Ramsdens Holdings (AIM:RFX), the AIM-listed pawnbroking and foreign exchange group, disclosed a small reduction in shareholder support for the recommended cash takeover by Chess Bidco, an indirect subsidiary of US-listed FirstCash Holdings.
TrinityBridge and Downing had each given non-binding letters of intent to back the deal, together covering shares worth about 13.16% of Ramsdens' issued capital as of 15 July.
Since then, TrinityBridge has sold a further 641 shares, adding to a prior disposal of 7,734 shares, taking its total disposals under the letter to 8,375 shares.
Downing has also sold 15,547 shares previously covered by its letter of intent.
As a result, shares subject to the two letters of intent now stand at roughly 13.09% of Ramsdens' total issued capital, down marginally from the original commitment.
Combined with irrevocable undertakings from Ramsdens directors covering about 4.09% of the company, total shareholder support committed to the scheme now stands at about 17.18% of issued capital.
The acquisition, agreed at a revised price on 16 July following an initial recommended offer on 23 June, is being implemented through a Court-sanctioned scheme of arrangement, with the scheme document published on 17 July.
Bidco has said the revised terms are final, barring a competing offer or exceptional dispensation from the Takeover Panel.
News Intelligence what this means for the company
Two major Ramsdens shareholders—TrinityBridge and Downing—have trimmed their stakes by selling shares previously covered by non-binding letters of intent to back FirstCash's takeover, reducing their combined commitment from 13.16% to 13.09% of issued capital. The erosion is marginal, and total committed support (including directors' irrevocable undertakings) remains at 17.18%—enough to clear a scheme of arrangement, though well short of the 50% threshold that would signal overwhelming investor confidence.
The deal's passage is not in doubt on this evidence, but the modest slippage in shareholder backing—even if immaterial to approval—signals that some early supporters are willing to exit rather than hold through to completion. For shareholders deciding whether to accept the revised 600p cash offer, the slight weakening of the support base adds no new material risk to deal certainty, but underscores that conviction among major holders is not universal.
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