TIDMFEN
RNS Number : 4333Z
Frenkel Topping Group PLC
15 December 2017
Frenkel Topping Group plc
("Frenkel Topping" or "the Company")
Share Buyback, EBT Purchase, Director Dealing and Resignation of
Director
Frenkel Topping Group plc (AIM: FEN) announces that on 14
December 2017 it acquired 3,000,000 ordinary shares of 5 pence each
in the capital of the Company ("Ordinary Shares") at 58.5p each
(the "Repurchase") and that it has been informed that the Frenkel
Topping Employee Benefit Trust ("EBT") also acquired 3,000,000
Ordinary Shares at 58.5p each (the "EBT Purchase"). These
acquisitions have been made from Jason Granite, a director of the
Company, and FCFM Group Limited ("FCFM"), a firm of which Jason
Granite is a director and substantial shareholder. Jason Granite
sold 744,772 Ordinary Shares each and FCFM sold 5,255,228 Ordinary
Shares all at 58.5p each. The Company also announces that Jason
Granite has resigned both from the Company and as a Director with
immediate effect to pursue other interests.
Total Voting Rights
The Ordinary Shares which have been purchased by the Company
will be held in treasury. Following the Repurchase, the Company
holds 3,000,000 Ordinary Shares in treasury and has 75,657,349
Ordinary Shares in issue, excluding those held in treasury.
Therefore the total number of voting rights in the Company is
75,657,349 which may be used by shareholders as the denominator for
the calculations by which they determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Holding(s) in Company
Following the EBT Purchase, the EBT is interested in 6,178,016
Ordinary Shares, representing 8.17 per cent of the Company's total
voting rights.
The EBT is a discretionary trust for the benefit of employees of
the Company and its subsidiaries, who have been granted share
options. The Executive Directors of the Company are included in the
class of potential beneficiaries of the EBT and are deemed to be
interested in those shares and the dealings thereof.
Following the Repurchase and the EBT Purchase, FCFM holds
4,457,613 Ordinary Shares, representing 5.89 per cent. of the
Company's total voting rights. Jason Granite no longer has a direct
shareholding in the Company.
Related Party Transaction
As Jason Granite is a director of the Company, the Repurchase is
classified as a related party transaction. The independent
directors (being all of the Directors of the Company excluding
Jason Granite and Mark Richards) consider, having consulted with
the Company's nominated adviser, finnCap, that the terms of the
Repurchase are fair and reasonable insofar as the Company's
shareholders are concerned.
Resignation of Director
As stated above, Jason Granite has resigned both from the
Company and as a Director with immediate effect to pursue other
interests. The directors of Frenkel Topping wish to thank Jason for
his dedicated contribution to the Company, having been instrumental
in launching Frenkel Topping Investment Management ("FTIM"), the
Company's own discretionary fund management platform. During his
tenure Jason helped grow FTIM from inception to over GBP300m AUM
and the Company's total AUM by over GBP175m. Frenkel Topping does
not intend to appoint a replacement Chief Investment Officer but
will operate an investment committee from within FTIM, formed of
current team members.
Paul Richardson, Executive Chairman, commented:
"I would like to thank Jason for his work at the Company,
overseeing a move to new offices, together with the establishment
of the FTIM platform and a significant improvement in the Company's
operating margin. We wish him all the best in his future endeavours
and continue to look forward with confidence to the ongoing growth
of the Company."
This announcement contains inside information.
For further information:
Frenkel Topping Group plc www.frenkeltopping.co.uk
Paul Richardson, Executive Tel: 0161 886 8000
Chairman
Richard Fraser, Chief Executive
Officer
Stephen Bentley, Finance Director
Mark Holt, Commercial Director
finnCap Ltd Tel: 020 7220 0500
Adrian Hargrave / James Thompson
/ Alex Price
Tony Quirke
Walbrook PR Ltd Tel: 020 7933 8780
or frenkeltopping@walbrookpr.com
Paul McManus Mob: 07980 541 893
Nick Rome Mob: 07748 325 236
About Frenkel Topping: www.frenkeltopping.co.uk
Frenkel Topping provides specialist independent financial advice
focussed on asset protection for clients. The specialist
independent financial adviser has a market leading position
providing advice and fund management services for personal injury
trusts and clinical negligence awards and is well placed to provide
services to a wider customer base.
The Company provides a range of wealth management services
including bespoke investment portfolios, financial and tax
planning. It is focused on increasing its assets under management
by growing the number of fee earners who are qualified to provide
benefits protection for a variety of needs as the Company adds to
its personal injury and clinical negligence specialism.
It has a national presence with offices in Manchester,
Birmingham, Cardiff, London and Leeds and has relationships and
infrastructure in place to further grow its reach and target
markets.
1. Details of the person discharging managerial
responsibilities / person closely associated
--- -----------------------------------------------------------------
a) Name Jason Granite
--- ------------------------------- --------------------------------
2. Reason for the Notification
--- -----------------------------------------------------------------
a) Position/status Director
--- ------------------------------- --------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------- --------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -----------------------------------------------------------------
a) Name Frenkel Topping Group plc
--- ------------------------------- --------------------------------
b) LEI 213800I5L3K7AT7A4R20
--- ------------------------------- --------------------------------
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 Ordinary shares of 0.5 pence
the Financial
instrument, type
of instrument
---
Identification GB00B01YXQ71
code
--- ------------------------------- --------------------------------
b) Nature of the Disposal of shares
transaction
--- ------------------------------- --------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
58.5p 744,772
--------- ----------
--- ------------------------------- --------------------------------
d) Aggregated information:
* Aggregated volume 744,772 ordinary shares of
0.5 pence each sold at
58.5 pence per ordinary share
* Price
--- ------------------------------- --------------------------------
e) Date of the transaction 14 December 2017
--- ------------------------------- --------------------------------
f) Place of the London Stock Exchange, AIM
transaction Market (XLON)
--- ------------------------------- --------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- -----------------------------------------------------------------
a) Name FCFM
--- ------------------------------- --------------------------------
2. Reason for the Notification
--- -----------------------------------------------------------------
a) Position/status PCA of Jason Granite
--- ------------------------------- --------------------------------
b) Initial notification/Amendment Initial notification
--- ------------------------------- --------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -----------------------------------------------------------------
a) Name Frenkel Topping Group plc
--- ------------------------------- --------------------------------
b) LEI 213800I5L3K7AT7A4R20
--- ------------------------------- --------------------------------
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 Ordinary shares of 0.5 pence
the Financial
instrument, type
of instrument
---
Identification GB00B01YXQ71
code
--- ------------------------------- --------------------------------
b) Nature of the Disposal of shares
transaction
--- ------------------------------- --------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
58.5p 5,255,228
--------- ----------
--- ------------------------------- --------------------------------
d) Aggregated information:
* Aggregated volume 5,255,228 ordinary shares
of 0.5 pence each sold at
58.5 pence per ordinary share
* Price
--- ------------------------------- --------------------------------
e) Date of the transaction 14 December 2017
--- ------------------------------- --------------------------------
f) Place of the London Stock Exchange, AIM
transaction Market (XLON)
--- ------------------------------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFVTFFLSLID
(END) Dow Jones Newswires
December 15, 2017 02:00 ET (07:00 GMT)
Frenkel Topping (LSE:FEN)
Historical Stock Chart
From Apr 2024 to May 2024
Frenkel Topping (LSE:FEN)
Historical Stock Chart
From May 2023 to May 2024