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On 15 August 2024, Cavendish Financial plc's Co-CEO, John Farrugia, exercised options over 1,333,334 ordinary shares at 1p per share, with the shares transferred from the Cavendish Financial plc Employee Benefit Trust. Following this, 685,070 shares were sold at £0.121 per share to satisfy tax liabilities, resulting in Farrugia retaining 648,264 shares and holding a total of 2,836,162 shares, representing 0.74% of the Company's issued share capital.
| Date | 15 Aug 2024 |
| Time | 15:00:23 |
| Category | Director/PDMR dealings |
| ID | 6518A |
15 August 2024
Cavendish Financial plc
(the "Cavendish", the "Company", the Group)
Directors Dealings
Cavendish Financial plc (AIM:CAV) announces that John Farrugia (Co-CEO) has exercised options over 1,333,334 ordinary shares in the Company (the "Options") at an exercise price of 1p per share under the Company's Unapproved Share Option Plan. The exercise of the Options was satisfied by the transfer of shares from the Cavendish Financial plc Employee Benefit Trust (EBT).
Following exercise, and after the off-market sale of shares to the EBT to satisfy the income tax and NIC liability arising on the exercise, John Farrugia received and retained 648,264 shares as shown in the table below:
|
Director /PDMR |
Options Exercised |
Shares retained following sale to cover tax liability |
Resulting Shareholding |
Shareholding % of ISC |
|
John Farrugia, Co-CEO |
1,333,334 |
648,264 |
2,836,162 |
0.74% |
Further details of the exercise of options and sale to cover tax liability are included in the notification 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
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1 |
Details of the persons discharging managerial responsibility |
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a) |
Name |
John Farrugia |
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2 |
Reason for the notification |
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a) |
Position/status |
Co-CEO |
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b) |
Initial notification/amendment |
Initial |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Full name of the entity |
Cavendish Financial plc |
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b) |
Legal Entity Identifier Code |
213800DLRUJW6JVNS533 |
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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 |
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a) |
Description of the financial instrument, type of instrument |
Ordinary Shares of £0.01 nominal value each |
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b) |
Identification Code |
GB00BGKPX309 |
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c) |
Nature of the transaction |
Exercise of options under the Unapproved Share Option Plan and the subsequent sale of shares to satisfy income tax and NIC liabilities |
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d) |
Currency |
GBP - British Pound |
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e) |
Price(s) and Volume(s) |
(1) Exercise of options
(2) Sale of shares to satisfy tax and NIC liabilities
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f) |
Aggregated Information - Price - Volume - Total Price |
N/A |
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g) |
Date of transaction |
15 August 2024 |
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h) |
Place of transaction |
Outside a trading venue |
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