REG - Fulcrum Utility Srvc - Domestic Asset Sale Update

Fulcrum Utility ServicesAnnouncement

01/06/2023 09:30

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RNS Number : 3366B  Fulcrum Utility Services Ltd  01 June 2023

1 June 2023

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or "the Group")

Domestic Asset Sale Update

Fulcrum announces an update on the sale of its domestic customer gas
connection assets and associated meters to E.S. Pipelines Limited ("ESP").

The Group confirms the successful completion of tranche seven of the domestic
gas assets transfer to ESP for a total consideration of £2.2 million on 31
May 2023.

£2.0 million of this was received in cash on 31 May 2023, with the retention
balance of £0.2 million expected to be received on 30 November 2024.

The total gross consideration receivable by Fulcrum is expected to be c.£49
million. £36 million has been received to-date, leaving approximately £13.1
million to be received.

The arrangement with ESP also includes further milestone targets which, if
achieved, would trigger additional enhanced payments of up to £3 million over
the remaining term of the contract.

Enquiries:

 Fulcrum Utility Services Limited                                   +44 (0)114 280 4150

 Jonathan Jager, Chief Financial Officer

 Cenkos Securities plc (Nominated adviser and broker)               +44 (0)20 7397 8900

 Camilla Hume / Callum Davidson (Nomad) / Michael Johnson (Sales)

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group
operates nationally with its head office in Sheffield, UK. It designs, builds,
owns, and maintains utility infrastructure. https://investors.fulcrum.co.uk/

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