STERLING AFFIRMS ITS TRACK RECORD WITH 50TH SUCCESSFUL EXIT

Luxembourg, 21 February 2022: Sterling Active Fund (“SAF”) confirms that on the 21st of February 2022 it fully exited its position in John Menzies Plc. This exit is an important milestone for Sterling as in addition to achieving another double-digit return, it marks the 50th successful investment for Sterling in its 23 years of history.

The investment in John Menzies, a UK listed aviation contractor, was commenced by Sterling Strategic Value I (“SSV”) in February 2016, followed up in May 2021 via a participation to a capital increase, and later increased in Q3 2021, making Sterling one of the largest shareholders in the Company throughout its holding. SSV transferred this investment to SAF at the end of September 2021.

Under the guidance of Sterling and other shareholders, John Menzies strengthened its board composition by appointing a new chairman and board members, proposed by Sterling, and refocused its strategy by disposing of its newspaper and magazine distribution division and making several acquisitions in the aviation sector.

“After challenging last two years, John Menzies successfully emerged having taken advantage of the opportunities created by the sector’s post-pandemic development”, comments Mr. Massimo Pedrazzini, Chairman of Sterling.

Sterling exited its position in John Menzies via a block sale to Kuwait-based National Aviation Services, an entity of Agility Public Warehousing KSCP, ahead of the launch of a tender offer.

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John Menzies plc, a company listed in the UK, is one of the world’s top aviation contractors, servicing the international airline sector with passenger handling, fueling, cargo handling and freight forwarding.

National Aviation Services, a Kuwaiti company, is an entity of Agility Public Warehousing KSCP, and both are regarded as strategic operators within the airport services and global logistics sectors.

Sterling Active Fund, is the second fund launched by Sterling Strategic Value in October 2020.  SAF is open for subscriptions.

Sterling Strategic Value, is one of Europe’s oldest Activist investors founded in 1999 and with a track record of over 50 successful activist investment entry and exits.

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