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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, slightly diminishing support for the recommended takeover offer.
According to the announcement, Downing sold an additional 12,317 Frenkel Topping shares on Tuesday, following previous sales of 261,498 shares on October 3 and 7. This reduces Downing’s holdings subject to its letter of intent to 11,002,345 shares, representing 8.59 percent of Frenkel Topping’s existing issued ordinary share capital and 12.27 percent of the voting scheme shares.
The sale impacts the total shareholder support for the acquisition, which was first announced on September 30, 2025. The combined shares subject to both irrevocable undertakings and Downing’s letter of intent now stands at 32,623,419 shares, representing approximately 25.48 percent of Frenkel Topping’s existing issued ordinary share capital and 36.38 percent of the voting scheme shares.
Under the terms of its letter of intent, Downing had previously committed 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, intends to acquire the entire issued and to be issued ordinary share capital of Frenkel Topping.
The takeover is being implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, as agreed between Irwell Bidco and the Independent Directors of Frenkel Topping.
The announcement was made in accordance with Rule 2.10(c)(ii) of the City Code on Takeovers and Mergers.
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