Meditor European Master Fund Limited, a fund managed by Meditor Group Limited made a recommended cash offer to acquire remaining shares of Carpetright plc from group of shareholders for £10.6 million on November 15, 2019. If any dividend or other distribution is authorized, declared, made or paid in respect of scheme shares on or after the date of this announcement and before the scheme effective date, MHL reserves the right to reduce the acquisition price by the amount of any such dividend or other distribution. The group of shareholders consists of Aberforth Partners LLP, Majedie Asset Management Limited, Investec Asset Management Limited, Soros Fund Management LLC, Countrywide Developments Limited, Jupiter Asset Management Limited, Wilf Walsh, David Clifford and other shareholders. As a part of offer, Meditor European Master Fund will acquire all the shares which are not already owned for £0.05 per share. As of November 15, 2019, Meditor European Master Fund owns 29.9% issued shares representing 91.1 million shares from total outstanding. The transaction will be financed from existing cash resources. It is intended that Carpetright's Non-Executive Directors resign from the Board with effect from the scheme effective date. There is no current intention to change Carpetright's headquarters location in Purfleet, Essex. Irrevocable undertakings and a letter of intent to vote in favor of the acquisition have been received in respect of an aggregate of 85.39 million Carpetright Shares, representing 28.1% of the issued share capital of Carpetright. As of November 15, 2019, the scheme was unanimously recommended by Carpetright Directors to vote in the favor of the scheme at the court meeting. The acquisition is conditional on the scheme becoming unconditional and being effective, approval by majority of Carpetright shareholders by three fourths or more either in person or by proxy, approval at the Court Meeting, and general meeting, general antitrust, LSE approval, the FCA approval and regulatory approval. The sanction of the scheme by the Court and the delivery of a certified copy of the scheme court order to the registrar of companies and the registration of such scheme court order and panel conditions. As of December 18, 2019, shareholders of Carpetright and the court approved the transaction. Acquisition will lapse if any legal proceedings are not meet. The transaction is expected to become effective in early 2020. As of December 23, 2019, the Meditor Fund has entered into the deed of forbearance in connection with the transaction. Dominic Morley, Toby Rolls and Atholl Tweedie of Panmure Gordon (UK) Limited acted as a financial adviser to Meditor Group. Dan Webster, George Sellar, Michael Nicholson and Al Rae of Peel Hunt LLP acted as a financial and fairness opinion provider to the directors of Carpetright. Philip Cheveley and Andrew Gregson of Travers Smith LLP acted as legal advisor, Computershare Investor Services PLC acted as registrar for Carpetright. Isabella Roberts and Ross Miller of Simmons & Simmons acted as financial advisor for Meditor.