Harwood Capital LLP made an offer to acquire GYG plc (AIM:GYG) from Lombard Odier Asset Management (Europe) Limited and others for £43.1 million on April 9, 2021. Harwood Capital LLP will offer £0.925 per share under the offer. Harwood Capital LLP reserves the right to make an offer at any time, at a value below £0.925 per share with the agreement and recommendation of the Board of Directors. Client funds managed and/or advised by Harwood Capital or members of its group currently hold, in aggregate, 9.6 million ordinary shares representing approximately 20.62% stake. Harwood Capital LLP has received a letter of intent to accept or vote in favor of offer for 12.54 million shares representing 26.89% stake from Lombard Odier Asset Management (Europe) Limited. Accordingly, Harwood Capital advises and/or controls and has obtained a letter of intent over 22.15 million shares representing 47.51% stake in GYC plc. On May 7, 2021, the board pf GYG has requested, and the takeover panel has granted, an extension of 28 days to the deadline to grant due diligence access to Harwood Capital. Accordingly, Harwood Capital must, by no later than 5.00 p.m. on June 4, 2021, either announce a firm intention to make an offer for GYG or announce that it does not intend to make an offer for GYG. As of June 4, 2021, Harwood Capital LLP has an extension and shall be no later than 5:00 pm on July 2, 2021 either announce a firm intention to make an offer or announce that it does not intend to make an offer. As of July 2, 2021, Harwood Capital LLP has an extension and shall be no later than 5:00 pm on July 23, 2021 either announce a firm intention to make an offer or announce that it does not intend to make an offer. As of July 23, 2021, Harwood Capital LLP has an extension and shall be no later than 5:00 pm on August 20, 2021 either announce a firm intention to make an offer or announce that it does not intend to make an offer. On July 29, 2021, Harwood informed the Board of GYG that it was minded to reduce the cash consideration payable under any offer made under Rule 2.7 of the Code to £0.7 per ordinary share. On August 6, 2021, Harwood was informed that, if any offer was forthcoming at £0.7 per per ordinary share, it would be unanimously rejected by the Board. Harwood has subsequently proposed the inclusion of a mechanism by way of a contingent value right whereby GYG shareholders could potentially receive additional value predicated, inter alia, on a future exit event occurring, the precise terms of such CVR instrument to be agreed between the parties. In order to provide additional time for the Board to progress the Nobiskrug situation to resolution and thereafter for discussions between the parties to be concluded, as of August 20, 2021, Harwood Capital LLP has an extension and shall be no later than 5:00 pm on September 17, 2021 either announce a firm intention to make an offer or announce that it does not intend to make an offer. As of September 17, 2021, Harwood Capital LLP has an extension and shall be no later than 5:00 pm on October 15, 2021 either announce a firm intention to make an offer or announce that it does not intend to make an offer. As of October 15, 2021, Harwood Capital LLP has an extension and shall be no later than on November 12, 2021 either announce a firm intention to make an offer or announce that it does not intend to make an offer. Stuart Faulkner, Matthew Chandler and James Dance of Strand Hanson Limited acted as financial advisors for Harwood Capital. Sandy Fraser, Peter Steel and Tom Salvesen of N+1 Singer acted as financial advisors for GYG plc.

Harwood Capital LLP cancelled the acquisition of GYG plc (AIM:GYG) from Lombard Odier Asset Management (Europe) Limited and others on October 29, 2021.