Update on Letter of Intent
Feoh shareholder reduces stake subject to takeover support to 1.57m shares, 1.36% of capital.
- Feoh shares supporting offer 1,569,881 shares (prior 1,726,913 shares)
- Feoh shareholding (% of issued capital) 1.36% (prior 3.49%)
- Total offer support (shares) 53,582,989 shares
- Total offer support (% of issued capital) 46.55%
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THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.10 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"). THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE.
Disclosure under Rule 2.10(c) of the Takeover Code in respect of the
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").
As at 28 August 2026 and as described in the 2.10(c) announcement released on 1 September 2026, Feoh had sold a total of 2,287,727 Pinewood.AI shares as a result of which the total number of Pinewood.AI Shares which remained subject to the Feoh Revised Letter of Intent was 1,726,913 Pinewood.AI Shares; as reflected in a letter of intent (the "Feoh Fourth Letter of Intent") dated 31 August 2026.
On 1 September 2026, Bidco was informed by Feoh that it had disposed of 157,032 Pinewood.AI Shares which were subject to the Feoh Fourth Letter of Intent. Accordingly, Feoh informed Bidco that the total number of Pinewood.AI Shares which remain subject to the Feoh Fourth Letter of Intent is 1,569,881 Pinewood.AI Shares (representing approximately 1.36 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 1 September 2026, being the Business Day prior to the date of this announcement).
Taking this into account, the Feoh Fourth Letter of Intent and the irrevocable undertakings received by Bidco now represent, in aggregate, 53,582,989 Pinewood.AI Shares (representing approximately 46.55 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 1 September 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.