Brightside Group PLC Response to Announcement by Markerstudy Holdings (6057N)

TIDMBRT

RNS Number : 6057N

Brightside Group PLC

10 September 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Brightside Group plc ("Brightside" or the "Company")

Response to Announcement by Markerstudy Holdings Limited ("Markerstudy")

The directors of Brightside (the "Board") notes the announcement released yesterday by Markerstudy in connection with a potential offer for the Company.

The Board believes that a proposed offer price of between 20-22p (the "Revised Offer Price Range") per share fundamentally undervalues the Company and therefore sees no need in proceeding with offer discussions with Markerstudy. The Board also notes no firm offer has actually been made for the Company. Throughout its discussions with Markerstudy about a potential offer for the Company the Board has had concerns about their ability to secure the necessary debt financing to fund an offer and believes this to be a fundamental reason behind Markerstudy reducing its valuation of the Company from 27p.

The Board is in no doubt that the commercial interests of Brightside are being increasingly damaged by the length of the current offer period. To this end and following the reduction in the proposed offer price, the Board is not willing to extend the deadline under which Markerstudy must announce a firm intention to make an offer in accordance with Rule 2.7 of the City Code on Takeovers and Mergers. The Company has co-operated in full with Markerstudy as part of its due diligence process and has reviewed and responded to its queries arising. The Company had already, reluctantly, agreed to an extension of the offer deadline on 13(th) August 2013.

The Company intends to announce its unaudited interim results for the six months ended 30 June 2013 on 18(th) September 2013. Within its interim announcement the Board intends to give full disclosure on its future strategic direction and growth initiatives.

A copy of this announcement will be available free of charge, subject to certain restrictions relating to persons resident in certain restricted jurisdictions, at http://www.brightsidegroup.co.uk/. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

10(th) September 2013

Brightside Group plc

Martyn Holman/Paul Chase-Gardener +44 (0)1454 634 194

Cenkos Securities plc (Financial Advisors)

Bobbie Hilliam +44 (0)207 397 8900

Yellow Jersey PR Limited (Financial PR & IR)

Dominic Barretto/Anna Legge +44 (0)7747 788221

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