A consortium of Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Limited made an offer to acquire an additional 74.6% stake in French Connection Group PLC (LSE:FCCN) from Stephen Marks, Nicole Farhi, Candice Marks and other shareholders for ?21.6 million on September 23, 2021. The transaction will be carried out as Court-sanctioned scheme of arrangement. Under the terms, offer price is ?0.3 per share. If any dividend or other distribution or return of value is proposed, declared, made, paid or becomes payable by French Connection in respect of the French Connection shares and prior to the Scheme becoming effective, the consortium reserves the right to reduce the value of the consideration payable for each French Connection Share by up to the amount per French Connection Share of such dividend, distribution or return of value. Stephen Marks will sell 43.6% stake for ?12.6 million. The consortium has received irrevocable undertakings in respect of 42.09 million shares amounting to 43.6% stake in French Connection Group. Pre acquisition, Apinder Singh Ghura holds 25.4% stake in French Connection Group PLC. The transaction shall be funded through a secured term debt facility of up to ?25 million from Aurelius Finance Company Limited and 1903 Partners, LLC an affiliate of Gordon Brothers International, LLC and an unsecured loan of ?5.17 million to the holding company buyer by KJR Brothers Limited. Gordon Brothers delivered the majority funding on the transaction, providing ?17.5 million for the financing facility. Aurelius Finance Company provided ?7.5 million as co-lender. The facility includes an acquisition finance tranche to refinance French Connection?s existing secured lender and a working capital tranche to support the retailer?s liquidity needs going forward. The consortium has no intention, at least within the next 12 months, to relocate French Connection's headquarters and headquarter functions from the existing office in London. After the transaction, Stephen Marks, Chairman and Chief Executive of French Connection Group will retire. It is intended that Neil Williams, Chief Operating Officer and Lee Williams, Chief Financial Officer will continue their employment with French Connection. The non-executive directors of French Connection Group PLC will each be expected to resign from his or her office as a director of French Connection Group PLC upon completion of the acquisition. In order for scheme to become effective, it must be approved by a majority in number of the French Connection scheme shareholders voting at the court meeting, either in person or by proxy, representing at least 75 per cent. in value of the Scheme Shares voted. The transaction is also subject to sanction of the Scheme by the Court and the other conditions not otherwise identified above either being satisfied or, with the exception of certain conditions which are not capable of waiver, waived. Anti trust and third party approval. The court meeting and the general meeting of shareholders will be held in the fourth quarter of 2021 The Board of Directors of French Connection Group PLC unanimously recommended the shareholders to vote in favor of the transaction. The consortium's intention is to seek the cancellation of the listing of French Connection Shares on the Official List of the FCA and cancellation of trading of French Connection Shares on the Main Market of the London Stock Exchange from or shortly after completion of the acquisition. As of October 7, 2021, The Financial Reporting Council has launched an inquiry into Mazars' audit of French Connection Group PLC. The Financial Reporting Council (FRC) has commenced an investigation in relation to the audit conducted by Mazars LLP of the consolidated financial statements of French Connection Group PLC for the year ended January 31, 2020. The decision was made at a meeting of the FRC?s Conduct Committee on July 20, 2021. The investigation will be conducted by the FRC?s Enforcement Division under the Audit Enforcement Procedure. The scheme is expected to become effective before the end of fourth quarter of 2021. The transaction has a long stop date of February 28, 2022. As per update on October 7, 2021, completion is expected to take place at the beginning of November 2021. As on October 9, the court meeting and scheme is scheduled on November 1, 2021. The scheme will be effective on November 8, 2021. MIP has received an irrevocable undertakings from Candice Marks, from Nicole Farhi and from the trustees in respect of a total of 4,281,500 French Connection Shares, representing approximately 4.43 per cent. MIP has therefore received irrevocable undertakings in respect of a total of 42,094,190 French Connection Shares, representing, in aggregate, approximately 43.57 per cent. The last day of dealings in French Connection Shares is expected to be November 5, 2021, being the Business Day prior to the expected Effective Date. The French Connection Directors, who have been so advised by WH Ireland as to the financial terms of the Acquisition, unanimously consider the terms of the Acquisition to be fair and reasonable. As on November 1, 2021, the transaction is approved at the court meeting and the general meeting of the shareholders. Adrian Hadden and Ben Good of WH Ireland Limited acted as financial advisor to French Connection Group PLC. Richard Millington, Andrew Millar and Tim McNamara of Shoosmiths LLP acted as the legal advisor to Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Limited and Clifford Chance LLP acted as the legal advisor to French Connection. Singer Capital Markets Advisory LLP acted as the financial advisor to 1903 Partners, LLC and Aurelius Finance Company Limited. A consortium of Apinder Singh Ghura, Amarjit Singh Grewal and KJR Brothers Limited completed the acquisition of an additional 74.6% stake in French Connection Group PLC (LSE:FCCN) from Stephen Marks, Nicole Farhi, Candice Marks and other shareholders on November 8, 2021. Applications have been made to the Financial Conduct Authority and the London Stock Exchange in relation to the de-listing of French Connection Shares from the premium listing segment of the Official List and the cancellation of the admission to trading of French Connection Shares on the London Stock Exchange's Main Market for listed securities, which are expected to take effect on November 8, 2021.