Results of Tender Offer

Following the close of the Tender Offer at 1.00 p.m. (UK time) on 19 June 2025, the Company is pleased to announce the results of the Tender Offer, details of which were set out in the Circular published by the Company on 21 May 2025.

Tender Offer

The maximum aggregate number of Ordinary Shares that could be purchased pursuant to the Tender Offer was 42,944,785 Ordinary Shares, representing approximately 45.4 per cent. of the Company's issued share capital as at the Tender Offer Record Date, at a Tender Price of 163 pence per Ordinary Share.

Under the Tender Offer, valid applications to tender shares were received in respect of 55,419,051 Ordinary Shares, equal to approximately 58.6 per cent. of the total number of Ordinary Shares in issue as at the Tender Offer Record Date. Accordingly, all valid tenders of Shareholders' Individual Basic Entitlements have been accepted and will be purchased in full. Additionally, in accordance with the terms and conditions of the Tender Offer as set out in the Circular, all excess tenders have been scaled back pro rata to the total number of such Ordinary Shares tendered, such that the total cost of Ordinary Shares purchased pursuant to the Tender Offer does not exceed £70 million. As such, a total of 42,944,785 Ordinary Shares will be purchased under the Tender Offer and subsequently cancelled on 23 June 2025.

The total value to be returned to Shareholders pursuant to the Tender Offer will therefore be approximately £70 million. Payment of the consideration due to Shareholders whose tender applications under the Tender Offer have been accepted will be despatched (by cheque or by a CREST payment, as appropriate) on or before 30 June 2025. It is also anticipated that balancing share certificates in respect of unsold certificated Ordinary Shares will be despatched by no later than 30 June 2025.

Total Voting Rights

Following the implementation of the Tender Offer and the cancellation of the 42,944,785 successfully tendered Ordinary Shares due to take place on 23 June 2025, the total number of voting shares in Carr's in issue will be 51,638,052.

Capitalised terms used in this announcement (unless otherwise defined) have the meanings set out in the announcement of the Company dated 21 May 2025 in respect of the Tender Offer.