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LONDON - Investment manager Hawksmoor Investment Management Limited has significantly reduced its backing for the proposed acquisition of Downing Renewables & Infrastructure Trust plc (DORE) after selling nearly half of its stake in the company, according to a statement released Wednesday.
Hawksmoor sold 2.93 million DORE shares on Monday, reducing its holdings to 3.47 million shares, representing approximately 2.04 percent of DORE’s issued ordinary share capital and 2.74 percent of the scheme voting shares.
The sale impacts the level of support for the recommended cash acquisition announced on June 20, in which Polar Nimrod Topco Limited, a wholly-owned subsidiary of Bagnall Energy Limited, is seeking to acquire DORE through a court-sanctioned scheme of arrangement.
Following Hawksmoor’s share sale, the total number of DORE shares subject to irrevocable undertakings and letters of intent has decreased to 25.6 million shares, representing approximately 15.04 percent of DORE’s issued ordinary share capital and 20.23 percent of the scheme voting shares.
Hawksmoor had previously provided a non-binding letter of intent to vote in favor of the scheme at the court meeting and support resolutions to be proposed at the general meeting. With the reduced shareholding, Hawksmoor is no longer able to vote the sold shares in support of the acquisition.
The acquisition is being implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, as outlined in the companies’ joint announcement.
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