Directorate Change, Issue of Shares and TVR

28 October 2024

Huddled Group plc

("Huddled", the "Company" or the "Group")

Directorate Change, Issue of Shares and Total Voting Rights

Huddled Group plc (AIM: HUD), the circular economy e-commerce business, today announces that David Marks is stepping down from the Board and his role as Group Managing Director with immediate effect.  Following the divestment of the Immotion business and the successful reshaping of the Group, David wishes to pursue a portfolio career and focus on developing his other interests. 

David has been instrumental in the development of the Group, co-founding it with Martin Higginson in 2017 and the Board would like to place on record its sincere thanks to him for all he has done and we wish him well in his future endeavours.

Issue of shares and total voting rights

The Company also announces the issue of 915,404 Ordinary Shares¹ to Lanton Investments Limited, a company jointly-owned by David Marks and his spouse, Jacqueline Marks, pursuant to the deferred consideration terms of the acquisition of Huddled Group Limited announced on 28 September 2023 (the "New Ordinary Shares"). An application has been made to the London Stock Exchange for admission of the New Ordinary Shares. It is expected that admission will become effective on 29 October 2024.

Following admission, the total number of ordinary shares and voting rights in the Company will be 321,316,983 (the "Enlarged Share Capital"). The Company does not hold any shares in treasury.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. 

Martin Higginson, CEO of Huddled Group, commented:

"David has been my trusted colleague and business partner over many years and through a number of ventures. Most recently we co-founded, developed and subsequently sold the Immotion business and he has played an important role in the development of the current Huddled portfolio of companies.  Whilst I'm sad to see him go, he leaves with my sincere thanks and best wishes for the future and I'm confident we can call on his advice if needed."

[1] ordinary shares of 0.040108663 pence each in the Company ("Ordinary Shares")

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