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LONDON - Foresight Group LLP, a fund management company, has announced an update regarding the ongoing acquisition process of Harmony (JO:HARJ) Energy Income Trust plc (HEIT) by PP Bidco Limited (BidCo), a company under its control. This follows an initial agreement reached on April 16, 2025, where HEIT’s board recommended a cash offer to its shareholders.
Dowgate Wealth Limited, a shareholder in HEIT, had given an irrevocable undertaking to support the acquisition, which would be executed via a court-sanctioned scheme of arrangement. On April 15, 2025, Dowgate committed to voting in favor of the acquisition for its 2,546,000 HEIT shares, approximately 1.12% of HEIT’s issued share capital at that time.
However, as of the close of business on May 14, 2025, Dowgate disposed of 173,000 of those shares. The remaining 2,373,000 shares now represent about 1.04% of HEIT’s current issued share capital. Despite this reduction, BidCo has received irrevocable undertakings totaling approximately 38.35% of HEIT’s existing issued ordinary share capital, as of the same date.
This update is in compliance with Rule 2.10(c) of the City Code on Takeovers and Mergers, ensuring transparency in the acquisition process. The information provided is based on a press release statement and reflects the latest changes in shareholding relevant to the proposed acquisition of HEIT by BidCo.
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