Business
Recommended All-Share Merger with Cenkos
Recommended All-Share Merger with Cenkos.
About this update from Cavendish Plc
[{"type":"text","content":"\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \n \n THE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE MERGER AND NEW FINNCAP SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT AND THE FINNCAP CIRCULAR WHICH ARE PROPOSED TO BE PUBLISHED IN DUE COURSE\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RELATION TO CENKOS SECURITIES PLC AND FINNCAP GROUP PLC\n \n \n FOR IMMEDIATE RELEASE\n \n \n 23 March 2023\n \n \n RECOMMENDED ALL-SHARE MERGER\n \n \n of\n \n \n Cenkos SECURITIES PLC\n \n \n and\n \n \n finncap GROUP PLC\n \n \n to be implemented by means of a Scheme of Arrangement\nunder Part 26 of the Companies Act 2006\n \n \n \n \n \n Summary\n \n \n · The boards of finnCap Group plc (\"finnCap\") and Cenkos Securities plc (\"Cenkos\") are pleased to announce that they have reached agreement on the terms and conditions of a recommended all-share merger of finnCap and Cenkos (the \"Merger\") to create a market-leading full-service advisory firm for growth and investment companies (the \"Combined Group\").\n \n · \n The Combined Group has (on a proforma combined basis) more than 210 retained listed or quoted clients and employs more than 230 colleagues with ambitions to build on strong foundations across equity capital markets, M&A advisory, debt advisory, and private growth capital fundraising.\n \n \n · The Combined Group has in excess of £50 million of proforma combined revenues and in excess of £20 million combined cash on its balance sheet.\n \n · There are potentially significant cost synergies from common systems, processes, regulatory overlap and infrastructure, as well as clear future revenue potential through broader client reach and collaboration across equity and private capital market disciplines for the Combined Group.\n \n · The Combined Group will be led by the existing CEOs of Cenkos and finnCap as co-CEOs. Lisa Gordon will become Chair of the Combined Group Board which will compris...