confirms that it has now received two indications of interest relating to a potential transaction regarding the future funding of the Company's business. As stated at the time of the announcement of the Company's preliminary results, one of these potential transactions (with the Company's largest shareholder) is at a relatively advanced stage whilst the terms on which any proposed transaction may or may not be concluded with James McHugh are still uncertain. The independent Directors, along with their advisers, are in the process of considering the merits of both potential transactions along with the likely challenges in implementing them. The independent Directors are committed to concluding their deliberations as soon as possible and are working with the Company's major shareholders to reach a satisfactory outcome in the best interest of shareholders as a whole, with a view to concluding a transaction as soon as possible. A further announcement will be made in due course.

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