Umuthi Healthcare Solutions update regarding the FCA

Umuthi Healthcare Solutions following the publication by the FCA on Friday 28 October 2022, of  the First Supervisory Notice (“FSN”) issued to the Company dated 4^th July 2022, the Board of Directors of the Company wishes to clarify the position to shareholders.

The facts are as follows:

·    On the 4^th of July 2022, the FCA unilaterally cancelled the listing of the Company

·    On the 5^th of August 2022 Umuthi referred the decision of the FCA to the Upper Tribunal Tax and Chancery (“Tribunal”) for an independent re-assessment of the decision to de-list Umuthi

·    Initially the FSN was not published by the FCA whilst awaiting the first decisions by the Tribunal. Publication of the FSN remained at the discretion of the FCA.

·    Shareholders are referred to the decision of the first round at the Tribunal – see below
https://www.gov.uk/tax-and-chancery-tribunal-decisions/umuthi-healthcare-solutions-plc-v-the-financial-conduct-authority-2022-ukut-00275-tcc?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=3cf270a5-9070-4c80-85f5-9617c2b40aad&utm_content=immediately,

·    Specific reference is made to paragraph 62 where the Upper Tribunal Judge expresses a view regarding the exercise of the FCA’s discretion with respect to the publication of  the FSN, which the FCA elected not to follow.

·    Umuthi’s substantive referral remains before the Tribunal and it is not the intention of the company to conduct that process via an exchange of RNS’s with the FCA, but the company records that the contents of the FSN is incorrect in many respects and that the FCA has drawn misleading conclusions from the facts submitted and that it is confident that the process will culminate in the vindication of the company’s stance that the FCA erred in deciding to delist the company’s shares

·    The company and the FCA are currently preparing for the next round at the Tribunal, which is a substantive hearing of the facts, with a view to have the delisting decision of the FCA overturned.

The Directors will henceforth keep shareholders abreast of all developments