Harwood Private Equity V L.P., fund of Harwood Private Equity, signed an agreement to acquire remaining 84.94% stake in HML Holdings plc (AIM:HMLH) from group of sellers for £14.6 million on July 30, 2020. Under the terms of the consideration, Harwood will pay £0.375 for each share of HML. As per the terms of the transaction, Harwood will seek the cancellation of the admission to trading of HML Shares on AIM upon completion of the transaction and the shareholders of HML who do not accept the offer will become minority shareholders in Harwood. The group of sellers includes LTC Holdings plc, Unicorn Asset Management Limited, M. D. Barnard & Co. Ltd., Asset Management Arm, Bgf Investment Management Limited and others. The transaction will be financed from the existing cash resources of Harwood. Harwood will retain HML's existing management and employees without any changes in terms of employment. On completion of the transaction, Non-Executive Directors of HML, namely Richard Smith, Geoffrey Griggs, Elizabeth Holden and Anand Verma, will resign from their positions. Post completion of the transaction, HML's headquarters will not be changed. The transaction is subject to valid acceptance of shares under offer and approval from Financial Conduct Authority (FCA). The transaction is approved by HML's shareholders and Board. As on August 12, 2020, FCA approval was received and FCA regulated and authorized subsidiaries, being Alexander Bonhill Limited, Faraday Property Management Limited, HML PM Limited and Leasehold Management Limited were to proceed. As on September 11, 2020, the offer has been declared unconditional in all aspects. The Board of HML Holdings PLC recommends those shareholders of HML Holdings who have not already accepted the offer to accept the offer as soon as possible. As of September 11, 2020, HML has received valid acceptances carrying more than 75% of voting rights, HML now intends to take steps to making application for cancellation of trading of HML shares. The offer is valid till September 11, 2020. As on September 11, 2020, the offer is expected to remain open till September 25, 2020. As on September 15, 2020, delisting of HML is expected to occur on October 13, 2020. On September 25, 2020, valid acceptances of the Offer had been received in respect of 42.676 million HML Shares acceptances in respect of the 0.437 million HML Shares transferred from HML's ESOT and acceptances in respect of the 1.773 million new HML Shares, in each case on the exercise of employee and director share options, representing approximately 89.34% of HML's existing issued ordinary share capital. The offer will remain open for acceptance for a further 14 day until October 9, 2020. As on October 9, 2020, valid acceptances of the offer had been received in respect of 42.94 million shares, representing approximately 89.9% of HML's existing issued ordinary share capital and the offer will remain open for acceptance for a further 14 days until October 23, 2020. On October 13, 2020, HML Holdings was delisted on stock exchange. On October 23, 2020, the transaction is expected to be completed on November 6, 2020. As on November 9, 2020, Harwood has received valid acceptances of its offer in respect of 36.52 million shares of HML to which the offer relates and the offer will remain open for acceptance for a further 14 days until November 20, 2020. At least 14 days' notice will be given prior to the closing of the offer to those HML Shareholders who have not accepted the offer. As on November 23, 2020, Harwood has received valid acceptances of its offer in respect of 36.7 million shares of HML to which the offer relates and the offer will remain open for acceptance for a further 14 days until December 4, 2020. At least 14 days' notice will be given prior to the closing of the offer to those HML Shareholders who have not accepted the offer. Stuart Faulkner, Matthew Chandler, Jack Botros and James Dance of Strand Hanson Limited acted as the financial adviser for Harwood. Ed Frisby, Giles Rolls and Henrik Persson of FinnCap Ltd acted as the financial adviser for HML. BDB Pitmans LLP acted as legal adviser for Harwood. Edward Dawes of Keystone Law (NI) Limited acted as legal adviser for HML. Share Registrars Limited acted as registrar for HML.