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LONDON - Irwell Financial Services Bidco Limited announced Wednesday that Downing LLP has further reduced its stake in Frenkel Topping Group plc, affecting the support level for the recommended takeover offer.
According to the disclosure, Downing sold 59,792 Frenkel Topping shares on November 4, following previous sales totaling 318,536 shares announced between October 3 and October 29.
The latest transaction reduces Downing's holdings subject to its letter of intent to 10,897,832 shares, representing 8.51 percent of Frenkel Topping's existing issued ordinary share capital and 12.15 percent of the voting scheme shares.
Downing had previously issued a letter of intent 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 Frenkel Topping.
Following these transactions, the total Frenkel Topping shares subject to both irrevocable undertakings and Downing's letter of intent now stands at 32,518,906 shares, representing approximately 25.40 percent of the company's existing issued ordinary share capital and 36.27 percent of the voting scheme shares.
The recommended offer was initially announced on September 30, 2025, to be implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The disclosure was made in accordance with Rule 2.10(c)(ii) of the City Code on Takeovers and Mergers, based on a press release statement from Irwell Bidco.
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