LEI 213800I5L3K7AT7A4R20
Frenkel Topping Group plc
("Frenkel Topping" or the "Company")
Share Buy-Back Programme
Frenkel Topping Group plc, a specialist independent financial advisor and asset manager focussed on asset protection for vulnerable clients announces that it is to commence a buy-back programme to repurchase ordinary shares of 0.5 pence in the capital of the Company ("Ordinary Shares" and the "Programme") up to a maximum value of £50,000. The Programme will be managed by finnCap Ltd ("finnCap") and its sole purpose is to facilitate a reduction in the share capital of the Company.
Frenkel Topping announces that it has entered into an irrevocable, non-discretionary arrangement with finnCap in relation to the Programme and that finnCap will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of and uninfluenced by Frenkel Topping. Any Ordinary Shares acquired as a result of the Programme will be held in treasury and the transaction will be announced to the market without delay.
Any acquisitions of Ordinary Shares will be effected in accordance with the terms of the Company's general authority to make market purchases of its own Ordinary Shares granted to it by shareholders on 30 May 2018 (the "Authority"), including that the maximum price paid per Ordinary Share is to be no more than 105 per cent. of the average middle market closing price of an Ordinary Share for the 5 business days preceding the date of acquisition. The Programme commences on 22 November 2018 and will continue until no later than 21 February 2019. Purchases may continue during any prohibited periods (as defined by MAR) of Frenkel Topping which may fall during this period.
Due to the limited liquidity in the issued Ordinary Shares, any buy-back of Ordinary Shares pursuant to the Authority on any trading day is likely to represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and is likely to exceed 25 per cent. of the average daily trading volume, being the limit laid down in Article 5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company will not benefit from the exemption contained in this Article.
The Company confirms that it currently has no other unpublished price sensitive information, other than what has been disclosed above.
For further information:
Frenkel Topping Group plc www.frenkeltopping.co.uk
Richard Fraser, Chief Executive Officer Tel: 0161 886 8000
Stephen Bentley, Chief Finance Officer
Mark Holt, Group Commercial Director
FinnCap Ltd Tel: 020 7220 0500
Carl Holmes/James Thompson (Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
TB Cardew [email protected]
Tom Allison/Shan Shan Willenbrock/ Tel: 020 7930 0777
Lucy Featherstone
About Frenkel Topping Group plc
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, personal and corporate financial advice and tax planning. It is focused on increasing its assets under management by continued growth of the business by an increase in the number of highly qualified fee earners for the provision of its industry leading specialisms.
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.
