1st Sep 2023 09:19
finnCap Group PLC - London-based stockbroker - To be renamed Cavendish Financial PLC from Friday next week, with new shares starting to trade under the stock ticker of CAV, as its merger with Cenkos Securities PLC nears completion this quarter. Cavendish is the name of finnCap's corporate finance arm.
Back in May, Cenkos and finnCap agreed an all-share merger that will see the two sets of shareholders equally own the combined company and the existing chief executives becoming co-CEOs. The combined group will have more than 210 clients and 230 staff. It will be led by the existing chief executives of Cenkos and finnCap, Julian Morse and John Farrugia, respectively, as co-CEOs and by Cenkos Chair Lisa Gordon.
Current finnCap stock price: 9.50 pence, up 5.6% on Friday in London for GBP17.2 million market capitalisation
12-month change: down 42%
Current Cenkos stock price: 26.35p, down 2.4% for GBP14.9 million market capitalisation
12-month change: down 57%
By Tom Waite, Alliance News editor
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