Rule 19.6(b) update

Long Path Partners LP

26 May 2026

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULES 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

26 MAY 2026

Frankel UK Bidco Limited

(a newly-formed company indirectly owned by Long Path Co-Investment Fund #6, LP (acting by its general partner, Long Path Co-Investment Fund #6 GP, LLC), Long Path Smaller Companies Fund, LP (acting by its general partner Long Path Fund GP, LLC), Long Path Smaller Companies Master Fund, Ltd. and Long Path Opportunities Fund II, LP (acting by its general partner, Long Path Opportunities Fund GP, LLC))

Director Resignation and Rule 19.6(b) update in relation to the recommended acquisition of Idox Plc ("Idox")

Frankel UK Bidco Limited ("Frankel") refers to the recommended cash offer for the entire issued and to be issued ordinary share capital of Idox, which was implemented by means of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006 (the "Acquisition"). The offer document in respect of the Offer was published and posted to Idox Shareholders on 15 January 2026 (the "Offer Document") and the Offer was declared unconditional on 21 April 2026.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Offer Document.

CEO retirement

Frankel and Idox announce that David Meaden has informed the board of Idox that, following the successful completion of the Offer, he has decided to retire from his executive career after leading Idox through this important period. David will step down as Chief Executive Officer and resign as a director of Idox on 29 May 2026, being the date of the proposed cancellation of the admission to trading of Idox Shares on AIM in accordance with Rule 41 of the AIM Rules for Companies.

David will continue to lead the business until that date and will support an orderly transition to Jonathan Legdon, Idox's current Chief Operating Officer, who is expected to succeed David as Chief Executive Officer.

This announcement is made pursuant to Rule 19.6(b) of the Code and constitutes an update to the statements of intention made by Frankel in the Offer Document in respect of the board and management of Idox following completion of the Offer. Frankel continues to recognise the importance of Idox's management team and looks forward to partnering with Idox's continuing management team. Save as set out in this announcement, Frankel's stated intentions in respect of the board and management of Idox remain unchanged.

David Meaden, Chief Executive Officer, said:

"I would like to thank the shareholders, staff, and the Board for their insight and support during my time as CEO at Idox. I believe we have built an excellent company, and with Jonathan's leadership and Long Path's support, the business will continue to thrive."

Jonathan Legdon, Chief Operating Officer, said:

"Dave has made a significant contribution to Idox over many years and has led the business with commitment, clarity and a strong sense of purpose. We are grateful for the foundations he has helped build. As we look ahead, we do so with confidence, supported by Long Path, who have been a long-term investor and understand both the strength of the business and the opportunities in front of us."

Enquiries

Frankel and Long Path Will Brennan Brian Nelson John Cresson Kyle Warren	via Canaccord Genuity
Idox Chris Stone, Non-Executive Chair David Meaden, Chief Executive Officer Anoop Kang, Chief Financial Officer	[phone]
Peel Hunt LLP (Nominated Adviser and Corporate Broker to Idox) Neil Patel Benjamin Cryer Kate Bannatyne Alice Lane	[phone]
MHP (PR Adviser to Idox) Reg Hoare Ollie Hoare Finn Taylor [e-mail]	+ 44 (0) 7831 406 117

Kirkland & Ellis International LLP is acting as legal adviser to Frankel and Long Path.

Pinsent Masons LLP is acting as legal adviser to Idox.

 

END