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LONDON - Downing LLP has further reduced its holdings in Frenkel Topping Group, selling an additional 5,149 shares on October 21, according to a disclosure statement released Wednesday by Irwell Financial Services Bidco Limited.
This latest sale follows previous disposals announced on October 3, 7, and 14, bringing the total number of shares sold by Downing to 278,964. As a result, Downing’s letter of intent now covers 10,997,196 Frenkel Topping shares, representing 8.59 percent of the company’s existing issued ordinary share capital and 12.27 percent of the voting scheme shares.
Downing’s letter of intent indicates its intention to vote in favor of the recommended offer by Irwell Bidco to acquire the entire issued and to be issued ordinary share capital of Frenkel Topping. The acquisition is being implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Following this latest reduction, the total number of Frenkel Topping shares subject to both irrevocable undertakings and Downing’s letter of intent now stands at 32,618,270, representing approximately 25.48 percent of Frenkel Topping’s existing issued ordinary share capital and approximately 36.38 percent of the voting scheme shares.
The recommended offer was initially announced on September 30, 2025, when the board of Irwell Bidco and the independent directors of Frenkel Topping reached agreement on the terms and conditions of the acquisition.
Irwell Bidco is a newly formed company indirectly owned by a limited partnership managed by Harwood Private Equity LLP.
This information is based on a press release statement issued by Irwell Financial Services Bidco Ltd.
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