Centremanor Limited entered into an agreement to acquire 20.54% stake in Daejan Holdings Plc (LSE:DJAN) for approximately £270 million on February 21, 2020. Under the terms, Centremanor will acquire al the Daejan at a price of £80.5 per share. Daejan Shares will be de-listed and intends to re-register as a private company as soon as it is appropriate to do so under the provisions of the Companies Act. The transaction will be financed from Freshwater's existing cash resources and under a facility that has been arranged with Barclays Bank Plc and National Westminster Bank Plc. Barclays Bank Plc and National Westminster Bank Plc as lenders dated February 21, 2020 pursuant to which a £225 million credit facility is being made available to finance part of the offer price payable under the offer. The Scheme Document of this transaction will be posted to Daejan shareholders on or around Friday April 3, 2020. The transaction is subject to, among other things, certain approvals by the Relevant Daejan Shareholders and the sanction of the Scheme by the Court. In order to become effective, the Scheme must be approved by a majority in number representing not less than 75 per cent in value of the Relevant Daejan Shareholders, sanction of the Scheme by the Court and an office copy of the Court Order being delivered for registration to the Registrar of Companies. The Daejan Independent Director recommend relevant Daejan shareholders to vote in favor of the transaction. As of April 27, 2020, the court meeting held in connection with the scheme resolution proposed was passed in majority. The transaction is expected to complete in second quarter of 2020. As of April 3, 2020, the transaction is expected to close on May 7, 2020. Alex Midgen and Sam Green of N.M. Rothschild & Sons Limited acted as financial advisors to Centremanor Limited. Patrick Long and William Lawes of Lazard & Co., Limited acted as financial advisor to Daejan Holdings Plc (LSE:DJAN). Patrick Mitchell and Hannah Roscoe of Herbert Smith Freehills LLP acted as legal advisers to Centremanor Limited. Bryan Cave Leighton Paisner LLP is acting as legal adviser to Daejan Holdings Plc (LSE:DJAN). Giles Distin and Andrew Fordham of Addleshaw Goddard LLP acted as legal adviser for Centremanor Limited. Alex Midgen, Toby Cohen and Sam Green of Rothschild & Co acted as advisor to freshwater group for acquisition financing in the transaction. Equiniti Limited acted as registrar to Daejan Holdings Plc.