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LONDON - Investment manager Hawksmoor has sold its entire stake in Downing Renewables & Infrastructure Trust plc (DORE), withdrawing support for the recommended cash acquisition by Polar Nimrod Topco Limited, according to a regulatory disclosure published Thursday.
Hawksmoor sold 2,930,000 DORE shares on July 1, followed by its remaining 3,472,668 shares on July 9, representing approximately 3.76 percent of DORE’s issued ordinary share capital. As a result, Hawksmoor is no longer able to fulfill its non-binding letter of intent to vote in favor of the acquisition scheme.
The sale reduces the total DORE shares subject to irrevocable undertakings and letters of intent to 21,002,702, representing approximately 12.34 percent of DORE’s issued ordinary share capital and 16.60 percent of the scheme voting shares as of July 9.
The acquisition, announced on June 20, involves Polar Nimrod Topco Limited, a wholly-owned subsidiary of Bagnall Energy Limited, purchasing the entire issued and to be issued ordinary share capital of DORE that the Bagnall Group does not already own.
The transaction is being implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
This information was disclosed under Rule 2.10(c) of the City Code on Takeovers and Mergers, based on a company press release statement.
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