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LONDON - Frenkel Topping Group plc shareholders have voted in favor of the company's acquisition by Irwell Financial Services Bidco Limited, according to a statement released Wednesday.
At meetings held on November 12, the requisite majority of shareholders approved the scheme of arrangement that will implement the deal. The acquisition was first announced on September 30, when both companies agreed on terms for Irwell Bidco to purchase the entire issued and to be issued ordinary share capital of Frenkel Topping.
At the Court Meeting, approximately 87.18% of voting scheme shareholders, representing 94.40% of voting scheme shares, supported the transaction. Similarly, at the General Meeting, 96.45% of votes cast were in favor of the resolution authorizing directors to take necessary actions to implement the scheme.
The acquisition remains subject to several conditions, including regulatory approval from the Financial Conduct Authority (FCA) and final court sanction. Following these approvals, Frenkel Topping shares will be suspended from trading on AIM and subsequently delisted.
Irwell Bidco is a newly formed company indirectly owned by a limited partnership managed by Harwood Private Equity LLP.
The transaction must be completed by the long stop date of March 29, 2026. Once effective, shareholders will receive payment for their shares within 14 days of the effective date.
The company statement indicated that the expected timetable of events remains as previously announced on October 20. Frenkel Topping will notify shareholders of any changes to this timeline through regulatory announcements.
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