Intended Purchases of Shares by EBT
Source: RNS
24 September 2024
Cavendish Financial plc
("Cavendish", "the Company" or the "Group")
Intended Purchases of Shares by Employee Benefit Trust
Cavendish Financial plc (AIM: CAV) announces that Ogier Global Trustee (Jersey) Limited ("Ogier" or the "Trustee"), which administers the Cavendish Financial plc Employee Benefit Trust ("EBT"), has indicated its intention to make market purchases (the "Market Purchases") in ordinary shares of 1p each in the Company ("Ordinary Shares") for the benefit of the EBT and to satisfy the future vesting of awards under the Company's share incentive schemes.
The programme of Market Purchases will, unless terminated by the Trustee at an earlier date, expire on 30 September 2025, and will be limited to £50,000 of Ordinary Shares (by market value) per calendar month. The Market Purchases are subject to the Trustee's discretion, in consultation with its broker, as to the purchase price to be paid up to a pre-agreed maximum price per Ordinary Share of an amount equal to the higher of (i) 5% above the average of the middle market quotations for Ordinary Shares for the preceding five business days immediately preceding the day on which the purchase is made; and (ii) the higher of the price of the last independent trade of Ordinary Shares and the highest current independent bid for an Ordinary Share as derived from the trading venue where the purchase is carried out. The Trustee has absolute discretion and independence in respect of all trading decisions it may make in respect of the Market Purchases.
CONTACTS
Cavendish (Management) Tel: +44 (0) 20 7220 0500
Julian Morse, Co-Chief Executive Officer investor.relations@cavendish.com
John Farrugia, Co-Chief Executive Officer
Ben Procter, Chief Financial Officer
SPARK Advisory Partners (Nominated Advisor)
Matt Davis / Adam Dawes Tel: +44 (0) 20 3368 3550
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