Business
Regulatory Condition Satisfied
Regulatory Condition Satisfied.
About this update from Cavendish Plc
[{"type":"text","content":"\n\nNOT 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\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n18 July 2023\nRECOMMENDED ALL-SHARE MERGER\nof\nCenkos SECURITIES PLC\nand\nfinncap GROUP PLC\nto be effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006\nREGULATORY CONDITION SATISFIED\nOn 23 March 2023, the board of Cenkos Securities plc (\"Cenkos\") and the board of finnCap Group plc (\"finnCap\") announced that they had reached agreement on the terms and conditions of a recommended all-share merger between Cenkos and finnCap (the \"Merger\"), to be effected by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the \"Scheme\").\n \nThe Merger and, accordingly, the Scheme are subject to the Conditions set out in Part 3 of the scheme document published by Cenkos on 20 April 2023 in connection with the Scheme (the \"Scheme Document\"), including receipt or deemed receipt of approval from the Financial Conduct Authority (\"FCA\") in respect of the change in control of Cenkos upon completion of the Merger .\n \nThe finnCap and Cenkos Boards are pleased to announce that on 18 July 2023, notice was received from the FCA providing the requisite regulatory approval. This approval remains effective subject to completion of the Merger within three months from 18 July 2023, after which an extension will need to be requested. Accordingly, the regulatory condition to the Scheme set out in paragraph 5 of Section 1 of Part 3 of the Scheme Document has now been satisfied.\n \nUnless otherwise defined, all capitalised terms in this announcement shall have the meanings given to them in the Scheme Document.\n \nExpected Timetable of Principal Events\n \nThe Scheme remains subject to the satisfaction or (where applicable) waiver of the remaining Conditions (as set out in Part 3 of the Scheme Document), including the Court sanctioning the Scheme at the Scheme Sanction Hearing, which is expected to be held during the third quarter of 2023.\n \nThe expected timetable of principal events for the implementation of the Scheme remains as set out in the Sc...