THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR

6 APRIL 2023

Hawkwing Plc (In Administration)

(the "Company")

Joint Administrators' Statement of Proposals

The Company previously announced that on 10 February 2023 the Insolvency and Companies Court of the Chancery Division of the High Court of Justice ordered (amongst other things) that Sarah Rayment and Robert Armstrong each of Kroll Advisory Limited at The Shard, 32 London Bridge St, London SE1 9SG, be appointed as joint administrators of the Company (the "Joint Administrators").

On 5 April 2023, the Joint Administrators issued their Statement of Proposals setting out the circumstances leading up to their appointment, their strategy for achieving the purpose of the administration and other important information including the proposed basis of the Joint Administrators' remuneration.

The Statement of Proposals is available to view and download from the Joint Administrators' online Portal at www.ips-docs.com.  Details of the Case Code and Unique ID required to access the Portal were provided in the initial letter to creditors, and in particular to the Nominees on behalf of the bondholders. Should any creditor wish to obtain a copy of the Joint Administrators' proposals and have been unable to access via their appointed Nominee, please contact Samir.akram@kroll.com. 

The Joint Administrators are seeking approval of their Statement of Proposals by a Deemed Consent Decision Procedure.  The decision date is 27 April 2023.  Further information is contained at section 9.1 of the Statement of Proposals.

The Joint Administrators will make a further update to the market in due course.