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Acquisition update, allotment and admission to trading of shares in the Company

Renovo Group plc ("Renovo" or the "Company") is pleased to announce the completion of the acquisition of Ultimate Finance Group plc ("UFG"), following Court approval of UFG's scheme of arrangement on 9 September. With effect from this morning UFG's shares have ceased to trade on AIM.

As a result of the above, Renovo will today issue 62,329,687 ordinary shares of 10 pence each with ISIN GB00B081NX89. The shares will be admitted today to trading on AIM (the "First Admission"). The balance of 7,112,616 ordinary shares of 10 pence each with ISIN GB00B081NX89 will be admitted to trading shortly following their allotment to CREST accounts that had previously rejected the allotment (the "Second Admission").

Following the First Admission, Renovo's share capital will comprise 256,879,258 ordinary shares of 10 pence each, with the Company holding 44,951,580 shares in treasury. Consequently, 211,927,678 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, Renovo under the FCA's Disclosure and Transparency Rules.

Following the Second Admission, Renovo's share capital will comprise 263,991,874 ordinary shares of 10 pence each, with the Company holding 44,951,580 shares in treasury. Consequently, 219,040,294 will be the figure which may be used by shareholders following the Second Admission as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, Renovo under the FCA's Disclosure and Transparency Rules.

Roger McDowell, who is joining the Renovo board as Senior Independent Director, commented: "UFG is very excited at the prospect of maintaining and accelerating its recent growth as part of the enlarged Renovo Group."

Jamie Brooke, Chairman of Renovo, commented:
"The Board of Renovo is delighted to announce the completion of the acquisition of UFG, the first step in delivering on our strategy of building a new customer-friendly force in SME lending and growing considerably in an underserved sector.

We look forward to creating significant value for shareholders by transforming the business model and platform through a greater focus on technology and marketing, developing a broader array of lending products and providing alternative routes to access funding for SMEs at commercial rates which are accretive to the strategy.

We look forward to updating shareholders in due course."

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