Oryx International Growth Fund Limited managed by Harwood Capital LLP signed an agreement to acquire remaining 95.07% stake in APC Technology Group PLC (AIM:APC) from group of sellers for £17.3 million on September 18, 2019. The consideration will be paid as £0.10 per share. Harwood Capital owns 4.93% stake in APC TECHNOLOGY. APC Directors owns 5.05% of APC. Canaccord Genuity Group Inc. owns 14.64% of issued share capital, Rockridge Investments owns 11.44% and Roger Robinson and related family trusts owns 5.53%. The transaction will be funded from entirely out of cash resources available. On completion of the offer, APC will be wholly owned by Harwood and will delist from LSE. The irrevocable undertakings cease to be binding on the date the Scheme becomes Effective, or prior to that date if Announcement had not been released by 8.00 a.m. (UK time) on September 20, 2019, the scheme document has not been published within 28 days of the date of release of the announcement, any third party makes an offer to acquire the entire issued and to be issued ordinary share capital of APC or the offer lapses or is withdrawn on or before December 31, 2019.

The transaction is subject to approval by shareholders of APC, approval from court and FCA and regulatory bodies. The transaction is unanimously approved by the board of directors of APC. Harwood Capital has obtained irrevocable undertakings over, in aggregate, 66.96 million of APC Shares, representing approximately 36.66% of APC's existing issued share capital. It is currently expected that the scheme document will be published in September 2019. On September 30, 2019, scheme document was published. The court and shareholder meeting is scheduled on October 25, 2019. As of October 25, 2019, the transaction is approved by the shareholders of APC. As of October 31, 2019, the board of directors of APC and Specialist components announced that the High court of Justice in England and Wales sanctioned the scheme of arrangement for the recommended cash offer. The scheme still remains conditional upon delivery of a copy of the court order to the registrar of companies which is expected to be delivered by November 1, 2019. The delisting of APC shares as per the scheme document will delisted tomorrow with effect from 7:30 am (UK Time). On the Effective Date, share certificates in respect of the Ordinary Shares will cease to be valid and entitlements to Ordinary Shares held within the CREST system will be cancelled. It is expected that the scheme will become Effective in late October / early November 2019. As per scheme document long stop date of this transaction is December 31, 2019. Shore Capital consider the terms of the offer to be fair and reasonable. Antonio Bossi and James Thomas of Shore Capital and Corporate Limited acted as financial advisor and fairness opinion provider for APC Directors and APC. Stuart Faulkner, Matthew Chandler, James Dance and Jack Botros of Strand Hanson Limited acted as financial advisor for Harwood Capital. BPE Solicitors LLP acted as legal advisor for APC.

Oryx International Growth Fund Limited managed by Harwood Capital LLP completed the acquisition of remaining 95.07% stake in APC Technology Group PLC (AIM:APC) from group of sellers on November 1, 2019.