National Storage Mechanism | Additional information

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION, TRANSMISSION, FORWARDING OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS OR REGULATIONS.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT HAS BEEN ISSUED BY AND IS THE SOLE RESPONSIBILITY OF THE COMPANY.

Achilles Investment Company Limited
("Achilles" or the "Company")

Publication of Prospectus

and

Result of Initial Placing

Publication of Prospectus

The Company is pleased to announce the publication of a prospectus, dated 20 February 2025 (the "Prospectus"), in relation to the proposed admission of redeemable ordinary shares of no par value each in the capital of the Company (the "Ordinary Shares") to trading on the Specialist Fund Segment of the London Stock Exchange's main market.

A copy of the Prospectus will shortly be available on the Company's website at www.achillesic.com and has been submitted to the National Storage Mechanism of the FCA at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

The Company's investment strategy will be to invest in a concentrated portfolio of closed-ended investment companies, admitted to trading on a market of the London Stock Exchange, with a focus on alternative assets (being assets other than publicly quoted equities) and to seek to maximise value for Shareholders through constructive activism. The Company will seek to identify underperforming or undervalued assets and unlock value and will take an active role in engaging with the boards and the investment managers of investment companies within its portfolio. As a mechanism for returning capital (including realised profits) to Shareholders, the Company may, from time to time, invite Shareholders to tender some or all of their Ordinary Shares for redemption. Further information regarding the Company is provided in the Prospectus.

Harwood Capital Management (Gibraltar) Limited has been appointed as the Company's Investment Manager with Christopher Mills and Robert Naylor appointed as the key investment professionals. The Investment Manager is a member of the Harwood Capital Management Group.

Result of Initial Placing

The Company is also pleased to announce that it has successfully raised gross proceeds of £54 million pursuant to the Initial Placing of Ordinary Shares from institutional and other investors as described in the Prospectus.

Singer Capital Markets Securities Limited ("Singer Capital Markets") is acting as Financial Adviser and Sole Bookrunner to the Company.

Admission, Settlement and Dealings

Application has been made in respect of 54,000,000 Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and dealings in the Ordinary Shares will commence at 8.00 a.m. on 25 February 2025.

The Ordinary Shares will trade under the ticker "AIC" (ISIN: GG00BT3GKD08).

Expected Timetable

Publication of the Prospectus and result of Initial Placing announced		20 February 2025
Initial Admission and dealings in the Ordinary Shares issued pursuant to the Initial Placing commence		8.00 a.m. on 25 February 2025
Crediting of CREST stock accounts in respect of the Ordinary Shares issued pursuant to the Initial Placing		as soon as reasonably practicable on 25 February 2025
Where applicable, definitive share certificates despatched in respect of the Ordinary Shares		within 10 Business Days of Initial Admission

Capitalised terms used but not defined in this announcement shall have the meanings given to them in the Prospectus.

LEI: 213800IVO9DDEIJD7724

For further information, please contact:

Achilles Investment Company Limited

Charlotte Denton

Tel: +44 (0)1481 743 030

Harwood Capital Management (Gibraltar) Limited

Robert Naylor

Tel: +44 (0)20 7640 3200

Singer Capital Markets

Philip Davies / James Fischer (Corporate Finance)

Alan Geeves / James Waterlow / Sam Greatrex (Sales)

Tel: +44 (0)20 7496 3000

IMPORTANT NOTICE

This announcement is not an offer to sell or a solicitation of any offer to buy any securities in the Company in the United States, Australia, Canada, New Zealand or the Republic of South Africa, Japan, or in any other jurisdiction where such offer or sale would be unlawful.

This communication is not for publication or distribution, directly or indirectly, in or into the United States of America. This communication is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

The Company has not been and will not be registered under the US Investment Company Act of 1940 (the "Investment Company Act") and, as such, holders of the Company's securities will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Company's securities may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act.

Moreover, the Company's securities will not be registered under the applicable securities laws of Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. Subject to certain exceptions, the Company's securities may not be offered or sold in Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA or to, or for the account or benefit of, any national, resident or citizen of, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. The Initial Placing and any subsequent placing under the Placing Programme ("Subsequent Placings"), and the distribution of this announcement, in certain jurisdictions may be restricted by law and accordingly persons into whose possession this announcement is received are required to inform themselves about and to observe such restrictions.

Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of an RIS announcement, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The material contained in this announcement is given as at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. In particular, any proposals referred to herein are subject to revision and amendment.

The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Figures refer to past performance and past performance should not be considered a reliable indicator of future results.

Singer Capital Markets Securities Limited ("Singer Capital Markets"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and for no-one else in connection with the matters described in this announcement and will not regard any other person as its client and will not be responsible to anyone for providing the protections afforded to its clients or providing any advice in relation to the matters contained herein.

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "might", "will" or "should" or, in each case, their negative or other variations or similar expressions. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, strategy, plans, proposed acquisitions and objectives, are forward-looking statements. These forward-looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance.

Forward-looking statements are subject to risks and uncertainties and, accordingly, the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the Prospectus. These forward-looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance.

Subject to their respective legal and regulatory obligations (including under the Prospectus Regulation Rules), the Company, the Investment Manager and/or Singer Capital Markets expressly disclaim any obligations or undertaking to update or revise any forward-looking statements contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required to do so by law or any appropriate regulatory authority, including FSMA, the Prospectus Regulation Rules, the Disclosure Guidance and Transparency Rules, the Prospectus Regulation and MAR.

None of the Company, the Investment Manager and/or Singer Capital Markets, or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith.

The Company, the Investment Manager and Singer Capital Markets, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.