TIDMFEN TIDMNAH
RNS Number : 6028L
Frenkel Topping Group PLC
13 January 2021
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UK CITY
CODE ON TAKEOVERS AND MERGERS (THE "CODE")
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
13 January 2021
Frenkel Topping Group plc
(" Frenkel Topping " or the " Group ")
Statement Regarding Possible Offer for NAHL
Frenkel Topping today announces that it has concluded not to
make a firm offer for NAHL Group plc ("NAHL") and that the parties
have agreed to terminate discussions. Frenkel Topping will
separately provide an update on trading and its financial
performance for the year ended 31 December 2020 on 14 January
2021.
The basis and rationale for a possible combination of the two
companies was set out in the Frenkel Topping's announcement of 23
September 2020. Since that date, Frenkel Topping and NAHL have
engaged in constructive and open discussions and a period of mutual
due diligence. It has however become apparent that a combination
presents certain commercial and integration challenges. Therefore,
the Board of Frenkel Topping believes that other growth and
acquisition opportunities are more compelling at this time and in
the best interest of its shareholders. The Board of Frenkel Topping
recognises that this is a disappointing outcome but, as a
significant shareholder in NAHL, also wishes NAHL the best for the
future.
As a result of this announcement, Frenkel Topping, and any
person acting in concert with Frenkel Topping, is bound by the
restrictions under Rule 2.8 of the Code save in the circumstances
set out below or otherwise with the consent of the Panel on
Takeovers and Mergers (the "Panel").
Under Note 2 on Rule 2.8 of the Code, Frenkel Topping, and any
person acting in concert with Frenkel Topping, reserves the right
to announce an offer or make or participate in an offer or possible
offer for NAHL or to take any other action which would otherwise be
restricted under Rule 2.8 of the Code within six months from the
date of this announcement in the following circumstances: (a) with
the agreement of the board of NAHL; (b) if any third party
announces a firm intention to make an offer for NAHL; (c) if NAHL
announces a "whitewash" proposal (see Note 1 of the Notes on
Dispensations from Rule 9 of the Code) or a reverse takeover (as
defined in the Code); or (d) if there has been a material change of
circumstances (as determined by the Panel).
Frenkel Topping, and any person acting in concert with Frenkel
Topping, reserves the right to acquire and/or offer to acquire NAHL
shares or interests in NAHL shares subject to and in accordance
with Rule 2.8 of the Code.
For further information:
Frenkel Topping Group plc Tel: 0161 886 8000
Richard Fraser, Chief Executive Officer www.frenkeltopping.co.uk
finnCap Ltd Tel: 020 7220 0500
Carl Holmes / Henrik Persson / Giles
Rolls (Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
Important notices
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of any
offer to buy, sell, subscribe for any securities or the
solicitation of any vote in any jurisdiction.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
About Frenkel Topping Group:
The financial services firm consists of Frenkel Topping Limited,
Ascencia Investment Management, Obiter Wealth Management, Equatas
Accountants and Forth Associates.
The group of companies specialises in providing financial advice
and asset protection services to clients at times of financial
vulnerability, with particular expertise in the field of personal
injury and clinical negligence.
With more than 30 years' experience in the industry, Frenkel
Topping has earned a reputation for commercial astuteness
underpinned by a strong moral obligation to its clients, employees
and wider society, with a continued focus on its Environmental,
Social and Governance (ESG) impact.
Through its core business, Frenkel Topping Limited, the firm
supports litigators pre-settlement in achieving maximum damages, by
providing expert witness services, and post-settlement to achieve
the best long-term financial outcomes for clients after injury. It
boasts a client retention rate of 99%.
The Group's discretionary fund manager, Ascencia, provides
financial portfolios for clients in unique circumstances. In recent
years Ascencia has diversified its portfolios to include a
Sharia-law-compliant portfolio and a number of ESG portfolios in
response to increased interest in socially responsible investing
(SRI).
Obiter provides a generalist wealth management service -
including advice on Savings and Investments; Tax planning; Life
Insurance; Critical Illness and Income protection; Endowment advice
and Keyman Insurance, with a particular specialism in financial
advice on pensions and pension sharing orders for the clients of
divorce and family lawyers. Obiter applies the same core principles
of honesty, transparency, responsibility and reliability to
individuals, regardless of background or situation.
In 2019, Frenkel Topping launched its accountancy arm, Equatas,
to assist clients with tax planning and move closer to providing a
full end-to-end service under the Group brand, improving the
experience for clients and maintaining the Group's standards
throughout the client journey.
In 2020 Frenkel Topping acquired Forth Associates, a specialist
forensic accounting services business which assists in financial
and legal disputes. The acquisition makes Frenkel Topping the
largest independent provider of financial expert witness reports to
the claimant marketplace.
For more information visit: www.frenkeltopping.co.uk
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END
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January 13, 2021 11:30 ET (16:30 GMT)
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