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LONDON - Foresight Group LLP has announced an update regarding the irrevocable undertaking connected to the acquisition of Harmony (JO:HARJ) Energy Income Trust plc (HEIT) by PP Bidco Limited (BidCo), a company within Foresight’s managed funds portfolio. The original agreement, announced on April 16, 2025, detailed a recommended cash offer for all issued and future ordinary share capital of HEIT.
Dowgate Wealth Limited, which had committed to support the acquisition, has reduced the number of shares included in its irrevocable undertaking. Initially, Dowgate pledged to vote in favor of the acquisition in respect of 2,546,000 HEIT shares, approximately 1.12% of HEIT’s issued share capital as of April 15, 2025. However, as of May 15, 2025, Dowgate disclosed the sale of 173,000 of these shares, adjusting the commitment to 2,373,000 shares, or about 1.04% of HEIT’s share capital.
Further changes occurred by May 19, 2025, with Dowgate’s commitment decreasing to 1,840,000 shares, now representing roughly 0.81% of HEIT’s existing issued ordinary share capital. Despite this reduction, BidCo has received irrevocable undertakings totaling approximately 38.12% of HEIT’s share capital.
The acquisition process is being carried out via a court-sanctioned scheme of arrangement, as outlined in the Scheme Document published on May 6, 2025. This announcement complies with Rule 2.10(c) of the City Code on Takeovers and Mergers. The decrease in Dowgate’s share commitment reflects the latest position in the ongoing acquisition process by BidCo. The information regarding this update is based on a press release statement.
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