13th Jan 2021 17:35
Frenkel Topping Group PLC - financial advisor and wealth manager based in Manchester - Decides not to make firm offer for NAHL Group PLC, and the two have agreed to terminate discussions.
"The basis and rationale for a possible combination of the two companies was set out in the Frenkel Topping's announcement of September 23, 2020. Since that date, Frenkel Topping and NAHL have engaged in constructive and open discussions and a period of mutual due diligence. It has however become apparent that a combination presents certain commercial and integration challenges," says Frenkel.
Thus, it believes "other growth and acquisition opportunities are more compelling at this time".
NAHL notes Frenkel announcement, and says it was unable to conclude a transaction that is "in the best interests" of NAHL shareholders.
NAHL adds that it ended financial year in line with internal expectations. Net debt has reduced to GBP16.3 million at December 31, from GBP21.0 million at the end of 2019, and reports free cash flow of GBP6.1 million for 2020.
Frenkel current stock price: 45.00 pence
Year-to-date change: up 7.1%
NAHL current stock price: 40.00 pence
Year-to-date change: down 12%
By Lucy Heming;Â [email protected]
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Nahl GroupFrenkel Topping