StockMarketWire.com - Fulcrum Utility Services said Harwood Capital's bid for up to 53.5m of the company's shares was an 'opportunistic' manoeuvre and significantly undervalued the company.

Fulcrum said the unsolicited announcement by Harwood Capital of its intention to make a tender offer for up to 53,500,000 of the company's shares at a price of 26.25p per share undervalued the company and its prospects and did not reflect a fair value for independent shareholders.

The company reiterated its recommendation that shareholders should take not accept the tender offer.

'The board notes Harwood's stated intention, should the Tender Offer complete, to seek Board representation for itself and Bayford Group and to use this as a platform to propose a resolution to delist the Company from AIM,' Fulcrum said.

At 9:41am: [LON:FCRM] Fulcrum Utility Services Ltd share price was +0.75p at 25.75p



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