Applied Graphene Materials PLC Strategic Review Update (9734K)

TIDMAGM

RNS Number : 9734K

Applied Graphene Materials PLC

28 December 2022

This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").

28 December 2022

Applied Graphene Materials plc

("Applied Graphene Materials", "the Company" or "the Group")

Strategic Review Update

On 23 November 2022, the Company announced the initiation of a strategic review, including consideration of the options available to maximise value for the Company's shareholders and other stakeholders.

The Board confirms that various non-binding indicative proposals have now been received from interested parties for the sale of the Group's trade and assets or of the shares in the Group's main operating subsidiary. The Board, in conjunction with Alvarez & Marsal Europe LLP (the financial adviser appointed by the Company to manage the strategic review process), is in discussions with the various parties involved with a view to eliciting final proposals in early January 2023. The Board's intention would then be to select a preferred party with whom to progress a transaction to completion. Some of the proposals submitted would require interim financing in order to be progressed to completion, which the relevant parties involved in the process are aware of.

Current discussions with interested parties may be altered or terminated at any time and, accordingly, there can be no certainty that any final proposals will be made, nor as to the terms on which any such final proposals may be made.

The Board previously notified that the Company has sufficient working capital to continue in operation until 31 January 2023. The Board continues to take action to seek to protect the financial position of the Company, its shareholders and creditors in the event that the strategic review does not achieve a satisfactory conclusion. In parallel with the strategic review, the process of statutory redundancy consultations with the Group's employees announced on 23 November 2022 is therefore ongoing.

The Board will continue to update shareholders further as appropriate.

For further information, please contact:

Applied Graphene Materials +44 (0) 1642 438 214

Adrian Potts, Chief Executive Officer

David Blain, Chief Financial Officer

Alvarez & Marsal Europe LLP +44 (0) 784 107 2042

Alex Baird abaird@alvarezandmarsal.com

   Singer Capital Markets   (Nominated Adviser and Joint Broker) +44 (0) 207 496 3000

Peter Steel / Oliver Platts

   Allenby Capital Limited (Joint Broker)   +44 (0) 203 328 5656

Nick Athanas / George Payne (Corporate Finance)

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