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LONDON - Irwell Financial Services Bidco Limited announced Friday that Downing LLP has reduced its shareholding in Frenkel Topping Group plc, slightly decreasing support for the recommended takeover offer.
According to a regulatory filing, Downing sold 61,498 shares on October 1, reducing its holding to 11,214,662 shares, representing 8.76 percent of Frenkel Topping’s issued share capital and 12.51 percent of voting scheme shares.
The sale comes days after the September 30 announcement of Irwell Bidco’s recommended offer to acquire the entire issued and to-be-issued ordinary share capital of Frenkel Topping. The acquisition is to be implemented via a court-sanctioned scheme of arrangement under the Companies Act 2006.
Despite the reduction, Downing’s letter of intent to support the takeover remains in place. The fund manager has indicated it intends to vote in favor of the scheme at the court meeting and general meeting for the shares it controls, or accept a takeover offer if the proposal is implemented that way.
Following this transaction, the total Frenkel Topping shares subject to both irrevocable undertakings and Downing’s letter of intent now stands at 32,835,736 shares, representing approximately 25.65 percent of Frenkel Topping’s existing issued share capital and 36.62 percent of the voting scheme shares.
Irwell Bidco is a newly formed company indirectly owned by a limited partnership managed by Harwood Private Equity LLP.
The regulatory announcement notes that under its letter of intent, Downing maintains the right to sell, acquire or otherwise deal in Frenkel shares at any time.
This information was disclosed in accordance with Rule 2.10(c)(ii) of the City Code on Takeovers and Mergers, based on a press release statement from Irwell Financial Services Bidco Ltd.
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