20
February 2024
Cavendish Financial
plc
("Cavendish", the "Company" or the "Group")
Total Voting Rights and
Directors Dealings
Cavendish Financial plc (AIM:CAV) is
pleased to announce that the invitation period for the Company's
Co-Investment Share Plan (the "CiP") closed to eligible employees
on 19 February and 56 employees have chosen to participate in the
CiP.
In aggregate, employees have
contributed £1,211,000 for the subscription of new ordinary shares
in Cavendish at 9.75p per share (the closing market price on 19
February 2024), and committed to purchase £72,820 worth of
Cavendish shares, via monthly purchases in the market, using
post-tax payroll deductions spread over the next 12
months.
Accordingly, Cavendish has raised
£1,211,000 of new capital through the issue of 12,420,500 new
ordinary shares of 1 pence each under the CiP, which shares have
been issued and allotted to the trustee of the Company's employee
benefit trust, Ogier Global Trustee (Jersey) Limited, in its
capacity as nominee on behalf of participants.
The Company has applied for
admission of these newly issued and allotted shares to trading on
AIM. Admission is expected to take place at 8.00 a.m. on 26
February 2024.
Subject to the rules of the CiP, (a
summary of which has been previously announced), and all
participants remaining in the CiP until the end of the 3-year lock
up period, the estimated number of free shares that may be allotted
under the CiP if (i) the minimum share price target is achieved, is
c.6.2m new ordinary shares (c.1.7% of Cavendish's issued share
capital, post the allotment announced today) and (ii) if the
maximum share price target is achieved, is c.49.7m new ordinary
shares (c.13.3% of Cavendish's issued share capital, post the
allotment announced today).
Total Voting Rights
In compliance with the FCA's
Disclosure Guidance and Transparency Rules, the Company announces
that, as at today's date, it has 374,610,065 ordinary shares
of 1 pence each in issue. The Company does not hold
any shares in treasury and all of the ordinary shares have equal
voting rights.
The figure of 374,610,065 ordinary
shares represents the total voting rights in the Company and may be
used by shareholders as the denominator for the calculations by
which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Rules.
Directors and PDMRs Dealings
In connection with their
participation in the CiP, Cavendish announces today the following
subscription of ordinary shares of 1 pence each by its directors
and PDMRs pursuant to the CiP:
|
Director /PDMR
|
No.
of Shares
|
Price per Share
|
Resulting Shareholding
|
Shareholding % of ISC
|
|
Julian Morse, Co-CEO
|
512,820
|
9.75p
|
5,893,271
|
1.6%
|
|
John Farrugia, Co-CEO
|
205,128
|
9.75p
|
2,132,797
|
0.6%
|
|
Ben Procter - CFO
|
512,820
|
9.75p
|
802,820
|
0.2%
|
|
Richard Snow - COO
|
205,128
|
9.75p
|
533,825
|
0.1%
|
Subject to the rules of the CiP,
Cavendish also announces today the grant of the following
conditional share awards over ordinary shares of 1 pence each to
its directors and PDMRs:
|
Director / PDMR
|
Minimum No. of Shares subject to CiP Award
|
Price per Share
|
Maximum No. of Shares subject to CiP Award
|
Price per Share
|
|
Julian Morse, Co-CEO
|
256,410
|
Nil
|
2,051,280
|
Nil
|
|
John Farrugia, Co-CEO
|
102,564
|
Nil
|
820,512
|
Nil
|
|
Ben Procter - CFO
|
256,410
|
Nil
|
2,051,280
|
Nil
|
|
Richard Snow - COO
|
102,564
|
Nil
|
820,512
|
Nil
|
Further details of the subscriptions
and conditional share awards are included in the notifications
below, made in accordance with the requirements of
the UK Market Abuse Regulation.
CONTACTS
Cavendish (Management)
Tel: +44 (0) 20 7220 0500
Julian Morse, Co-Chief Executive
Officer
investor.relations@cavendish.com
John Farrugia, Co-Chief Executive
Officer
Ben Procter, Chief Financial
Officer
Grant Thornton (Nominated Adviser)
Tel: +44 (0) 20 7383 5100
Philip Secrett/Samantha
Harrison/Ciara Donnelly
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Julian Morse
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Co-CEO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Subscription of shares under the
Cavendish Financial plc Co-Investment Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£0.0975
|
512,820
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Julian Morse
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Co-CEO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of conditional share award
under the Cavendish Financial plc Co-Investment
Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£nil
|
Minimum 256,410
Maximum 2,051,280
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
John Farrugia
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Co-CEO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Subscription of shares under the
Cavendish Financial plc Co-Investment Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£0.0975
|
205,128
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
John Farrugia
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Co-CEO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of conditional share award
under the Cavendish Financial plc Co-Investment
Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£nil
|
Minimum 102,564
Maximum 820,512
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Ben Procter
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
CFO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Subscription of shares under the
Cavendish Financial plc Co-Investment Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£0.0975
|
512,820
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Ben Procter
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
CFO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of conditional share award
under the Cavendish Financial plc Co-Investment Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£nil
|
Minimum 256,410
Maximum 2,051,280
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Richard Snow
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
COO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Subscription of shares under the
Cavendish Financial plc Co-Investment Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£0.0975
|
205,128
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Richard Snow
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
COO
|
|
b)
|
Initial notification
/Amendment
|
Initial
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Cavendish Financial plc
|
|
b)
|
LEI
|
213800DLRUJW6JVNS533
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
|
Ordinary shares
|
|
|
|
|
Identification code
|
GB00BGKPX309
|
|
|
|
|
b)
|
Nature of the transaction
|
Grant of conditional share award
under the Cavendish Financial plc Co-Investment Plan
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s)
|
Volume(s)
|
|
|
|
|
£nil
|
Minimum 102,564
Maximum 820,512
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
19 February 2024
|
|
f)
|
Place of the transaction
|
Outside of trading venue
|
END