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DJ PCG Entertainment plc Strategy/Company/Ops Update

TIDMPGCE

RNS Number : 4440P

PCG Entertainment plc

10 October 2019

10(th) October 2019

PCG Entertainment Plc

("PCGE", the "Company" or the "Group")

PCG Entertainment Plc / NEX: PCGE

Update on planned acquisition

VOX Markets and Align Research

We received a letter from VOX Markets this morning stating that they are withdrawing from the proposed reverse merger with PCGE, VOX and Align Research. The main reasons given were:

1. It has emerged that it is proving difficult to raise significant funding in the small cap market in London for any business in which Align Research is involved. The proposition has been turned down by many key brokers.

a. VOX is worried that this will have an impact on the VOX Group's ability to raise funding in future for other deals and acquisitions.

b. VOX is also worried that this might have a wash over effect on VOX's main business as these brokers and funds are all invested in their client companies.

2. The Heads of Terms agreed between the parties are not contractually binding in any respect, in particular due to the high degree of conditionality included in the Heads of Terms, and VOX are accordingly entitled to withdraw.

We will update shareholders again shortly as discussions continue with various parties.

For more information on PCGE please visit the Company's website, www.pcge.com. Enquiries:

PCG Entertainment PLC

Richard Poulden, Chairman

Tel: +44 207 183 7407

Corporate Adviser - First Sentinel Corporate Finance

Brian Stockbridge

Liza Vasilyeva

Tel: +44 207 183 7407

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October 10, 2019 02:00 ET (06:00 GMT)