Update on Letter of Intent
Feoh shareholder's letter of intent support reduced to 0.06% after disposing of 1.5m shares.
- Feoh shares subject to letter of intent 65,861 Pinewood.AI Shares (prior 4,014,640 Pinewood.AI Shares)
- Feoh shareholding represented by letter of intent 0.06% (prior 3.49%)
- Total shareholder support (letters of intent and irrevocable undertakings) 52,078,969 Pinewood.AI Shares
- Total support as % of issued share capital 44.62%
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THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.10 OF THE CITY CODE ON TAKEOVERS AND MERGERS (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 Original Letter of Intent").
Since the date of the Feoh Original Letter of Intent, Feoh has informed Bidco of disposals of certain Pinewood.AI Shares and announcements have been made as required by Rule 2.10(c) of the Takeover Code. On 8 September 2026, Bidco was informed by Feoh that it had disposed of a further 1,500,000 Pinewood.AI Shares. Accordingly, Feoh informed Bidco that the total number of Pinewood.AI Shares which remain subject to the letter of intent dated 3 September 2026 (the "Feoh Further Revised Letter of Intent") is 65,861 Pinewood.AI Shares (representing approximately 0.06 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 8 September 2026, being the Business Day prior to the date of this announcement).
Taking this into account, the Feoh Further Revised Letter of Intent and the irrevocable undertakings received by Bidco now represent, in aggregate, 52,078,969 Pinewood.AI Shares (representing approximately 44.62 per cent. of the existing issued ordinary share capital of Pinewood.AI as at the close of business on 8 September 2026, being the Business Day prior to the date of this announcement), although the number of Pinewood.AI Shares covered by the Feoh Further Revised Letter of Intent may reduce from time to time.
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.