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LONDON - Irwell Financial Services Bidco Limited announced Tuesday that Downing LLP has further reduced its shareholding in Frenkel Topping Group plc, affecting the support base for the recommended takeover offer.
According to a regulatory filing, Downing sold 200,000 Frenkel Topping shares on October 6, following a previous sale of 61,498 shares announced on October 1. This reduces Downing’s holding to 11,014,662 shares, representing 8.60 percent of Frenkel Topping’s existing issued ordinary share capital and 12.28 percent of the voting scheme shares.
Downing had previously provided a letter of intent to support the acquisition, which was announced on September 30. Under this letter, Downing indicated its intention to vote in favor of the scheme of arrangement through which Irwell Bidco, a company indirectly owned by a limited partnership managed by Harwood Private Equity LLP, plans to acquire Frenkel Topping.
Despite the reduction in Downing’s position, the letter of intent remains in place for its remaining shares. The letter permits Downing to sell, acquire or otherwise deal in Frenkel shares at any time.
Following these transactions, the total number of Frenkel Topping shares subject to both irrevocable undertakings and the letter of intent now stands at 32,635,736 shares, representing approximately 25.49 percent of Frenkel Topping’s existing issued ordinary share capital and 36.40 percent of the voting scheme shares.
The acquisition is being implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, as outlined in the company’s press release statement.
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