Frenkel Topping Group Plc (AIM:FEN) made an offer to acquire remaining 93.87% stake in NAHL Group plc (AIM : NAH) from Oryx International Growth Fund Limited (LSE:OIG) managed by Harwood Capital LLP and others on September 23, 2020. Pursuant to the terms, the proposal is structured as an all-share combination. Frenkel is required by no later than October 21, 2020, either to announce a firm intention to make an offer for NAHL or to announce that it does not intend to make an offer. The transaction is subject to due diligence investigation. This deadline can be extended by the board of NAHL with the consent of the Takeover Panel. The shareholders are advised to take no action at this time. Frenkel Topping received a written confirmation from Oryx International Growth Fund to support the possible offer. As of October 20, 2020, the takeover panel allowed the extension for Frenkel to make an offer or to announce that it does not intend to make an offer until November 18, 2020. As on November 18, 2020, the takeover panel allowed the extension for Frenkel to make an offer or to announce that it does not intend to make an offer until December16, 2020. As on December16, 2020, the takeover panel allowed the extension for Frenkel to make an offer or to announce that it does not intend to make an offer until January 13, 2021. Julian Blunt, James Thompson and Andrew Burdis of FinnCap Ltd and Michael Nicholson, Miles Cox and Edward Lowe of Peel Hunt LLP acted as financial advisors to NAHL Group. Carl Holmes, Henrik Persson, Giles Rolls, Tim Redfern and Richard Chambers of finnCap acted as financial advisor for Frenkel Topping.

Frenkel Topping Group Plc (AIM:FEN) cancelled the acquisition of remaining 93.87% stake in NAHL Group plc (AIM : NAH) from Oryx International Growth Fund Limited (LSE:OIG) managed by Harwood Capital LLP and others on January 13, 2021. The transaction was terminated because it presents certain commercial and integration challenges. Therefore, Board of Directors of Frenkel Topping Group Plc consider that other acquisition opportunities are more compelling at this time and in the best interest of its shareholders.