Business
Option Grant
Option Grant.
About this update from Cavendish Plc
[{"type":"text","content":"\n\n22 August 2023\nfinnCap Group plc\n(\"finnCap\", \"the Company\" or the \"Group\")\nOption Grant\nfinnCap today announces completion of the grant of options under the finnCap Group plc Company Share Option Plan (the \"Plan\") to John Farrugia, CEO. \nDue to various corporate transactions and closed periods, it has not previously been possible for the Company to complete the issue of these incentive awards to Mr Farrugia as intended upon his appointment as CEO on 1 September 2022 and as described in the Group's Remuneration Committee report included in the Company's Annual Report and Accounts for the year-ended 31 March 2022.\nThe grant comprises a retention option over 2,000,000 shares with an exercise price of 1p per share, and an incentive option over 5,000,000 shares with an exercise price of 15p per share (together the \"Options\"). Due to various corporate transactions and closed periods since his appointment as CEO it has not been possible to formalise the grant until now. In the ordinary course, the Options will vest and become exercisable on 25 July 2025, subject to continuing employment. For the avoidance of doubt, vesting will not accelerate on completion of the recommended all-share merger between finnCap and Cenkos Securities plc.\nThe Options are also subject to malus and clawback for a period of two years following vesting. The Options will lapse, to the extent not exercised, on the day immediately preceding the tenth anniversary of the date of grant.\nFollowing these awards, John Farrugia continues to have a beneficial interest over 1,927,669 Ordinary Shares (as set out in the Company's Opening Position Disclosure dated 4 April 2023 under Rule 8 of the Takeover Code), representing approximately 1.06% of the current total voting rights of the Company, and has options over Ordinary Shares in the Company as set out below:\n\n\n\nName of Scheme or Plan\n\n\nNumber of ordinary shares under options/awards\n\n\nGrant Date\n\n\nVesting date\n\n\nNormal lapse date\n\n\nExercise price (per share)\n\n\n\n\nfinnCap Group plc Company Share Option Plan\n\n\n305,045\n\n\n05/12/2018\n\n\n05/12/2020\n\n\n05/12/2023\n\n\n£0.28\n\n\n\n\n152,523\n\n\n05/12/2018\n\n\n05/12/2021\n\n\n05/12/2023\n\n\n£0.28\n\n\n\n\n152,522\n\n\n05/12/2018\n\n\n05/12/2022\n\n\n05/12/2023\n\n\n£0.28\n\n\n\n\n425,000\n\n\n01/0...