Business
Scheme of Arrangement Becomes Effective
Scheme of Arrangement Becomes Effective.
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\nFOR IMMEDIATE RELEASE\n7 September 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\nSCHEME OF ARRANGEMENT becomes effective\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\"). The circular in relation to the Scheme was published on 20 April 2023 (the \"Scheme Document\").\n \nOn 5 September 2023, Cenkos announced that the High Court of Justice in England and Wales had sanctioned the Scheme at the Scheme sanction Court hearing held on 5 September 2023.\n \nThe Boards of Cenkos and finnCap are pleased to announce that the Scheme has today become Effective in accordance with its terms, following delivery of the Court Order to the Registrar of Companies, and Cenkos is now a wholly-owned subsidiary of finnCap.\n \nSettlement\n \nUnder the terms of the Scheme, Scheme Shareholders on the register of members of Cenkos at the Scheme Record Time, being 6.00 pm on 6 September 2023, are entitled to receive 3.19420647 New finnCap Shares for every Scheme Share held. Fractions of New finnCap Shares will not be issued to Scheme Shareholders and entitlements will be rounded down to the nearest whole number of New finnCap Shares so that all fractions of New finnCap Shares will be disregarded. Application has been made for the New finnCap Shares to be admitted to trading on AIM at 8.00 am on 8 September 2023. CREST accounts of Cenkos Shareholders will be credited with New finnCap Shares at or soon after 8.00 am on 8 September 2023. Despatch of share certificates for the New finnCap Shares will occur within 14 days of the Effective Date.\n \nSuspension and cancellation of trading\n \nTrading in Cenkos Shares on AIM was suspended ...