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LONDON - Tyndall Investment Management Limited has sold a portion of its shares in Downing Renewables & Infrastructure Trust plc (DORE) ahead of the company’s pending acquisition by Polar Nimrod Topco Limited, according to a regulatory filing Monday.
Tyndall sold 1,091,436 DORE shares on June 23 and an additional 11,805 shares on July 7, reducing its holdings to 2,670,790 shares. This represents approximately 1.56 percent of DORE’s issued ordinary share capital and 2.11 percent of the scheme voting shares.
The sales affect Tyndall’s previous non-binding letter of intent to vote in favor of the recommended cash acquisition announced on June 20. Under the proposed deal, Polar Nimrod Topco Limited, a wholly-owned subsidiary of Bagnall Energy Limited, would acquire the entire issued and to be issued ordinary share capital of DORE that the Bagnall Group does not already own.
Following Tyndall’s share sales, the total number of DORE shares subject to irrevocable undertakings and letters of intent has decreased to 24,492,870 shares. This represents approximately 14.39 percent of DORE’s issued ordinary share capital and 19.36 percent of the scheme voting shares.
The acquisition is set to be implemented through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The information in this article is based on a regulatory disclosure made under Rule 2.10 of the City Code on Takeovers and Mergers.
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