In response to the extraordinary movement in the share price, towards the end of trading on 8 April 2020, in the shares of Fulcrum Utility Services Limited ("Fulcrum"), Harwood Capital LLP ("Harwood") announced a proposed tender offer (the "Tender Offer"), by a special purpose vehicle, to be established by Harwood (the "Harwood SPV"), to acquire up to 53,500,000 ordinary shares of 0.1 pence each in the capital of Fulcrum ("Ordinary Shares"), representing up to approximately 24.1% of Fulcrum's existing issued share capital. Following the successful completion of the Tender Offer, Harwood intends to: seek the appointment of two new directors to the board of Fulcrum, namely Mr. Jeremy Brade from Harwood and Mr. Jonathan Turner, the Chief Executive Officer of the Bayford Group ("Bayford"), Bayford and its connected persons together being substantial existing Shareholders in the Company. Mr. Turner has extensive knowledge and experience of the energy industry and he has confirmed to Harwood that Bayford and its connected persons will not be participating in the Tender Offer.