Hanover Active Equity Fund II S.C.A. SICAV-RAIF managed by Abalone Asset Management Limited made an offer to acquire Brady plc (AIM:BRY) from Kestrel Partners LLP, Coltrane Asset Management, L.P., Octopus AIM VCT 2 plc (LSE:OSEC) fund of Octopus Investments Limited and others for £8.3 million on October 14, 2019. Under the terms of the offer, each Brady Shareholder will be entitled to receive £.10 i.e. 10 pence in cash per Brady share. As on 18 November 2019, each Brady Shareholder will be entitled to receive £.18 i.e. 18 pence in cash per Brady share. Hanover Bidco announces that it has subsequently purchased 21.8 million shares from Kestrel Partners LLP and 16.5 million Shares from Coltrane Master Fund L.P. Hanover Active Equity Fund II S.C.A. SICAV-RAIF, a fund managed by Abalone Asset Management Limited made an offer to acquire Brady plc (AIM:BRY) for £15 million. As of December 4, 2019, Hanover received valid acceptances in respect of 20,493,711 Brady Shares (representing approximately 24.6% of the existing issued share capital of Brady). Therefore, by virtue of its shareholdings and acceptances of the mandatory offer, Hanover has acquired or agreed to acquire Brady Shares representing 80% of Brady's issued share capital. As of December 5, 2019, Hanover has acquired, or agreed to acquire, in excess of 75% of the ordinary shares and informed the London Stock Exchange to cancel the admission to trading of Brady's Ordinary Shares on AIM. Cancellation is expected to take effect from January 8, 2020. Following Cancellation, Hanover will seek to re-register Brady as a private limited company. Settlement for valid acceptances in respect of the Mandatory Offer will be effected within 14 days of receipt of that acceptance. The transaction will be funded by subscription of shares in Hanover Active Equity Fund II S.C.A. SICAV-RAIF by its general partner HAEF II GP S.a.r.l. In case Hanover acquires 90% or more of the Brady shares then it shall acquire the remaining through a compulsory acquisition. Completion of the transaction is subject to a 50% minimum tender condition, court approval and approval by Brady shareholders. The Board of Hanover and Brady both unanimously agreed on the transaction. Immediately upon the offer becoming unconditional as to acceptances, subject to Hanover not having invoked or sought to invoke any condition prior to that time, Hanover shall declare the offer unconditional. The offer will close on November 15, 2019. As of November 18, 2019, the offer period has been changed to November 29, 2019. Shareholders are encouraged to accept the mandatory offer as soon as possible and no later than December 5, 2019. As of November 20, 2019, the transaction has become unconditional in all respects and Hanover holds 46.3 million Brady shares, representing 55.56%. Accordingly, the only condition to the Mandatory Offer has been satisfied. Ben Jeynes and Nick Wells of Cenkos Securities plc is acting as financial advisor to Brady plc. Dominic Morley, Nicholas Harland and Charles Leigh-Pemberton of Panmure Gordon (UK) Limited are acting as financial advisors to Hanover. DLA Piper LLP acted as legal advisor to Brady plc. Hanover Active Equity Fund II S.C.A. SICAV-RAIF managed by Abalone Asset Management Limited completed the acquisition of Brady plc (AIM:BRY) from Kestrel Partners LLP, Coltrane Asset Management, L.P., Octopus AIM VCT 2 plc (LSE:OSEC) fund of Octopus Investments Limited and others on December 5, 2019. As on December 5, 2019, Hanover had received valid acceptances of the Mandatory Offer in respect of 31,087,510 Brady Shares representing approximately 37.3% of the existing issued share capital of Brady. Therefore, by virtue of its shareholdings and acceptances of the Mandatory Offer, Hanover Bidco has acquired or agreed to acquire Brady Shares representing 93.5% of Brady's issued share capital. As Hanover now acquired more than 90% of Brady's shares, Hanover will now commence the procedures available to acquire compulsorily all of the outstanding Brady Shares which are not owned by Hanover. Hanover is now announcing the extension of the Mandatory Offer until further notice. At least 14 days' notice will be given if Hanover Bidco decides to close the Offer.