Renovo Group Plc : Award of share options

Award of Options

As set out in the prospectus dated 30 July 2013 (the "Prospectus") relating to the acquisition of Ultimate Finance Group ("UFG") by Renovo (the "Acquisition"), the Company highlighted the importance of ensuring that the employees of UFG (now Renovo's main operating subsidiary) were well motivated and identify closely with the success of Renovo.

As a result the Company announces that as per the Prospectus it has granted the following options over ordinary shares of 10 pence each (the "Options") to Jeremy Coombes (executive director of Renovo and chief executive of UFG), Shane Horsell (finance director of UFG) and Jeffrey Burton (a senior manager of UFG):

Number of options
Jeremy Coombes 1,800,000
Shane Horsell 1,500,000
Jeffrey Burton 1,000,000
Total 4,300,000

The Options have been granted at an exercise price of 20.0 pence, which was the value noted in the Prospectus, being the value of the Renovo ordinary shares for the purpose of the mix and match facility for the Acquisition. In addition the Options will vest three years after being granted and are exercisable until 03 January 2024, as long as the individual remains in Renovo employment.

Following the issue of the Options, the relevant Directors of Renovo and senior managers of UFG will hold the following share options:

Exercise price (pence) Number of options Date granted Exercisable until
Jeremy Coombes 20.0 1,800,000 03/01/2014 03/01/2024
Shane Horsell 20.0 1,500,000 03/01/2014 03/01/2024
Jeffrey Burton 20.0 1,000,000 03/01/2014 03/01/2024

For further information please contact:

Renovo
David Blain, Chief Financial Officer
[phone]

Altium (financial adviser and nominated adviser)
Paul Lines
Phil Adams
Adam Sivner
[phone]

Panmure Gordon (broker)
Adam Pollock
Dominic Morley
Grishma Patel
[phone]

Newgate Threadneedle
John Coles
Fiona Conroy
Caroline Evans-Jones [phone]

About Renovo Group plc

Renovo is building by organic growth and acquisition a new customer-friendly force in SME lending by deploying long term capital. The Renovo Board believes that there is an opportunity to grow considerably in an underserved sector, with SMEs traditionally finding credit difficult to access from the major clearing banks that often focus on the security and stability of retail and larger corporate lending.

Renovo is working to transform the SME lending 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.