Mears : Results of placing

RNS Number : 5111V

Mears Group PLC

24 July 2018

24 July 2018

Mears Group PLC

("Mears" or the "Company")

Withdrawal of the Requisition for a General Meeting

Mears Group PLC (LSE: MER), the provider of support services to the Housing and Care sectors in the UK, is pleased to announce that, following constructive discussions with Shareholder Value Management AG ("SVM"), it has received written notice from SVM on behalf of Frankfurter Aktienfonds für Stiftungen, a fund managed by Axxion S.A. and advised by SVM, withdrawing its request that the Company convene a general meeting for the purpose of removing Bob Holt from the board of directors of the Company (the "Board") and appointing Andrew Hogarth as a non-executive director of the Company (together, the "Resolutions").

As announced on 6 July 2018, the Board has been evolving steadily in recent years, reflecting the development of the Company and its key operating markets and the requirements of good corporate governance. This process of evolution and planned succession within the Mears boardroom remains continuous including the recruitment of a successor to Bob Holt as Chairman.

In line with previous Board appointments, the recruitment of the new Chairman will entail a considered, competitive and structured process in accordance with good governance practice. It will be led by Julia Unwin, Chair of the Company's Nomination Committee and the Senior Independent Director on the Board. Allowing sufficient time for the proper consideration of suitable candidates, the Board expects the new Chairman to have been identified before the end of October this year and it will consider the appointment of Andrew Hogarth, alongside other candidates, as part of its overall process. The Board will keep shareholders updated as the process progresses.

The Board places great value on having regular dialogue with its institutional shareholders and it welcomes the considered thoughts provided. As a result of this approach, the Board believes it has an excellent understanding of the views of its shareholders towards its succession plans and it is confident that this is the best way forward for all Mears shareholders.

The Board remains focused on delivering Mears' high quality services to its customers, securing important new Housing contracts for the Company and improving financial returns to its shareholders.

For further information, contact:

Mears Group PLC

David Miles, Chief Executive	Tel: [phone]
www.mearsgroup.co.uk

Buchanan

Mark Court, Sophie Wills, Catriona Flint Tel: [phone]

[e-mail]

Notes for editors

Mears employs around 12,000 people and provides services in every region of the UK. In partnership with our Housing clients, we maintain, repair and upgrade the homes of hundreds of thousands of people in communities from remote rural villages to large inner city estates. Mears has extended its activities to provide broader housing solutions to solve the challenge posed by the lack of affordable housing. Our Care teams provide support to over 15,000 people a year, enabling older and disabled people to continue living in their own homes.

We focus on long-term outcomes for people rather than short-term solutions, and invest in innovations that make a positive impact on people's quality of life and on their communities' social, economic and environmental wellbeing.

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