Business
Statement regarding Harwood Capital LLP
Statement regarding Harwood Capital LLP.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \nRNS Number : 8389C Frenkel Topping Group PLC 13 February 2020 \n\nNOT 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.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFrenkel Topping Group PLC\n(\"Frenkel Topping\" or the \"Company\")\nStatement regarding Harwood Capital LLP\n 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.\nThe Board confirms that discussions regarding a possible offer took place between the parties but that they have now been terminated. \nFurther 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. \nFrenkel 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. \nRichard Fraser, CEO of Frenkel Topping, said:\n\"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.\"\nEnquiries\nFor further information:\n\n\n\nFrenkel Topping Group plc &nbs...