Total Voting Rights and Directors Dealings

Cavendish Financial PLC
20 February 2024
 

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

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