# GYG plc discussions between Harwood Capital ongoing, deadline extended

- Link: https://www.directorstalkinterviews.com/gyg-plc-discussions-between-harwood-capital-ongoing-deadline-extended/412996535
- Published: 2021-06-04T07:12:37+01:00
- Author: Giles

**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.

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