Update on Letter of Intent
Ridgeview Bidco's letter of intent support reduced to 47.62% after Working Capital sold 1.25m shares.
- Letters of intent support 54,809,890 shares (47.62%)
- Working Capital shares subject to letter of intent 7,029,905 shares (6.11%)
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Possible offer
for
Pinewood Technologies Group plc ("Pinewood.AI")
by
U.K. Piston Bidco Limited ("Ridgeview Bidco")
(a newly formed company indirectly owned by entities administered by Ridgeview Partners LLC)
Update on letter of intent given by Working Capital Advisors (UK) Limited ("Working Capital")
On 24 July 2026, the Boards of Pinewood.AI and Ridgeview Bidco announced that Ridgeview Bidco has made a non-binding offer for the entire issued and to be issued share capital of Pinewood.AI (the "Possible Offer").
Capitalised terms used in this announcement, unless otherwise defined, shall have the meanings given to them in the Possible Offer announcement on 24 July 2026 (the "Announcement").
As set out in the Announcement, Working Capital gave a letter of intent to Ridgeview Bidco in support of the Possible Offer in respect of 8,279,905 Pinewood.AI Shares (representing approximately 7.19 per cent. of the existing issued ordinary share capital of Pinewood.AI) as at 23 July 2026, being the Business Day prior to the date of the Announcement (the "Working Capital Letter of Intent").
On 4 August 2026, Ridgeview Bidco was informed by Working Capital that it had disposed of 1,250,000 Pinewood.AI Shares which were subject to the Working Capital Letter of Intent. Accordingly, Working Capital informed Ridgeview Bidco that the total number of Pinewood.AI Shares which remain subject to the Working Capital Letter of Intent is 7,029,905 Pinewood.AI Shares (representing approximately 6.11 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 6 August 2026, being the Business Day prior to the date of this announcement).
Taking this into account, the Letters of Intent received by Ridgeview Bidco now represent, in aggregate, 54,809,890 Pinewood.AI Shares (representing approximately 47.62 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 6 August 2026, being the Business Day prior to the date of this announcement).
This announcement is made in accordance with Rule 2.10(c) of the Code.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.