TIDMNAH

RNS Number : 6092L

NAHL Group PLC

13 January 2021

FOR IMMEDIATE RELEASE

13 January 2021

NAHL Group plc

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

Response to Rule 2.8 announcement by Frenkel Topping Group plc

The board of directors of NAHL (the "Board") notes the announcement by Frenkel Topping Group plc ("Frenkel Topping") and confirms that shortly before this announcement was made, it received notification from Frenkel Topping that it did not intend to make an offer for NAHL.

Following extensive discussions, the Board has been unable to conclude a transaction that is in the best interests of NAHL shareholders.

Business update

Following the Group's trading update on 16 December 2020, the Board is pleased to confirm the Group ended the financial year in line with the Board's expectations.

The Group continues to deliver on its near-term strategic focus of producing positive cash flows and reducing net debt. Since the Group's last update, net debt has reduced by a further GBP0.8m to GBP16.3m at 31 December 2020 (31 December 2019: GBP21.0m). Furthermore, the Group is pleased to report free cash flow of GBP6.1m for the year, a significant improvement compared to the previous year (2019: cash outflow of GBP1.7m). This was achieved through placement optimisation, increased settlements from historical claims and improved cost savings.

The Group's two divisions, Consumer Legal Services and Critical Care, headed by their own autonomous management structures, have continued to deliver against their respective strategies through the potential offer process. The Board remains committed to creating value from the Group's portfolio and will continue to actively review its operations and strategy, led by the Chair, Tim Aspinall and CFO, James Saralis. The Board will make further announcements in due course.

For further information please contact:

 
NAHL Group plc                  via FTI Consulting 
 Tim Aspinall (Chair)            Tel: +44 (0) 20 
 James Saralis (CFO)             3727 1000 
Peel Hunt LLP (Nomad & Broker)  Tel: +44 (0) 20 
 Miles Cox                       7418 8890 
 Rishi Shah 
 Michael Nicholson 
 Ed Allsopp (NOMAD) 
FTI Consulting (Financial PR)   Tel: +44 (0) 20 
 Alex Beagley                    3727 1000 
 James Styles 
 Sam Macpherson 
 

Notes to Editors

NAHL Group plc (AIM: NAH) is a leader in the Consumer Legal Services ("CLS") market. The Group provides services and products to individuals and businesses in the CLS market through its two divisions:

-- Consumer Legal Services provides outsourced marketing services to law firms through National Accident Helpline and Homeward Legal; and claims processing and conveyancing services to individuals through Your Law, Law Together, National Accident Law and National Conveyancing Partners. In addition, it also provides property searches through Searches UK.

-- Critical Care provides a range of specialist services in the catastrophic and serious injury market to both claimants and defendants through Bush & Co.

More information is available at www.nahlgroupplc.co.uk , www.national-accident-helpline.co.uk and www.bushco.co.uk .

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END

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