Statement regarding Harwood Capital LLP
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Frenkel Topping Group PLC
("Frenkel Topping" or the "Company")
Statement regarding Harwood Capital LLP
The Board of Frenkel Topping (AIM: FEN), notes today's announcement by Harwood Capital LLP ("Harwood") stating that, in accordance with Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), it does not intend to make an offer for the Company. Accordingly, Harwood is now subject to the restrictions under Rule 2.8 of the Code.
The Board confirms that discussions regarding a possible offer took place between the parties but that they have now been terminated.
Further to the announcement made on 9 December 2019, the Board confirms full year results to 31 December 2019 are in line with management expectations. Assets under management (AUM) increased by 15% to £897.9m as at 31 December 2019 and revenues are expected to exceed £8.5m. The Company's assets on a Discretionary Fund Management basis through Ascencia Investment Management ("Ascencia") were up strongly by 31% to £399m (as at 31 December 2018: £302m), reflecting confidence in Ascencia's investment stewardship.
Frenkel Topping has made a robust start to the new financial year with January being a record month for new business wins since 2010; it continues to build on this strong momentum, winning substantial AUM mandates and generating new business income from its expert witness work, thereby positioning the company favourably for FY2020.
Richard Fraser, CEO of Frenkel Topping, said:
"We have made significant progress in the last two years and delivered excellent results; with AUM at a record high and a healthy pipeline of new business wins, we are strongly positioned to continue delivering further growth and value for our shareholders. The Board has a fiduciary duty to look at any serious interests in the business and it is a testament to the company and its achievements that we received this interest."
Enquiries
For further information:
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Frenkel Topping Group plc Paul Richardson, Non-executive Chairman Richard Fraser, Chief Executive Officer Stephen Bentley, Chief Finance Officer Mark Holt, Managing Director |
www.frenkeltopping.co.uk Tel: 0161 886 8000 |
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finnCap Ltd Carl Holmes/James Thompson (Corporate Finance) Tim Redfern / Richard Chambers (ECM)
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Tel: 020 7220 0500 |
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TB Cardew
Tom Allison
Shan Shan Willenbrock
Olivia Rosser |
frenkeltopping@tbcardew.com Tel: 020 7930 0777
M: 07789 998 020
M: 07775 848 537
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About Frenkel Topping: www.frenkeltopping.co.uk
Frenkel Topping provides specialist independent financial advice focussed on asset protection for clients. The specialist independent financial adviser has a market leading position providing advice and fund management services for personal injury trusts and clinical negligence awards and is well placed to provide services to a wider customer base.
The Company provides a range of wealth management services including bespoke investment portfolios, personal and corporate financial advice and tax planning. It is focused on increasing its assets under management by continued growth of the business by an increase in the number of highly qualified fee earners for the provision of its industry leading specialisms.
It has a national presence with offices in Manchester, Birmingham, Cardiff and London and has relationships and infrastructure in place to further grow its reach and target markets.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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