Harwood Capital walks away from Frenkel Topping

(Sharecast News) - Investment group Harwood Capital does not plan to make an offer for AIM-listed financial adviser and asset manager Frenkel Topping.
Frenkel announced last month that it had received a preliminary approach from Harwood. However, it said in a statement on Thursday that talks between the two have now been terminated.

Frenkel reiterated that results for the year to the end of December were in line with management expectations. Assets under management rose 15% to ?897.9m and revenues were expected to exceed ?8.5m.

Frenkel said it had made a "robust" start to the new financial year, with January being a record month for new business wins since 2010.

Chief executive officer Richard Fraser said: "We have made significant progress in the last two years and delivered excellent results; with AUM 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.

"The board has a fiduciary duty to look at any serious interests in the business and it is a testament to the company and its achievements that we received this interest."

At 1035 GMT, the shares were down 6.8% at 42.40p.