GYG plc (LON:GYG) have provided the following update with regard to discussions with Harwood Capital. On 9 April 2021, Harwood Capital, the Company’s second largest shareholder, announced that it was in the preliminary stages of evaluating a possible offer for the entire issued and to be issued share capital of the Company.
On 7 May 2021, GYG plc confirmed that the put-up or shut-up deadline prescribed by Rule 2.6(c) of the Code had been extended to 04 June 2021 to provide a basis for preliminary negotiations to continue (without commitment on either side) and due diligence access was granted to Harwood Capital.
Discussions between Harwood Capital and the Company and Harwood Capital’s due diligence enquiries remain ongoing. As such, at the request of the board of directors of GYG and pursuant to Rule 2.6(c) of the Code, the Takeover Panel has consented to an extension of the relevant deadline of 28 calendar days. Accordingly, Harwood Capital must, by no later than 5.00 p.m. on 2 July 2021, either announce a firm intention to make an offer for GYG in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended further with the consent of the Takeover Panel, at the Company’s request, in accordance with Rule 2.6(c) of the Code.
There can be no certainty that a formal offer will be made, nor as to the terms on which any such offer might be made. Further announcements will be made as appropriate.
This announcement is being made with the agreement of Harwood Capital.