(Alliance News) - Frenkel Topping Group PLC on Thursday said Harwood Capital LLP has decided against making an offer for the company.
In January, Frenkel - a financial advisor and asset manager - said it had received a takeover approach from fund manager Harwood Capital. Following the approach, Harwood had until February 25 to make a firm intention to make an offer or back away from the deal. However, the London-based company on Thursday decided against making an acquisition offer. The reason for its decision was not disclosed.
Separately, Frenkel said that it expects results for 2019 to be in line with expectations due to rise in revenue and assets under management.
The Manchester-based company expects revenue to exceed GBP8.5 million, compared to GBP7.3 million reported for 2018. Its assets under management increased to GBP898 million from GBP779 million, reflecting a 15% increase from the year prior.
"We have made significant progress in the last two years and delivered excellent results. With assess under management at a record high and a healthy pipeline of new business wins, we are strongly positioned to continue delivering further growth and value for our shareholders," said Frenkel Chief Executive Richard Fraser,
Frenkel shares were trading 6.8% lower at 42.40 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Frenkel Topping (FEN)