17th May 2023 19:55
Cenkos Securities PLC - London-based stockbroker - Announces the results of the court meeting and general meeting held today in connection with the merger with finncap Group PLC, another London-based stockbroker. Reports the requisite majorities of scheme shareholders voted in favour of the resolution to approve the scheme to effect the merger. Adds at the general meeting, the requisite majority of Cenkos shareholders voted to pass the special resolution proposed. finncap says at its general meeting, the requisite majority of shareholders voted to pass the ordinary resolution proposed. A court sanctioning hearing of the scheme is expected to be held during the third quarter of 2023.
In late March, both stockbrokers agreed on an all-share merger that will see each set of shareholders equally own the combined company and the existing chief executives Julian Morse and John Farrugia, respectively, becoming co-CEOs. Cenkos and finnCap shareholders each will own about half of the enlarged company. Cenkos shareholders will receive 3.19 finnCap shares for each Cenkos share, valued at 37.13 pence per share. This gives an equal value to each company of GBP21.1 million.
Current Cenkos stock price: 38.00 pence, unchanged in London on Wednesday
12-month change: down 43%
Current finncap stock price: 11.00 pence, up 2.3% in London on Wednesday
12-month change: down 52%
By Jeremy Cutler, Alliance News reporter
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