Share buyback and EBT share purchase update

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces the following updates to its share buyback programme ("Share Buyback Programme") and EBT share purchase programme ("EBT Programme").

Share Buyback Programme

The Company intends to continue with the rolling programme of share buybacks as previously announced on 10 May 2024, and, in line with the previously announced schedule, has transferred both the Share Buyback Programme and the EBT Programme instruction to its joint broker, Cavendish Capital Markets Limited ("Cavendish"), to purchase shares on its behalf from 1 August for the next six months.

The programme will continue on an ongoing basis, in accordance with the terms of the Company's general authority to purchase a maximum of 8,931,245 ordinary shares ("Ordinary Shares") gained at the Company's General Meeting held on 2 May 2024 ("General Meeting"). Any Ordinary Shares purchased under the Share Buyback Programme will be cancelled and the number of Ordinary Shares in issue reduced accordingly.

As previously announced, the Company is completing the Share Buyback Programme in tranches. Tranche 1 was completed on 31 July 2024. Tranche 2 commences from today's date and consists of a maximum consideration of up to £1 million to purchase Ordinary Shares until 31 October 2024 ("Tranche 2"). The Company has given irrevocable and non-discretionary instructions to Cavendish in relation to Tranche 2. Cavendish will act as principal during Tranche 2 and will make trading decisions concerning the timing of the purchases of Ordinary Shares independently of the Company. The Company will announce subsequent tranches of the Share Buyback Programme prior to the initiation of each new tranche. These tranches are expected to alternate between the Company's joint brokers, in each case acting as principal.

Any market repurchase of Ordinary Shares will be announced no later than 7:30am on the business day following the calendar day on which the repurchase occurred.

Details of the authority granted at the General Meeting can be found on the Company's website under: https://upplc.com/investor-relations/annual-meeting/

EBT Programme

The Company further announces that JTC Employer Solutions Trustee Limited, in its capacity as trustee ("the Trustee") of the Ultimate Products Employee Benefit Trust (the "EBT"), has extended the previously announced EBT Programme to buy ordinary shares of 0.25p each in the Company ("Ordinary Shares") for the period to 31 January 2025, and increased the aggregate value by a further £325,000.

The Trustee of the EBT will purchase Ordinary Shares in accordance with the EBT Programme, which seeks to mitigate the dilutive impact of share option awards and to improve overall shareholder return.

The current issued share capital of the Company consists of 88,628,572 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the FCA.

The EBT currently holds 2,476,436 Ordinary Shares which represent 2.8% of the Company's current issued share capital.

The Trustee of the EBT will enter into arrangements with the Company's joint broker, Cavendish, to carry out on-market purchases of Ordinary Shares under the EBT Programme from 1 August for the next six months, including on a discretionary basis independent of the Company in accordance with certain pre-set parameters, during any prohibited periods of the Company, as determined by the UK Market Abuse Regulation, which may fall during the period of the EBT Programme.