Update on Letter of Intent
Key shareholder Feoh has sold 2.25m shares subject to its letter of intent and opted out of rollover alternative.
- Feoh shares remaining under letter of intent 1,764,640 shares (1.53% of issued capital)
- Feoh shares previously subject to letter of intent 4,014,640 shares (3.49% of issued capital)
- Total shares committed to Ridgeview offer 53,777,748 shares (46.72% of issued capital)
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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")
As set out in the Announcement, on 19 August Feoh gave a letter of intent to Bidco in support of the terms of the Recommended 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 as indicated in the 2.10(c) announcement released on 20 August 2026. Subsequently, on 21 August 2026, Bidco was informed by Feoh that it had disposed another 1,250,000 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 1,764,640 Pinewood.AI Shares (representing approximately 1.53 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 20 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, 53,777,748 Pinewood.AI Shares (representing approximately 46.72 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 20 August 2026, being the Business Day prior to the date of this announcement).
In addition, Feoh has informed Bidco that it no longer intends to make an election for the Rollover Alternative in respect of the Pinewood.AI Shares to which the Feoh Revised Letter of Intent applies.
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.