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The timeframe in which private equity firm Harwood Capital can make an offer for superyacht service and supply group GYG has been extended for a fourth time.
On 9 April 2021, Harwood Capital, GYGs 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.
The put-up or shut-up deadline was originally 7 May 2021. The deadline has subsequently been extended three times and, on the most recent occasion, to 23 July 2021.
Harwood Capital said its due diligence enquiries have now reached an advanced stage and discussions between Harwood Capital and GYG remain ongoing. As such, at the request of the board of directors of GYG and in line with necessary regulatory rules, the takeover panel has consented to an extension of the relevant deadline of 28 calendar days.
Accordingly, Harwood Capital must, by no later than 5pm on 20 August 2021, either announce a firm intention to make an offer for GYG in accordance or announce that it does not intend to make an offer for the company.
This deadline can be extended further with the consent of the takeover panel at the company's request.
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.
At 1:54pm: (LON:GYG) GYG Plc share price was 0p at 69.5p