TIDMFCAP
RNS Number : 5551P
finnCap Group PLC
21 June 2022
21 June 2022
finnCap Group PLC ("finnCap", "Company" or the "Group")
Sam Smith to pass on baton after 24 successful years of
leadership at finnCap
Proposed New CEO and appointment of new Directors
Notification of Results Date
After 24 years leading the finnCap business, Sam Smith, CEO, has
announced her intention to step back from the CEO role in the
autumn this year and move into an advisory role in the Group.
In 1998, Sam established a corporate finance business for JM
Finn & Co. Ltd and led a MBO of this business in 2007. Under
her leadership, she and her team have grown the finnCap business
into a leadership position as a NOMAD and broker to AIM companies
having executed its IPO and acquisition of Cavendish Corporate
Finance LLP ("Cavendish") in 2018.
The IPO and acquisition of Cavendish enabled the Group to pursue
a strategy of revenue diversification and, alongside its original
equity capital markets service, the Group now offers private and
plc M&A advice services and has established debt advisory and
private capital teams. In May, it made its first move outside of
financial services with its acquisition of a 50% stake in Energise
Ltd, an ESG related sustainability consultancy.
In 2022, finnCap generated revenues c.GBP52m - over ten times
more than the finnCap business generated in its first full year of
operation.
Board Changes
Sam Smith will step down as CEO and as a director on 1 September
2022 and, in light of her knowledge and experience, she will remain
as an adviser to the new leadership team and Energise.
The Board of finnCap also announces that John Farrugia, Managing
Partner of finnCap Cavendish, the Group's M&A advisory
business, will become a director of the Company following
completion of the required AIM regulatory due diligence. John will
be appointed CEO Designate and, following FCA approval, will become
CEO after Sam's departure.
John Farrugia became Managing Partner of finnCap Cavendish and
joined the Group's executive committee in November 2020. He has
over 20 years' experience in investment banking, primarily within
mergers and acquisitions.
In addition to the above, the Board also intends to appoint
Geoff Nash, a founding shareholder and key member of the 2007 MBO,
as a director of the Group. Geoff is a senior leader in the ECM
business and his appointment establishes a balanced and appropriate
Board structure that reflects the two key business within the
Group. This appointment is also subject to completion of the
required AIM regulatory due diligence.
Notification of Results Date
finnCap will issue its results for the year ended 31 March 2022
on 14(th) July 2022.
Robert Lister, Chairman, said:
"Our thanks go to Sam for her leadership and guidance for
finnCap over the past 24 years; we now look to the future and to
working with her in an advisory capacity. I am very pleased to
confirm that John Farrugia, currently the Managing Partner of
finnCap Cavendish, is going to be appointed as CEO Designate. We
also are pleased that Geoff Nash is joining the Board to ensure
that it has direct access to insight on the capital markets
industry and will represent the capital markets team. He has been
in the finnCap business for over 16 years having joined two years
prior to the MBO. We look forward to welcoming both of them to the
Board and working with them in the future."
Sam Smith, CEO said:
"After 24 years building finnCap into a leading advisory
business for the mid-market, the completion of the integration of
our excellent M&A division, finnCap Cavendish, and our
expansion into other advisory services with our recent investment
into Energise, an exciting sustainability consultancy, it is now
time for me to step back.
After two record years of financial performance, I am delighted
to be able to begin a handover process to John Farrugia our
incoming CEO Designate. I have worked with him since our
acquisition of Cavendish in 2018 and I know that in this role he
can grow finnCap to the next stage. As an adviser to him and his
team, I will help them deliver a successful management transition
and prepare for the growth opportunities ahead. I will also remain
as an adviser to Energise with to help it drive growth in this
exciting new business area.
It is an exciting time for workplace culture, ESG and diversity
and Inclusion and I am looking forward to focusing on a
non-executive career to champion these issues which I passionately
believe in.
We have a truly great business with some amazing people, that I
have loved working with and I am delighted to leave it in their
very capable hands."
John Farrugia, CEO Designate said:
"I am looking forward to stepping into the role of CEO
Designate, and we will now start the handover process to ensure a
smooth transition. What has been achieved over the past 24 years
under Sam's leadership has been truly remarkable and I am delighted
to be entrusted with the leadership of the Group and continue
developing the business over the foreseeable future.
We have built an exceptional financial services business
providing a range of financial products and services which are
unrivalled in the market in which we operate. I look forward to
working alongside the dedicated and hardworking colleagues across
the Group over the years to come."
Contacts:
finnCap Group plc Tel: +44 (0) 20 7220 0500
Sam Smith, Chief Executive Officer
Richard Snow, Chief Financial Officer
Grant Thornton (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Philip Secrett/Samantha Harrison/George Grainger
Oberon Capital (Joint Broker) Tel: +44 (0) 20 3179 5344
Mike Seabrook
finnCap Ltd (Joint Broker) Tel: +44 (0) 20 7220 0500
Rhys Williams/Tim Redfern
Hudson Sandler (PR Adviser) Tel: +44 (0) 20 7796 4133
Dan de Belder/Rebekah Chapman
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
About finnCap
finnCap Group is a leading advisory firm for the business of
tomorrow. The sector specialist service offering ranges from ECM
and IPO, to Plc strategic advisory, debt advisory, M&A and
private growth capital. finnCap Group comprises finnCap Capital
Markets, finnCap Cavendish as a market-leading strategic M&A
firm and has a global reach through its membership of Oaklins.
END
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