22 April 2024
Cavendish Financial plc
("Cavendish", the "Company", the "Group")
Directors Dealings
Cavendish Financial plc (AIM:CAV) operates a Deferred Bonus Scheme (the "DBS") and a Short Term Incentive Scheme (the "STIP") (together, the "Schemes") which are legacy schemes established by Cenkos Securities plc but under which outstanding awards at completion of the merger between finnCap Group plc and Cenkos Securities plc (on 7 September 2023) were rolled-over into awards over Cavendish shares.
On 18 April, in accordance with the terms and conditions of the Schemes, one third of the DBS awards granted to certain employees, including Executive Directors, in 2021, 2022 and 2023, and one-third of the STIP awards granted to certain employees, including Executive Directors, in July 2023, vested. The vested awards were satisfied by the transfer of shares allocated for that purpose under the Cenkos Securities Employee Benefit Trust (EBT).
Upon vesting of these awards, and after off-market sales to the EBT to satisfy the income tax and NIC liability arising on the vesting, Julian Morse (Co-CEO) and Ben Procter (CFO) received and retained 661,617 and 233,659 shares respectively as shown in the table below:
| Director /PDMR | Total of DBS and STIP Shares Vesting | Shares retained following sale to cover tax liability | Resulting Shareholding | Shareholding % of ISC |
| Julian Morse, Co-CEO | 1,258,574 | 661,617 | 6,609,989 | 1.72% |
| Ben Procter - CFO | 444,484 | 233,659 | 1,091,580 | 0.28% |
Further details of the subscriptions are included in the notifications below, made in accordance with the requirements of the UK Market Abuse Regulation.
For further information, please contact:
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
SPARK Advisory Partners (Nominated Advisor)
Matt Davis / Adam Dawes Tel: +44 (0) 20 3368 3550
| 1 | Details of the persons discharging managerial responsibility | |||||||||
| 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) | Full name of the entity | Cavendish Financial plc | ||||||||
| b) | Legal Entity Identifier Code | 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 of £0.01 nominal value each | ||||||||
| b) | Identification Code | GB00BGKPX309 | ||||||||
| c) | Nature of the transaction | Vesting of ordinary shares under the Deferred Bonus Scheme awarded in 2021 and 2022, and the Short Term Incentive Plan awarded in 2023, and the subsequent sale of shares to satisfy income tax and NIC liabilities | ||||||||
| d) | Currency | GBP - British Pound | ||||||||
| e) | Price(s) and Volume(s) | (1) Vesting of Shares
(2) Sale of shares to satisfy tax and NIC liabilities
| ||||||||
| f) | Aggregated Information - Price - Volume - Total Price | N/A | ||||||||
| g) | Date of transaction | 18 April 2024 | ||||||||
| h) | Place of transaction | Outside a trading venue | ||||||||
| 1 | Details of the persons discharging managerial responsibility | |||||||||
| 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) | Full name of the entity | Cavendish Financial plc | ||||||||
| b) | Legal Entity Identifier Code | 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 of £0.01 nominal value each | ||||||||
| b) | Identification Code | GB00BGKPX309 | ||||||||
| c) | Nature of the transaction | Vesting of ordinary shares under the Deferred Bonus Scheme and the Short Term Incentive Plan awarded in 2023, and the subsequent sale of shares to satisfy income tax and NIC liabilities | ||||||||
| d) | Currency | GBP - British Pound | ||||||||
| e) | Price(s) and Volume(s) | (1) Vesting of Shares
(2) Sale of shares to satisfy tax and NIC liabilities
| ||||||||
| f) | Aggregated Information - Price - Volume - Total Price | N/A | ||||||||
| g) | Date of transaction | 18 April 2024 | ||||||||
| h) | Place of transaction | Outside a trading venue | ||||||||
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