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Fulcrum Utility Services - Further Purchases of Fulcrum Shares

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Fulcrum Utility Services Limited

Harwood Capital LLP

Further Purchases of Fulcrum Shares

Harwood Capital LLP is pleased to announce that, further to its announcement of 20 April 2020, the Harwood Funds have acquired, on-market, a further 2,825,000 Fulcrum Shares (the "Share Purchases"), resulting in Harwood and the Harwood Funds being interested in 24,515,000 Fulcrum Shares, representing approximately 11.04 per cent. of Fulcrum's existing issued share capital.

These Share Purchases will further reduce the? scale of the Tender Offer to the number of shares that, when combined with the shareholding of Harwood and the Harwood Funds in Fulcrum, equals approximately 29.9 per cent. of Fulcrum's existing issued share capital. 

Any additional purchases made by the Harwood Funds will likewise further reduce the number of shares subject to the Tender Offer.

The requisite TR-1 notifications, with regard to the Share Purchases, are set out as an appendix to this announcement and have been filed with Fulcrum.

Harwood notes that the board of Fulcrum's refusal to distribute the Tender Offer Documents to its shareholders, and its cumbersome mechanism of issuing a consent solicitation letter (the "Consent Solicitation Letter") on 22 April 2020 to its shareholders so that they have to elect to receive the Tender Offer Documents from Harwood, is an impediment to the Fulcrum Shareholders' access to information of potential interest to them.  Furthermore, many beneficial holders of Fulcrum Shares may not have received the Consent Solicitation Letter because, for example, it may have been sent to their broker or other registered legal holder.

Additionally, the board of Fulcrum is demanding a wholly unreasonable indemnity from Harwood before it will release to Harwood the contact details of those Fulcrum Shareholders who have elected to be put in contact with Harwood. Harwood does not believe it is in the best interests of Fulcrum Shareholders to be frustrated in this way from a free flow of information of potential interest to them.

Accordingly, Harwood would welcome and encourage all Fulcrum Shareholders who wish to receive information to make direct contact with Harwood. Contact details for this purpose will be announced in due course.

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in Harwood's announcement of 8 April 2020.