Fund house targets Frenkel Topping

Fund house targets Frenkel Topping

Harwood Capital, a fund management firm, has approached Frenkel Topping about a takeover.

In a stock market announcement this morning (January 28), Frenkel Topping noted there had been significant movement in its share price in recent days, and that the reason was the takeover approach it had received from Harwood.

The share price has risen from 36p to 47p over the past five days, including an increase of 10 per cent today. 

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Harwood Capital is run by Christopher Mills, a veteran City investor. 

The stock market announcement from Frenkel Topping this morning stated: “Frenkel Topping, a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, notes the recent share price movement and confirms that it has received a preliminary approach from Harwood Capital which could lead to an offer being made by Harwood for the entire issued and to be issued share capital of Frenkel Topping. At this stage, there can be no certainty that any offer will be made nor as to the terms of any such offer.

"Further announcements will be made as and when appropriate."

The statement detailed any intention to make an offer by Harwood must be announced by 5pm on February 25, 2020.

Frenkel Topping specialises in managing the assets of clients who have received compensation payments. The company frequently acts as an expert witness in court cases. 

In September 2019, the company’s chief executive Richard Fraser told FTAdviser that his business was seeking to expand its Orbiter advice business, which is less specialised than its core business, through acquisition. 

For the six months to the end of June 2019, the company had assets under management of £851m, a 12 per cent increase on the previous year, while profits were £596,000, more than double the previous year’s level.

January 28: This article has been amended to reflect that it was Harwood Capital which made the approach, not Harwood Wealth as previously stated.