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Private Equity
harwoodcapital.co.uk

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Investments

1

Portfolio Exits

1

Funds

1

About Harwood Capital

Harwood Capital is a private equity firm that focuses in small-cap companies throughout Europe. The firm, through its fund, makes investments in companies operating in the manufacturing, services, leisure, media, healthcare, retail, financial services and construction sectors.

Harwood Capital Headquarter Location

6 Stratton Street

London, England, W1J 8LD,

United Kingdom

+44 (0)20 7640 3200

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Latest Harwood Capital News

GYG plc Update re: Nobiskrug Shipyard and the Company’s financial position

Jul 28, 2021

7:16 am The board of GYG plc (LON:GYG) provided an update in relation to various matters, as set out below. Update re: Nobiskrug Shipyard and the Company’s financial position The Company announced, on 13 April 2021, that administrators had been appointed at the Nobiskrug Shipyard in Germany. The Company has three active contracts and certain invoices outstanding, relating to work completed in 2021 at the shipyard, totalling approximately €2.8m (excluding VAT). The Company has, since April, continued in constructive discussions with the various parties involved, with a view to agreeing a programme of works and a payment schedule for completion of the contracts, which both minimises GYG’s financial exposure and achieves a satisfactory outcome for the end clients. On numerous occasions during this period, it appeared to the Board that a satisfactory resolution was imminent. The discussions have, however, taken longer to conclude than the Board had originally anticipated. Whilst the Board continues to be confident in achieving a positive outcome for the Company, and none of the outstanding balances due to the Company are in dispute, the Board cannot guarantee a swift resolution to this matter. Accordingly, the Board now expects that, as a result of the continuing unforeseen delay in resolving the Nobiskrug situation, in combination with the normal seasonal trading profile of the business, the Company will suffer a temporary working capital shortfall within the next one to two weeks, without an injection of bridge funding. Loan Agreement Having regard to the current status of the situation at Nobiskrug, the Company has agreed terms for North Atlantic Smaller Companies Investment Trust plc (“NASCIT”, an associate of Harwood Capital LLP (“Harwood”) , the Company’s second largest shareholder) to provide the Company with a short-term loan (“Loan” or “Loan Agreement”) for €3 million which will be advanced immediately. The Company has, since 9 April 2021, been in an offer period (as defined in The City Code on Takeovers and Mergers), with Harwood identified as a possible offeror. The Loan, which will be secured by way of an assignment over the outstanding invoices related to work performed to date by the Company for the Nobiskrug Shipyard, attracts interest at 10% p.a.. There are no arrangement fees associated with the Loan, which can be repaid by the Company at any time without penalty on or before its maturity date of 31 December 2021. The Board intends to repay the Loan following resolution of the situation at Nobiskrug and payment of the amounts owed to the Company pursuant to the related outstanding invoices. Related party transaction NASCIT is a related party under the AIM Rules for Companies (“AIM Rules”), being an associate of Harwood Capital LLP, a substantial shareholder. Entry into the Loan Agreement therefore constitutes a related party transaction under the AIM Rules. Accordingly, the Directors (each of whom is considered by the Board to be independent of NASCIT), consider, having consulted with Singer Capital Markets Advisory LLP, acting in its capacity as the Company’s nominated adviser, that the terms of the Loan are fair and reasonable insofar as the Company’s shareholders are concerned. Update on trading for the six months ended 30 June 2021 Turnover and activity levels across the Group were broadly in line with the Board’s expectations during H1 2021. This included the benefit of some revenue deferred from Q4 2020, as previously reported. Overall, and, notwithstanding the ongoing situation at Nobiskrug and the consequential effect on the Company’s short-term funding position as described above, the Board is broadly satisfied with the Group’s trading performance for the period and the order book position remains strong. The Company will release a more detailed update on trading, for the six months ended 30 June 2021, during August. Spanish Tax Authority – audit The Company also announces that the Spanish Tax Authority has recently conducted an audit into certain legacy tax matters relating to a period several years prior to the Company’s IPO on AIM in 2017. The audit is now nearing its formal conclusion and agreement in principle has now been reached as to the amount owed by the Company. Accordingly, the Board has made a provision of €1.1 million in the Company’s accounts. Find more news, interviews, share price & company profile here for: GYG plc Good news travels fast (but only if you make that happen): Share on twitter

Harwood Capital Investments

1 Investments

Harwood Capital has made 1 investments. Their latest investment was in Quickline Communications as part of their Private Equity on August 8, 2019.

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Harwood Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/12/2019

Private Equity

Quickline Communications

$14.48M

Yes

1

Date

8/12/2019

Round

Private Equity

Company

Quickline Communications

Amount

$14.48M

New?

Yes

Co-Investors

Sources

1

Harwood Capital Portfolio Exits

1 Portfolio Exit

Harwood Capital has 1 portfolio exit. Their latest portfolio exit was Quickline Communications on June 11, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/11/2021

Acq - Fin

$991

2

Date

6/11/2021

Exit

Acq - Fin

Companies

Valuation

$991

Acquirer

Sources

2

Harwood Capital Acquisitions

1 Acquisition

Harwood Capital acquired 1 company. Their latest acquisition was Medi-Globe on March 02, 2016.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/2/2016

Acq - Fin

2

Date

3/2/2016

Investment Stage

Companies

Valuation

Total Funding

Note

Acq - Fin

Sources

2

Harwood Capital Fund History

1 Fund History

Harwood Capital has 1 fund, including Harwood Private Equity V.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/13/2020

Harwood Private Equity V

$85.56M

1

Closing Date

5/13/2020

Fund

Harwood Private Equity V

Fund Type

Status

Amount

$85.56M

Sources

1

Harwood Capital Team

2 Team Members

Harwood Capital has 2 team members, including current Chief Executive Officer, Christopher Mills.

Name

Work History

Title

Status

Christopher Mills

Chief Executive Officer

Current

Richard Philbin

Chief Investment Officer

Former

Name

Christopher Mills

Richard Philbin

Work History

Title

Chief Executive Officer

Chief Investment Officer

Status

Current

Former

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