10th Mar 2020 07:00
For immediate release | 10 March 2020 |
CareTech Holdings PLC
("CareTech" or the "Company")
Director/PDMR Shareholding
CareTech Holdings PLC (AIM: CTH), a pioneering provider of specialist social care and education services to adults and children in the UK, announces that Grosvenor UK Ltd ("Grosvenor"), a wholly owned subsidiary of Sheikh Holdings Group (Investments) Limited ("SHG"), has become beneficially interested in 750,000 ordinary shares of the Company (the "Shares") via a contract for difference ("CFD") entered into on 7 March 2020. SHG is wholly owned by members of the Sheikh family, including Farouq Sheikh and Haroon Sheikh, the Company's executive Chairman and Chief Executive Officer respectively. The CFD was effected at a price of 435 pence per Share.
Grosvenor has no voting rights over the Shares and there are no ancillary arrangements relating to these shares other than the terms of the CFD.
The transaction was effected in two parts. The first, a tranche of 500,000 shares acquired from Westminster Holdings Limited, the second a tranche of 250,000 shares acquired from other parties, resulting in the interests of Mr F Sheikh and Mr H Sheikh and their connected persons in the issued share capital of the Company increasing by 250,000 shares and are as follows:
No. of ordinary shares | % of issued share capital | |
Farouq Sheikh | 638,919 | 0.6% |
Haroon Sheikh | 690,226 | 0.6% |
Westminster Holdings Limited | 10,047,864 | 9.0% |
Grosvenor UK Limited Cosaraf Pension Fund | 1,250,000 230,000 | 1.1% 0.2% |
Total | 12,857,009 | 11.5% |
In addition to the above, Mr F Sheikh and Mr H Sheikh are also each interested in 320,000 ordinary shares (total 640,000 ordinary shares) in the Company pursuant to the Executive Shared Ownership Plan 2016 (these share awards vested on 1 May 2019 following fulfilment of the vesting criteria including EPS criteria) and 400,000 ordinary shares (total 800,000 ordinary shares) in the Company pursuant to the Executive Shared Ownership Plan 2019 (which are scheduled to vest in November 2022 and are subject to the fulfilment of vesting criteria)
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCAs") with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Names | Grosvenor UK Ltd ("Grosvenor") | ||||
2 | Reason for the notification | |||||
a) | Position/status
| Grosvenor is a wholly owned subsidiary of Sheikh Holdings Group (Investments) Limited ("SHG"), a company controlled by Farouq Sheikh and Haroon Sheikh, Executive Chairman and Chief Executive Officer of the Company respectively. As Mr F Sheikh and Mr H Sheikh are both PDMRs, Grosvenor is classified as a PCA for the purposes of the EU Market Abuse Regulation | ||||
b) | Initial notification /Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | CareTech Holdings PLC | ||||
b) | LEI |
213800HI1AZG2GLBYF65 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares of 0.5 pence each | ||||
b) | Identification code | GB00B0KWHQ09 | ||||
c) | Nature of the transactions |
CFD over 750,000 ordinary shares | ||||
d)
| Price(s) and volume(s) |
| ||||
d)
| Aggregated information - Aggregated volume - Price |
750,000 435p | ||||
e)
| Date of the transactions | 7 March 2020 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
For further information, please contact:
CareTech Holdings PLC 01707 601800
Farouq Sheikh, Executive Chairman
Christopher Dickinson, Chief Financial Officer
Consilium Strategic Communications (PR Adviser) 020 3709 5700
Mary-Jane Elliott
Chris Welsh
Angela Gray
Panmure Gordon (Nomad and Joint Broker 020 7886 2500
Emma Earl
Freddy Crossley
Charles Leigh-Pemberton
WH Ireland (Joint Broker) 020 7220 1666
Adrian Hadden
Jessica Cave
Matthew Chan
About CareTech
CareTech Holdings plc is a leading provider of specialist social care and education services, supporting around 4,500 adults and children with a wide range of complex needs in more than 550 residential facilities and specialist schools around the UK and employing approximately 10,000 staff.
Committed to the highest standards of care and care governance, CareTech provides its innovative care pathways covering; Adult learning disabilities and specialist services; Children's residential and education services; and foster care.
CareTech, which was founded in 1993, began trading on the AIM market of the London Stock Exchange in October 2005 under the ticker symbol CTH.
For further information please visit: www.caretech-uk.com
Related Shares:
CTH.L