Update on Letter of Intent
Feoh Investments sold 1m shares subject to takeover support letter, reducing its commitment to 2.62%.
- Shares in Feoh letter of intent 3,014,640 (prior 4,014,640)
- Feoh stake as percentage 2.62% (prior 3.49%)
- Total irrevocable commitments and letter of intent 55,027,748 shares (47.81%)
Select text to share a quote on X · sign in to keep highlights & notes in your PINE notes
Recommended acquisition
of
Pinewood Technologies Group plc ("Pinewood.AI")
by
U.K. Piston Bidco Limited ("Bidco")
(a newly formed company indirectly owned by entities administered by Ridgeview Partners LLC)
Update on letter of intent given by Feoh Investments UK LLP ("Feoh")
On 24 July 2026, the Boards of Pinewood.AI and Bidco announced that Bidco has made a non-binding offer for the entire issued and to be issued share capital of Pinewood.AI (the "Possible Offer").
Subsequently, on 19 August 2026 the Boards of Pinewood.AI and Bidco announced that Bidco announced a firm intention to make an offer for the entire issued and to be issued share capital of Pinewood.AI (the "Recommended Offer").
As set out in the Announcement, Feoh gave a letter of intent to Bidco in support of the Possible Offer in respect of 4,014,640 Pinewood.AI Shares (representing approximately 3.49 per cent. of the existing issued ordinary share capital of Pinewood.AI) as at 18 August 2026, being the Business Day prior to the date of the Announcement (the "Feoh Revised Letter of Intent").
On 20 August 2026, Bidco was informed by Feoh that it had disposed of 1,000,000 Pinewood.AI Shares which were subject to the Feoh Revised Letter of Intent. Accordingly, Feoh informed Bidco that the total number of Pinewood.AI Shares which remain subject to the Feoh Revised Letter of Intent is 3,014,640 Pinewood.AI Shares (representing approximately 2.62 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 19 August 2026, being the Business Day prior to the date of this announcement).
Taking this into account, the Feoh Revised Letter of Intent and the irrevocable undertakings received by Bidco now represent, in aggregate, 55,027,748 Pinewood.AI Shares (representing approximately 47.81 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 19 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.