£29 million Acquisition of French Connection Group plc

Singer Capital Markets is delighted to have acted as Financial Adviser to 1903 Partners, LLC and Aurelius Finance Company Limited (lenders to MIP) on the £29 million Acquisition of French Connection Group plc by MIP Holdings Ltd.

On 4 October 2021, the boards of French Connection Group plc and MIP Holdings Ltd announced that they had agreed the terms of a Recommended Cash Acquisition under which MIP would acquire the entire issued and to be issued share capital of French Connection not currently owned by Apinder Singh Ghura to be implemented by way of a Court-sanctioned scheme of arrangement. On 5 November 2021, French Connection announced that the Court had sanctioned the Scheme and the Acquisition has therefore completed valuing French Connection at £29 million.

Under the terms of the Acquisition, each French Connection Scheme Shareholder was entitled to receive, for each Scheme Share, 30 pence in cash.

The Acquisition Price valued the entire issued and to be issued ordinary share capital of French Connection at approximately £28.98 million, which represented a premium of approximately:

• 91.7 per cent. to the Closing Price of 15.7 pence per French Connection Share on 4 February 2021 (being the last Business Day prior to the commencement of the Offer Period); and

• 29.9 per cent. to the Closing Price of 23.1 pence per French Connection Share on 22 September 2021 (being the last Business Day prior to the date of the Possible Offer Announcement).

About French Connection Group plc

French Connection Group plc is the parent of French Connection, a UK-based global retailer and wholesaler of fashion clothing, accessories and homeware. Founded in the early 1970s by Stephen Marks who also serves as Chairman and Chief Executive, it is based in London and the Group is listed on the London Stock Exchange.