Blur : Notice of the General Meeting (blur proposed placing)

THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY NEW ORDINARY SHARES, NOR SHALL IT (OR ANY PART OF IT), OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH OR ACT AS ANY INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER WITH RESPECT TO THE PROPOSED PLACING AND OPEN OFFER OR OTHERWISE. THIS ANNOUNCEMENT IS NOT A CIRCULAR AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY NEW ORDINARY SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT SOLELY ON THE BASIS OF INFORMATION IN THE CIRCULAR EXPECTED TO BE PUBLISHED TODAY. COPIES OF THE CIRCULAR WILL, FOLLOWING PUBLICATION, BE AVAILABLE FROM THE REGISTERED OFFICE OF BLUR GROUP PLC AT EAGLE HOUSE, 1 BABBAGE WAY, EXETER SCIENCE PARK, CLYST HONITON, EXETER, DEVON EX5 2FN AND ON THE COMPANY'S WEBSITE WWW.BLURGROUP.COM.

blur Group plc (BLUR), a business services marketplace in the cloud at blurgroup.com, is pleased to announce that it has conditionally raised approximately $20.0 million (£11.9 million) (before expenses) through the issue of 15,873,015 New Ordinary Shares by way of a Placing at 75 pence per New Ordinary Share and up to a further $2.0 million (£1.2 million) through the issue of up to 1,587,314 New Ordinary Shares by way of an Open Offer at 75 pence per New Ordinary Share. N+1 Singer is acting as nominated adviser and broker to the Company in connection with the Issue.
The net proceeds of the Placing will be used to accelerate growth through investment in sales, technology, marketing and customer services and for working capital purposes to strengthen the balance sheet. It is the intention that any proceeds received by way of the Open Offer will be used for general working capital purposes.
The Placing Shares will represent approximately 37 per cent. of the enlarged issued share capital of the Company. The Placing Price represents a discount of 28.9 per cent. to the Closing Price of 105.5 pence per Ordinary Share as at 22 May 2014 (being the latest practicable date prior to the date of this announcement).
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on LSE AIM. On the assumption that, inter alia, the Resolutions are passed, it is expected that admission of the New Ordinary Shares will become effective on or around 11 June 2014.
The Placing is conditional on, inter alia, the passing of the Resolutions at the General Meeting, including a special resolution which will give the Directors the required authority to disapply statutory pre-emption rights in respect of the allotment of the Placing Shares.
A General Meeting of the Company will be held at 12.00 p.m. on 10 June 2014 at the offices of blur Group plc, Eagle House, 1 Babbage Way, Exeter Science Park, Clyst Honiton, Exeter, Devon EX5 2FN.

"The support of our shareholders and new investors provides us with the funds to invest in areas which we believe will be the key drivers for future profitability, being sales, technology, marketing and customer services. The continued increase in bookings in 2013 and into 2014 illustrates our first mover advantage

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in the emerging services-commerce market, and underpins a stronger financial position in the long term. With 45,000 businesses on our Global Services Exchange, from 145 countries worldwide, we believe we have the foundation from which to build a world leading global technology company, addressing a significant market opportunity. We look to the future with confidence."

Copies of the circular, which will be posted to shareholders later today, will shortly be available on the Company's website (www.blurgroup.com) and will also be available at the Company's office at Eagle House, 1 Babbage Way, Exeter Science Park, Clyst Honiton, Exeter, Devon EX5 2FN.
Capitalised terms used in this announcement have the meanings given to them in the circular.

For further information please contact:

blur (Group) plc Philip Letts, CEO Barbara Spurrier Ruth Speakman

Tel: +44 (0) 1392 927795

N+1 Singer

Shaun Dobson / Jen Boorer / Emily Watts Tel: +44 (0) 20 7496 3000

Newgate Threadneedle

Caroline Forde / Josh Royston/ Hilary Millar Tel: +44 (0) 20 7653 9850

The Company announced today that it proposes to raise approximately $20.0 million (£11.9 million) (before expenses) through a proposed Placing of 15,873,015 Ordinary Shares with existing and new institutional investors at a price of 75 pence (1.26 US cents) per Ordinary Share and up to $2.0 million (£1.2 million) through an Open Offer of 1,587,314 New Ordinary Shares at 75 pence per New Ordinary Share. The Placing Price represents a 28.9 per cent. discount to the Closing Price of 105.5 pence per Ordinary Share on 22 May 2014 (being the last Business Day prior to the announcement of the Placing). N+1 Singer is acting as sole broker for the Company in connection with the Placing and Open Offer. Panmure Gordon has resigned as joint broker.
The net proceeds of the Placing will be used to accelerate growth through investment in sales, marketing, customer services and technology development. Any funds raised through the Open Offer will be used to further strengthen the Balance Sheet through the provision of additional working capital.
The total amount that the Company could raise under the Issue is $22.0 million (£13.1 million) (before expenses), assuming all the Open Offer Entitlements are taken up. Neither the Placing nor the Open Offer is being underwritten. Subject to satisfaction of the conditions referred to below, the minimum proceeds of the Issue will be approximately $20.0 million (£11.9 million) (before expenses).
The Issue is conditional, inter alia, on Admission becoming effective, the Placing Agreement between the Company and N+1 Singer becoming unconditional and not being terminated (in accordance with its terms), and the passing by Shareholders of the Resolutions at the General Meeting, including a special resolution which will give the Directors the required authority to disapply statutory pre-emption rights in respect of the allotment of the New Ordinary Shares. Subject to all relevant conditions being satisfied (or, if applicable, waived), it is expected that the New Ordinary Shares will be admitted to trading on LSE AIM on or about 11 June 2014.

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The global market for business and creative services, which includes advertising, technology, legal, HR and accounting, is estimated to be in excess of $2 trillion. Even when taking into account long-term contracts, media spend and the non-corporate areas of legal and accounting, the addressable market for blur Group and its services commerce, (or "s-commerce") platform is estimated to be in the region of $1 trillion. 10 per cent. of this addressable b2b services market could be transacted through e-commerce in
5-10 years' time where the market leader in this segment could get to about 1-2 per cent. share of this
market. blur Group believes that s-commerce will experience market adoption in business services in the same way that e-commerce did in consumer retail. With its Global Services Exchange already addressing ten different business and creative services areas, and with 45,000 businesses on the Exchange from
145 countries worldwide, blur Group is a first mover in the market and is well positioned to take full advantage of this significant anticipated market growth.
Both the listing on LSE AIM in October 2012, when a placing with investors raised net funds of $5.5 million and the additional fundraising round in May 2013, raising net funds of $10.9 million, have allowed the Group to invest and develop in areas to reinforce its first mover advantage and deliver growth in its core metrics; being the number of projects submitted, number of experts and brief values.
Investment to date has been used for:

 Technology: Major new architecture for the platform has been released in the form of blur 3.0, unifying and integrating customer, expert, partner dashboards and apps as well as introducing new revenue streams like the Premium Accounts (SaaS tool to allow multiple accounts per company) and blur 4.0, which launched in 2014 and is designed to improve conversion rates and enhance user experience across any browser or device;

 Marketing: team growth and investment in online marketing and PR programmes;

 Corporate Sales Team: General managers have been appointed in both London and Dallas to manage both the sales teams and the regional marketing communication functions. The sales teams are now structured to support the inbound channels of projects from the digital customer acquisition process alongside outbound business development managers who will focus on the enterprise customers; and

 Support Services: establishing functions to improve all stages of the s-commerce process, including a global customer services team, regional Exchange Support teams and a dedicated projects and payments team with a track record in running large and complex projects, similar to those that the Exchange is now seeing. The finance function has also grown to support the new revenue recognition policies.

As a result of this investment, customer acquisition has grown to the point where approximately 1,000 new service providers and 300 customer briefs come on to the Exchange each month, with 579 projects kicked off in 2013, from companies including Danone and Regus. The number of projects submitted to the Exchange recently surpassed 5,000 with a total value of over $250 million; a significant milestone for the Group. In Q1 2014, 1,031 projects were submitted with a value of $73.7 million (in comparison to £0.22 million in Q1 2011). Since the project ceiling was increased to $5m several high value projects have kicked off on the Exchange which are more complex in comparison to the smaller transactional projects that were more prevalent in the earlier days of the Exchange.
Due to the inherent complexity and increasing duration of the rising number of larger value projects being submitted to blur Group's Global Services Exchange, the Group has recently announced that it has adopted a more conservative and prudent view of project revenue recognition. Project revenue will now be recognised when delivery of the services has been completed or key contracted milestones have been achieved. As a result, recognised revenue is lower than expected for the 2013 financial year but with a significant value of deferred revenues relating to these projects now expected to be recognised in 2014 and beyond. blur Group is growing its first mover advantage as illustrated by the continued increase in bookings which, accompanied by the adoption of a prudent approach to revenue recognition for larger projects, should underpin a stronger financial position in the long term.
The Group believes that the Placing and Open Offer is required in order to fund the future growth of the

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business more rapidly and strengthen its balance sheet as larger enterprises make use of the Exchange and submitted project values continue to grow.

The Board is committed to strengthening the finance function of the Company and a recruitment process is already underway for a Chief Financial Officer.
The Board has also decided that it is appropriate to appoint an independent non-executive Chairman and is commencing this process. The Company aims to complete this appointment within the next one to three months.

The net proceeds of the Placing are expected to be $19.0 million (£11.3 million) and will be used to strengthen the Group's balance sheet through providing additional working capital, as well as accelerating growth through further investment in areas which the Group believes are the key drivers for future profitability, being sales, technology, marketing and customer services. Investment of these proceeds, along with existing cash resources, is intended to fund the Company through to profitability.
Within sales, investment is to be made in international expansion with the addition of Asia Pacific and European sales teams and also increasing engagement and focus on medium to large customers to attract larger and more profitable projects.
The Group will also continue to expand its partnership program to enhance its global reach and acquisition of projects at scale. Additional investment in technology is intended to accelerate the development of the blur 5.0 platform for an expected launch in 2015. This platform is being developed to support the enterprise project, whilst increasingly automating the smaller project process. The overall objective is to enable rapid growth, drive profitability and drive increased customer engagement. The platform will incorporate blur Data (services data derived from the platform), include premium and professional account options, introduce a public application programming interface (API) to allow businesses to embed Exchange functionality and ultimately is expected to provide additional higher-margin revenue stream for the Group. This will include scalability improvements to the core platform, enabling simplified user journeys and improving the matching of buyers and sellers enabling growth. For smaller projects the aim is on increasing self-service and increasing conversions. For the larger customer, premium services making use of insight from big data will be enhanced to provide more enterprise support. The aim of these enhancements is to drive profitability through more conversions. The introduction of the API, increasing collaboration through the projects and automating more of the process, is expected to drive customer engagement.
Investment in marketing will continue its focus on digital customer acquisition internationally and at scale, to build awareness and drive projects on to the Exchange.
Customer service investment is in line with the growth strategy and will be deployed to expand customer success teams, project delivery teams, Exchange Support and community management.
It is proposed that the minimum net proceeds of the Issue shall be used as follows:
Investment in marketing $6.0m Technology developments $4.5m Investment in sales $3.8m Expansion of customer service $2.6m Working Capital $2.1m

To the extent that further funds are raised via the non-underwritten Open Offer (which will not be underwritten), these will be used to provide additional working capital to support the growth and development of the Company.

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The Company has conditionally raised $20.0 million (£11.9 million) (£11.3 million net of expenses) by way of a placing of 15,873,015 new Ordinary Shares at the Placing Price with existing and new institutional investors. The Placing Shares will represent approximately 37.1 per cent. of the enlarged issued share capital of the Company. The Placing Price represents a discount of 28.9 per cent. to the Closing Price of 105.5 pence per Ordinary Share as at 22 May 2014 (being the latest practicable date prior to the publication of the circular).
In connection with the Placing, the Company has entered into the Placing Agreement pursuant to which N+1 Singer has agreed, in accordance with the terms of the Placing Agreement, to use reasonable endeavours to place the Placing Shares with existing and new institutional investors.
The Placing is conditional, inter alia, on:

 the passing of the Resolutions;

 the conditions in the Placing Agreement being satisfied or (if applicable) waived and the Placing

Agreement not having been terminated in accordance with its terms prior to Admission; and

 Admission becoming effective by no later than 8.00 a.m. on 11 June 2014 (or such later time and/or date, being no later than 8.00 a.m. on 27 June 2014, as the Company and N+1 Singer may agree).

The Placing is not conditional upon the level of applications made to subscribe under the Open Offer. The Placing Agreement contains customary warranties given by the Company to N+1 Singer as to matters
relating to the Group and its business and a customary indemnity given by the Company to N+1 Singer in respect of liabilities arising out of or in connection with the Placing and Open Offer. N+1 Singer is entitled to terminate the Placing Agreement in certain circumstances prior to Admission including circumstances where the warranties are found not to be true or accurate or are misleading in any respect or the occurrence of certain force majeure events.
If any of the conditions are not satisfied or waived (where capable of waiver), the Placing Shares will not be issued and all monies received from investors in respect of the Placing Shares will be returned to them (at the investors' risk and without interest) as soon as possible thereafter.
The Placing Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission in respect of Ordinary Shares and will otherwise rank pari passu in all respects with the existing Ordinary Shares on Admission. The Placing Shares are not being made available to the public and are not being offered or sold in any jurisdiction where it would be unlawful to do so.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on LSE AIM. On the assumption that, inter alia, the Resolutions are passed, it is expected that admission of the Placing Shares to AIM will become effective on or around 11 June 2014.

The Directors recognise the importance of pre-emption rights and consequently the Company is proposing to raise up to $2.0 million (£1.2 million) (before expenses) pursuant to the Open Offer. The proposed Issue Price of 75 pence per Open Offer Share is the same as the Issue Price of the Placing Shares.
The Open Offer is being made on a pre-emptive basis to Qualifying Shareholders. The Open Offer is not underwritten. The Issue is not conditional upon the level of applications made to subscribe under the Open Offer. Accordingly, if no applications to subscribe under the Open Offer are received, the total amount that the Company could raise via the Issue would be reduced to £11.3 million (before expenses).
The Open Offer provides Qualifying Shareholders with the opportunity to apply to acquire Open Offer Shares at the Issue Price pro rata to their holdings of Existing Ordinary Shares as at the Record Date on the following basis:

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and so on in proportion for any other number of Existing Ordinary Shares then held. Entitlements to apply to acquire Open Offer Shares will be rounded down to the nearest whole number and any fractional entitlement to Open Offer Shares will be disregarded in calculating the Qualifying Shareholder's Entitlement.
The Open Offer is subject to the satisfaction, amongst other matters, of the following conditions on or before 11 June 2014 (or such later date being not later than 8.00 a.m. on 27 June 2014, as the Company may decide):
(i) the Placing being unconditional in all respects;
(ii) Admission becoming effective by 8.00 a.m. on 11 June 2014, (or such later time or date not being later than 8.00 a.m. on 27 June 2014 as the Company may decide).
In the event that the conditions of the Open Offer are not satisfied or waived, the Open Offer will not proceed and the Open Offer shares will not be issued and all the monies received by the Registrars will be returned to the applicant (without interest) as soon as possible thereafter.

Excess Applications

The Open Offer is structured so as to allow Qualifying Shareholders to subscribe for Open Offer Shares at the Issue Price pro rata to their holdings of Existing Ordinary Shares. Qualifying Shareholders may also make applications in excess of their pro rata initial entitlement. To the extent that pro rata entitlements to Open Offer Shares are not subscribed by Qualifying Shareholders, such Open Offer Shares will be available to satisfy such Excess Applications where Qualifying Shareholders have taken up their full basic entitlement. To the extent that applications are received in respect of an aggregate of more than
1,587,301 Open Offer Shares, Excess Applications from Qualifying Shareholders will be scaled back pro rata to existing shareholdings. However, Excess Applications will be rejected if and to the extent that acceptance would result in a Qualifying Shareholder, together with those acting in concert with him/her for the purposes of the City Code, holding 30 per cent. or or increasing an existing holdings of 30 per cent. or more of the Enlarged Issued Share Capital immediately following Admission.

Settlement and dealings

Application will be made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence at 8.00 a.m. on 11 June 2014. Further information in respect of settlement and dealings in the Open Offer Shares is set out in paragraph 7 of Part III of the circular.

Overseas Shareholders

Certain Overseas Shareholders may not be permitted to subscribe for Open Offer Shares pursuant to the
Open Offer and should refer to paragraph 6 of Part III of the circular.

CREST Instructions

An application has been made for the Open Offer Entitlements of Qualifying CREST Shareholders to be admitted to CREST. It is expected that the Open Offer Entitlements will be admitted to CREST
on 27 May 2014. The Excess Open Offer Entitlements will also be enabled for settlement in CREST on
27 May 2014. Applications through the CREST system may only be made by the Qualifying Shareholder originally entitled or by a person entitled by virtue of a bona fide market claim.
If you are a Qualifying non-CREST Shareholder you will have received a personalised Application Form which gives details of your Qualifying Shareholder's Entitlement under the Open Offer (as shown by the number of the Open Offer Entitlements allocated to you). If you wish to apply for Open Offer Shares under the Open Offer, you should complete the accompanying personalised Application Form in accordance with the procedure for application set out in paragraph 3.1 of Part III of the circular and on the Application Form itself. The completed Application Form, accompanied by full payment, should be returned by post or by hand (during normal business hours only) to Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS13 8AE so as to arrive as soon as possible and in any event no later than 12 p.m. on 9 June 2014.

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If you are a Qualifying CREST Shareholder, no Application Form is enclosed but you will receive a credit to your appropriate stock account in CREST in respect of the Open Offer Entitlement representing your Basic Entitlement and Excess Open Offer Entitlement. You should refer to the procedure for application set out in paragraph 3.2 of Part III of the circular. The relevant CREST instruction must have settled by no later than 12 p.m. on 9 June 2014.

Upon Admission, and assuming full take up of the Issue and no further exercise of options under the Company's share option schemes, or conversion of warrants, the Enlarged Share Capital is expected to be 47,092,851 Ordinary Shares. On this basis, the New Ordinary Shares will represent approximately
37.1 per cent. of the Company's Enlarged Share Capital.
The New Ordinary Shares will, when issued and fully paid, rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission.
Following the issue of the New Ordinary Shares pursuant to the Placing and the Open Offer, assuming full take up of the Open Offer and no further exercise of options under the Company's share option schemes, or conversions of warrants, Qualifying Shareholders who do not take up any of their Open Offer Entitlements will suffer a dilution of approximately 37.1 per cent. to their interests in the Company. If a Qualifying Shareholder takes up his Open Offer Entitlement in full he will suffer a dilution of approximately
33.7 per cent. to his interest in the Company.

The Group has announced its full year 2013 financial results today, 23 May 2014. The Group reported revenues of $4.8 million, representing year-on-year growth of 71 per cent., and a loss from operations of
$6.4 million. The first quarter of 2014 showed that the Group continues to make significant progress with high growth in the volume of submitted projects and average project values, greater penetration into global markets, and a broadening of services available through the platform with the launch of HR and Video categories.
There have now been over 5,000 projects submitted since the Exchange launched, with over 2,500 submitted in the last 12 months. New enterprise-class customers recently using the Exchange for the first time include Solvay and Sabre, and existing brands including Danone and Taylor and Francis, a subsidiary of Informa, have now kicked off multiple projects. The launch of blur 4.0 at the beginning of the second quarter has further enhanced the technology platform to support these enterprise class projects and the directors believe that continuing to improve the customer experience on the platform will increase the appeal to different decision makers and to the procurement teams in these larger businesses. The development of the regional sales organisations with enterprise-focused teams and developing

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partnership programs and networks like Alibaba to gain traction, increases the ability to acquire customers and projects globally.
The Board believes that the added investment that the Placing and Open Offer will provide will further enhance these growth prospects and it remains optimistic that this momentum will continue and show strong future growth.

The Directors do not currently have authority to allot all of the New Ordinary Shares and, accordingly, the Board is seeking the approval of Shareholders to allot the New Ordinary Shares at the General Meeting, together with approval to disapply pre-emption rights in respect of the proposed Issue.
A notice convening the General Meeting, which is to be held at 12 p.m. at the offices of blur Group plc, Eagle House, 1 Babbage Way, Exeter Science Park, Clyst Honiton, Exeter, Devon EX5 2FN on
10 June 2014, is set out at the end of the circular. At the General Meeting, the following Resolutions will be proposed:

 Resolution 1, which is an ordinary resolution to authorise the Directors to allot relevant securities up to an aggregate nominal amount of £174,603.29, being equal to 17,460,329 Ordinary Shares (i.e. the number of New Ordinary Shares to be issued in connection with the Issue);

and

 Resolution 2, which is conditional on the passing of resolution 1 and is a special resolution to authorise the Directors to issue and allot the 17,460,329 Ordinary Shares referred to in Resolution

1, pursuant to the Issue on a non-pre-emptive basis.
The authorities to be granted pursuant to resolutions 1 and 2 shall expire on 27 June 2014 (unless renewed varied or revoked by the Company prior to or on that date).

In respect of the General Meeting
Please check that you have received the following with the circular:

 a Form of Proxy for use in respect of the General Meeting; and

 a reply-paid envelope for use in connection with the return of the Form of Proxy (in the UK only).

Appointing a proxy in accordance with the instructions set out above will enable your vote to be counted at the General Meeting in the event of your absence. The completion and return of the Form of Proxy or the use of the CREST Proxy Voting service will not prevent you from attending and voting at the General Meeting, or any adjournment thereof, in person should you wish to do so.

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In respect of the Open Offer

Qualifying Non-CREST Shareholders wishing to apply for Open Offer Shares or Excess Shares, must complete the Application Form accompanying the circular in accordance with the instructions set out in Part III of the circular and on the Application Form so as to be received no later than 12 p.m. on 9
June 2014. If you do not wish to apply for any Open Offer Shares under the Open Offer you should not complete or return the Application Form. Shareholders are nevertheless requested to complete and return the Form of Proxy.
If you are a Qualifying CREST Shareholder, no Application Form will be sent to you. Qualifying CREST Shareholders will have Open Offer Entitlements and Excess Open Offer Entitlements credited to their stock accounts in CREST. You should refer to the procedure for application set out in paragraph 3.2 of Part III of the circular. The relevant CREST instructions must have settled in accordance with the instructions in paragraph 3.1 of Part III of the circular by no later than 12 p.m. on 9 June 2014.
Qualifying CREST Shareholders who are CREST sponsored members should refer to their CREST
sponsors regarding the action to be taken in connection with the circular and Open Offer.

Shareholders' attention is drawn to the risks and risk factors contained in Part II of the Circular. Shareholders are advised to read the whole of the circular and not rely only on the information presented in this letter and if they have not already done so, to read the Company's announcements regarding its past and current activities.

Publication of the circular
Record Date for entitlements under the Open Offer
Existing Ordinary Shares marked 'ex' by the London Stock Exchange
Posting of Application Forms to Qualifying Non-CREST Shareholders
Open Offer Entitlements and Excess Open Offer Entitlements credited to stock accounts of Qualifying CREST Shareholders
Recommended latest time and date for requesting withdrawal of Open
Offer Entitlements and Excess Open Offer Entitlements from CREST
Latest time and date for depositing Open Offer Entitlements and Excess
Open Offer Entitlements into CREST
Latest time and date for splitting Application Forms (to satisfy bona fide market claims only)
23 May 2014
5.00 p.m. on 21 May 2014
8.00 a.m. on 23 May 2014
27 May 2014
4.30 p.m. on 3 June 2014
3.00 p.m. on 4 June 2014
3.00 p.m. on 5 June 2014

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Latest time and date for receipt of Forms of Proxy
Latest time and date for acceptance of the Open Offer and receipt of completed Non-CREST Application Forms and payments in full under the Open Offer or settlement of relevant CREST instruction (if
appropriate)
12 p.m. on 6 June 2014
12.00 p.m. on 9 June
2014
General Meeting 12.00 p.m. on 10 June
2014
Announcement of results of Placing and Open Offer 10 June 2014
Admission and commencement of dealings in the New Ordinary Shares
on LSE AIM
8:00 a.m. on 11 June
2014
CREST accounts credited with New Ordinary Shares in uncertificated
form
8:00 a.m. on 11 June
2014
Dispatch of definitive share certificates in respect of New Ordinary
Shares to be issued in certificated form

by 25 June 2014

1. Each of the times and dates above are indicative only and are subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified by the Company to Shareholders by announcement through a regulatory information service.

2. All of the above times refer to London time unless otherwise stated.

3. The admission and commencement of dealings in the Placing Shares and Open Offer Shares on LSE AIM are conditional on, inter alia, the passing of the Resolutions at the General Meeting.

This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan, The Republic of South Africa or The United States or any jurisdiction into which the publication or distribution would be unlawful.

The distribution of this Announcement outside the UK may be restricted by law. Persons outside the UK who come into possession of this Announcement should inform themselves about and observe any such restrictions. Failure to comply with such restrictions may constitute a violation of the securities laws of such jurisdictions. This Announcement does not constitute an offer to sell or an invitation to subscribe for, or solicitation of an offer to subscribe or buy, the New Ordinary Shares to any person in any Restricted Jurisdiction. In particular, this Announcement is not for distribution in or into the United States of America, Canada, Australia, The Republic of South Africa, Japan, New Zealand or Russia. Accordingly, the New Ordinary Shares may not, subject to certain exceptions, be offered directly or indirectly in or into the United States of America, Canada, Australia, The Republic of South Africa, Japan, New Zealand or Russia. The New Ordinary Shares have not been and will not be registered under the United States Securities Act of 1933 (as amended) or under the securities legislation of any state of the United States of America, Canada, Australia, the Republic of South Africa, Japan, New Zealand or Russia and they may not be offered or sold directly or indirectly within those Restricted Jurisdictions or to or for the account or benefit of any national, citizen or resident of such jurisdictions.

This Announcement is being distributed in the United Kingdom only and is directed at persons who are

(i) investment professionals within the meaning of paragraph (5) of Article 19 or high net worth

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companies or unincorporated associations within the meaning of paragraph (2) of Article 49, of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S1 2005/1529); and (ii) qualified investors within the meaning of section 86(7) of the Financial Services and Markets Act 2000 (all such persons together being referred to as "relevant persons"). Any person who is not a relevant person should not act or rely on this Announcement or any of its contents.

AIM is a market designed primarily for emerging or smaller companies to which a higher investment risk tends to be attached than to larger or more established companies. AIM securities are not admitted to the Official List of the United Kingdom Listing Authority. A prospective investor should be aware of the risks of investing in such companies and should make the decision to invest only after careful consideration and, if appropriate, consultation with an independent financial adviser. Neither the London Stock Exchange nor the UK Listing Authority have examined or approved the contents of this Announcement. The AIM Rules are less demanding than those of the Official List of the UK Listing Authority.

The total consideration under the Open Offer shall be less than €5,000,000 (or an equivalent amount) in aggregate. Therefore, in accordance with section 85 and Schedule 11A of the Financial Services and Markets Act 2000, a prospectus is not required to be produced in connection with the Open Offer for the purposes of the Prospectus Rules published by the Financial Conduct Authority.

This announcement is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company. The distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The New Ordinary Shares have not been and will not be registered under the applicable securities laws of any of the Restricted Jurisdictions and, unless an exemption under such laws are available, may not be offered for sale or subscription or sold, or pledged, or subscribed directly or indirectly within the Restricted Jurisdictions or for the account or benefit of any national, resident or citizen of the Restricted Jurisdictions. The New Ordinary Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state of the United States and may not be offered, sold, resold, pledged, transferred or delivered, directly or indirectly, into or within the United States or to or for the account or benefit of any US person within the meaning of Regulation S of the Securities Act, except pursuant to an applicable exemption from registration requirements. In particular, the New Ordinary Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any other US regulatory authority, nor has any of the foregoing authorities passed upon or endorsed the merits of the offering of the New Ordinary Shares or the accuracy or the adequacy of this announcement or the circular. Any representation to the contrary is a criminal offence in the United States.

This announcement contains statements about blur Group plc that are or may be deemed to be
"forward-looking statements".
All statements, other than statements of historical facts, included in this announcement may be forward- looking statements. Without limitation, any statements preceded or followed by, or that include, the words 'targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "should", "anticipates", "estimates", "projects", or words or terms of similar substance or the negative thereof, are forward looking statements. Forward-looking statements include, without limitation, statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects and (ii) business and management strategies and the expansion and growth of the operations of blur Group plc.
These forward-looking statements are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the

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actual results, performance or achievements of any such person, or industry results, to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. Investors should not place undue reliance on such forward-looking statements and, save as is required by law or regulation (including to meet the requirements of the AIM Rules, the City Code, the Prospectus Rules and/or the FSMA), blur Group plc does not undertake any obligation to update publicly or revise any forward-looking statements (including to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based). All subsequent oral or written forward-looking statements attributed to blur Group plc or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements contained in this announcement are based on information available to the Directors of blur Group plc at the date of this announcement, unless some other time is specified in relation to them, and the posting or receipt of this announcement shall not give rise to any implication that there has been no change in the facts set forth herein since such date.

N+1 Singer, which is a member of the London Stock Exchange and is authorised and regulated in the UK by the Financial Conduct Authority, is acting as nominated adviser and broker to blur Group plc in connection with the proposed Placing. N+1 Singer is acting exclusively for blur Group plc in connection with the Placing and no one else. N+1 Singer will not be responsible to anyone other than blur Group plc for providing the protections afforded to clients of N+1 Singer nor for advising any other person on the transactions and arrangements described in this announcement or the circular. No representation or warranty, express or implied, is made by N+1 Singer as to any of the contents of this announcement or the circular. Apart from the liabilities and responsibilities, if any, which may be imposed on N+1 Singer by the Financial Services and Markets Act 2000 or the regulatory regime established under it, N+1
Singer accepts no responsibility whatsoever for the contents of this announcement or the circular or for any other statement made or purported to be made by it or on its behalf in connection with blur Group plc, the Ordinary Shares, the New Ordinary Shares or the Placing. N+1 Singer accordingly disclaims all and any liability whatsoever whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement or the circular or any such statement.

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