REG - finnCap Group PLC Cenkos Securities - Interim Dividend Declaration and Updated Timetable

Cenkos SecuritiesAnnouncement

24/07/2023 15:00

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RNS Number : 0024H  finnCap Group PLC  24 July 2023

NOT 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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

24 July 2023

RECOMMENDED ALL-SHARE MERGER

of

Cenkos SECURITIES PLC

and

finncap GROUP PLC

to be effected by way of a scheme of arrangement under Part 26 of the
Companies Act 2006

INTERIM DIVIDEND DECLARATION AND UPDATED SCHEME TIMETABLE

On 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 Merger and, accordingly, the Scheme are subject to the Conditions set out
in Part 3 of the scheme document published by Cenkos on 20 April 2023 in
connection with the Scheme (the "Scheme Document"). The finnCap and Cenkos
Boards announced on 18 July 2023 that notice was received from the Financial
Conduct Authority providing the requisite regulatory approval in respect of
the change in control of Cenkos upon completion of the Merger. Accordingly,
the regulatory condition to the Scheme set out in paragraph 5 of Section 1 of
Part 3 of the Scheme Document has now been satisfied.

 

Further to their announcement on 18 July 2023, the finnCap and Cenkos Boards
are pleased to announce an updated expected timetable of principal events
relating to the Scheme and the Interim Dividend, as set out further below and
in the Appendix to this announcement.

 

Unless otherwise defined, all capitalised terms in this announcement shall
have the meanings given to them in the Scheme Document.

 

Next steps

The Scheme remains subject to the satisfaction or (where applicable) waiver of
the remaining Conditions (as set out in Part 3 of the Scheme Document),
including the Court sanctioning the Scheme at the Scheme Sanction Hearing and
the delivery of a copy of the Court Order to the Registrar of Companies for
registration. The date of the Court Hearing to sanction the Scheme will be 5
September 2023.

An application will be made to the London Stock Exchange ("LSE") for the
suspension of the listing of Scheme Shares on AIM with effect from 7.30 am on
7 September 2023.

An application will be made to the LSE in relation to the cancellation of
admission to trading of Scheme Shares on AIM, which, subject to the Scheme
becoming effective on 7 September 2023, is expected to take effect by 7.00 am
on 8 September 2023.

An application will be made to the LSE for the New finnCap Shares to be
admitted to trading on AIM, subject to the Scheme becoming Effective. It is
expected that admission of the New finnCap Shares will take place and dealings
will commence at 8.00 a.m. on 8 September 2023.

Interim Dividend

As set out in the Scheme Document, the Cenkos Board intended to formally
declare the Interim Dividend after 30 June 2023, with such Interim Dividend to
be paid before the Effective Date. The Cenkos Board is pleased to announce
that it has today formally declared the Interim Dividend. The Interim Dividend
is due to be paid on 6 September 2023 to those Cenkos Shareholders who are on
Cenkos' register of members at the close of business on 11 August 2023.

Timetable

 

An updated expected timetable of principal events relating to the Scheme and
the Interim Dividend is set out in the Appendix to this announcement. If any
of these times and/or dates change, the revised times and/or dates will be
announced through a Regulatory Information Service.

 

Other

 

All references to times in this announcement are to London time, unless
otherwise stated.

Enquiries:

 finnCap                                                                                                                                                                      Tel: +44 (0)20 7220 0500

John Farrugia, Chief Executive                                                                                                                                              investor.relations@finncap.com
 Officer

 Richard Snow, Chief Financial Officer

 Henrik Persson, Strategic PLC Advisory

 Cenkos                                                                                                                                                                       Tel: +44 (0)207 397 8900

Lisa Gordon, Chair

 Julian Morse, Chief Executive Officer

 Ben Procter, Chief Financial Officer

 Jeremy Osler, Head of Corporate Finance & General Counsel
 SPARK Advisory Partners                                                                                                                                                      Tel: +44 (0)203 368 3552

(Financial Adviser and Nominated Adviser to Cenkos)

 Matt Davis/Adam Dawes

 Grant Thornton (Nominated Adviser to finnCap)                                                                                                                                Tel: +44 (0)20 7383 5100

 Philip Secrett/Samantha Harrison/George Grainger

 Oberon Capital (Joint Broker to                                                                                                                                              Tel: +44 (0)20 3179 5344
 finnCap)

 Mike Seabrook

 finnCap Ltd (Joint Broker to                                                                                                                                                 Tel: +44 (0)20 7220 0500
 finnCap)

 Tim Redfern

 Hudson Sandler (PR Adviser to finnCap)                                                                                                                                       Tel: +44 (0)7977 927142

 Dan de                                                                                                                                                                       Tel: +44 (0)7702 596674
 Belder

 Rebekah Chapman

 The Nisse Consultancy (PR Adviser to Cenkos)                                                                                                                                   Tel: +44 (0) 7769 688618

Travers Smith LLP is acting as legal adviser to finnCap and Simmons &
Simmons LLP is acting as legal adviser to Cenkos.

Inside information

This announcement contains certain inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"),
and is disclosed in accordance with the Cenkos' and finnCap's obligations
under Article 17 of MAR. For the purposes of MAR, this announcement is being
made on behalf of Cenkos by Jeremy Osler, Head of Corporate Finance &
General Counsel and on behalf of finnCap by Richard Snow, Chief Financial
Officer.

Important notice about financial adviser

SPARK Advisory Partners Limited ("SPARK Advisory Partners"), which is
authorised and regulated in the United Kingdom by the Financial Conduct
Authority ("FCA"), is acting as financial adviser to Cenkos and for no one
else in connection with the Merger and will not be responsible to anyone other
than Cenkos for providing the protections afforded to its clients nor for
providing advice in relation to the Merger, the contents of this announcement
or any other matters referred to in this announcement.

Grant Thornton UK LLP ("Grant Thornton")  is authorised and regulated in the
United Kingdom by the FCA and is acting as nominated adviser for finnCap and
no one else in connection with the Merger and will not regard any other person
as its client in relation to the Merger and will not be responsible to anyone
other than finnCap  for providing the protections afforded to clients of
Grant Thornton or for providing advice in relation to the Merger, the contents
of this announcement or any other matters referred to in this announcement.

Further information

This announcement is for information purposes only and is not intended to, and
does not, constitute or form part of any offer or inducement to sell or an
invitation to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of, any securities or a solicitation of an offer to buy any
securities, any vote or approval in any jurisdiction pursuant to the Merger or
otherwise, nor shall there be any purchase, sale, issuance or exchange of
securities or such solicitation in any jurisdiction in which such offer,
solicitation, sale issuance or exchange is unlawful.  The Merger will be
implemented solely pursuant to the Scheme Document, which contains the full
terms and conditions of the Merger, including details of how to vote in
respect of the Merger.  Any decision in respect of, or other response to, the
Merger should be made only on the basis of the information in the Scheme
Document and the finnCap Circular.

This announcement does not constitute a prospectus, prospectus equivalent
document or an exempted document.

Overseas jurisdictions

This announcement has been prepared in connection with proposals in relation
to a scheme of arrangement pursuant to and for the purpose of complying with
English law, the AIM Rules, the Takeover Code, the Market Abuse Regulation (EU
596/2014) (which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018) and the Disclosure Guidance and Transparency Rules and
information disclosed may not be the same as that which would have been
disclosed if this announcement had been prepared in accordance with the laws
of jurisdictions outside England and Wales.  Nothing in this announcement
should be relied on for any other purpose.

The release, publication or distribution of this announcement in or into
certain jurisdictions other than the United Kingdom may be restricted by the
laws of those jurisdictions and therefore any persons into whose possession
this announcement comes should inform themselves of, and observe, such
restrictions.  In particular the ability of persons who are not resident in
the United Kingdom to vote their Cenkos Shares at the Court Meeting or General
Meeting, or to appoint another person as proxy to vote at the Court Meeting or
General Meeting on their behalf, may be affected by the laws of the relevant
jurisdictions in which they are located. Further details in relation to the
Overseas Shareholders are contained in the Scheme Document.  Any failure to
comply with any such restrictions may constitute a violation of the securities
laws of any such jurisdiction.  To the fullest extent permitted by applicable
law, the companies and persons involved in the Merger disclaim any
responsibility or liability for the violation of such restrictions by any
person.

Unless otherwise determined by finnCap or required by the Takeover Code, and
permitted by applicable law and regulation, New finnCap Shares to be issued
pursuant to the Merger shall not be made available, directly or indirectly,
in, into or from a Restricted Jurisdiction where to do so would violate the
laws in that jurisdiction and no person may vote in favour of the Scheme by
any such means from within a Restricted Jurisdiction or any other jurisdiction
if to do so would constitute a violation of the laws of that jurisdiction and
no person may vote in favour of the Merger by use of mail or any other means
of instrumentality (including, without limitation, facsimile, email or other
electronic transmission, telex or telephone) of interstate or foreign commerce
of, or any facility of a national, state or other securities exchange of, any
Restricted Jurisdiction.

Accordingly, copies of this announcement and all documents relating to the
Merger are not being, and must not be, directly or indirectly, mailed or
otherwise forwarded, distributed or sent in, into or from a Restricted
Jurisdiction where to do so would violate the laws in that jurisdiction, and
persons receiving this announcement and all documents relating to the Merger
(including custodians, nominees and trustees) must not mail or otherwise
distribute or send them in, into or from such jurisdictions where to do so
would violate the laws in that jurisdiction.  Doing so may render invalid any
related purported vote in respect of the Merger.  If the Merger is
implemented by way of a Takeover Offer (unless otherwise permitted by
applicable law or regulation), such Takeover Offer may not be made, directly
or indirectly, in or into, or by use of mail or any other means or
instrumentality (including, without limitation, facsimile, email or other
electronic transmission, telex or telephone) of interstate or foreign commerce
of, or any facility of a national, state or other securities exchange of, any
Restricted Jurisdiction and such Takeover Offer will not be capable of
acceptance by any such use, means, instrumentality or facilities from within
any Restricted Jurisdiction.

The availability of New finnCap Shares pursuant to the Merger to Cenkos
Shareholders who are not resident in the United Kingdom may be affected by the
laws of the relevant jurisdictions in which they are resident.  Persons who
are not resident in the United Kingdom should inform themselves of, and
observe, any applicable requirements. To the fullest extent permitted by
applicable law, the companies and persons involved in the Merger disclaim any
responsibility or liability for the violation of such restrictions by any
person.

Further details in relation to Cenkos Shareholders in overseas jurisdictions
are contained in the Scheme Document.

The Merger shall be subject to the applicable requirements of the Takeover
Code, the Panel, the London Stock Exchange, the AIM Rules, the FCA and the
Registrar of Companies.

Additional information for US investors

Cenkos Shareholders in the United States should note that the Merger relates
to the shares of an English company with a listing on AIM and is proposed to
be effected by means of a scheme of arrangement under English law.  This
announcement, the Scheme Document and certain other documents relating to the
Merger have been or will be prepared in accordance with English law, the
Takeover Code and UK disclosure requirements, format and style, all of which
differ from those in the United States.  A transaction effected by means of a
scheme of arrangement is not subject to the tender offer rules or the proxy
solicitation rules under the US Exchange Act.  Accordingly, the Merger is
subject to the disclosure requirements of and practices applicable in the
United Kingdom to schemes of arrangement, which differ from the disclosure
requirements of the United States tender offer and proxy solicitation rules.
If, in the future, finnCap exercises the right to implement the Merger by way
of a Takeover Offer and determines to extend such Takeover Offer into the
United States, any such Takeover Offer will be made in compliance with
applicable United States laws and regulations, including any applicable
exemptions under the US Exchange Act and the US Securities Act.

Cenkos' financial statements, and all financial information included in this
announcement, the Scheme Document or any other documents relating to the
Merger, have been or will be prepared in accordance with IFRS and may not be
comparable to financial statements of companies in the United States or other
companies whose financial statements are prepared in accordance with US
generally accepted accounting principles.

Each Cenkos Shareholder is urged to consult their independent professional
adviser immediately regarding the tax consequences of the Merger applicable to
them.

It may be difficult for US holders to enforce their rights and claims arising
out of the US federal securities laws, since finnCap and Cenkos are located in
countries other than the United States, and some or all of their officers and
directors may be residents of countries other than the United States.  US
holders may not be able to sue a non-US company or its officers or directors
in a non-US court for violations of US securities laws.  Further, it may be
difficult to compel a non-US company and its affiliates to subject themselves
to a US court's judgement.

The Merger is intended to be implemented pursuant to a scheme of arrangement
under the laws of England, the New finnCap Shares to be issued as part of the
Merger will be issued in reliance on the exemption from the registration
requirements of the US Securities Act provided by Section 3(a)(10) thereof.
Cenkos will advise the Court that its sanction of the scheme of arrangement
will be relied upon by finnCap and Cenkos as an approval of the scheme of
arrangement following a hearing on its fairness to Cenkos Shareholders at
which hearing all such shareholders are entitled to attend in person or
through counsel to support or oppose the sanctioning of the scheme of
arrangement and in respect of which notification has been given to all Cenkos
Shareholders.

In accordance with normal UK practice and consistent with Rule 14e-5(b) of the
US Exchange Act, (to the extent applicable) finnCap, certain affiliated
companies and their nominees or brokers (acting as agents) may make certain
purchases of, or arrangements to purchase, shares in Cenkos outside of the
United States, other than pursuant to the Merger, until the date on which the
Merger and/or Scheme becomes Effective, lapses or is otherwise withdrawn.  If
such purchases or arrangements to purchase were to be made they would occur
either in the open market at prevailing prices or in private transactions at
negotiated prices and comply with applicable law, including the US Exchange
Act.  Any information about such purchases or arrangements to purchase will
be disclosed as required in the United Kingdom, will be reported to a
Regulatory Information Service and will be available on the London Stock
Exchange website at www.londonstockexchange.com
(http://www.londonstockexchange.com) .

Neither the United States Securities and Exchange Commission nor any US state
securities commission has approved or disapproved the Merger, passed upon the
merits or fairness of the Merger or passed any opinion upon the accuracy,
adequacy or completeness of this announcement (nor will it do so in respect of
the Scheme Document).  Any representation to the contrary is a criminal
offence in the United States.

Forward looking statements

This announcement (including information incorporated by reference in this
announcement), oral statements made regarding the Merger, and other
information published by finnCap, Cenkos, any member of the Wider finnCap
Group or any member of the Wider Cenkos Group may contain statements which
are, or may be deemed to be, "forward looking statements". Forward looking
statements are prospective in nature and are not based on historical facts,
but rather on current expectations and projections about future events, and
are therefore subject to risks and uncertainties which could cause actual
results to differ materially from the future results expressed or implied by
the forward looking statements.

The forward looking statements contained in this announcement include
statements relating to the expected effects of the Merger on finnCap, Cenkos,
any member of the Wider finnCap Group or any member of the Wider Cenkos Group
(including their future prospects, developments and strategies), the expected
timing and scope of the Merger and other statements other than historical
facts. Often, but not always, forward looking statements can be identified by
the use of forward looking words such as "prepares", "plans", "expects" or
"does not expect", "is expected", "is subject to", "budget", "projects",
"synergy", "strategy", "scheduled", "goal", "estimates", "forecasts",
"intends", "cost-saving", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "should", "would", "might"
or "will" be taken, occur or be achieved.  Forward looking statements may
include statements relating to the following: (i) future capital expenditures,
expenses, revenues, earnings, synergies, economic performance, indebtedness,
financial condition, dividend policy, losses and future prospects; (ii)
business and management strategies and the expansion and growth of finnCap's,
Cenkos', any member of the Wider finnCap Group's or any member of the Wider
Cenkos Group's operations and potential synergies resulting from the Merger;
and (iii) the effects of global economic conditions and governmental
regulation on finnCap's, Cenkos', any member of the Wider finnCap Group's or
any member of the Wider Cenkos Group's business.

Although finnCap and Cenkos believe that the expectations reflected in such
forward looking statements are reasonable, finnCap, Cenkos, the Wider finnCap
Group and the Wider Cenkos Group can give no assurance that such expectations
will prove to be correct. By their nature, forward looking statements involve
risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those expressed or
implied by such forward looking statements.

These factors include, but are not limited to: the ability to complete the
Merger; the ability to obtain requisite regulatory and shareholder approvals
and the satisfaction of other Conditions; changes in the global political,
economic, business and competitive environments and in market and regulatory
forces; changes in future exchange and interest rates; changes in tax rates;
future business combinations or disposals; changes in general economic and
business conditions; changes in the behaviour of other market participants;
the anticipated benefits from the proposed transaction not being realised as a
result of changes in general economic and market conditions in the countries
in which finnCap, Cenkos, the Wider finnCap Group and/or the Wider Cenkos
Group operate; weak, volatile or illiquid capital and/or credit markets;
changes in the degree of competition in the geographic and business areas in
which finnCap, Cenkos, the Wider finnCap Group and/or the Wider Cenkos Group
operate; and changes in laws or in supervisory expectations or requirements.
Other unknown or unpredictable factors could cause actual results to differ
materially from those expected, estimated or projected in the forward looking
statements. If any one or more of these risks or uncertainties materialises or
if any one or more of the assumptions proves incorrect, actual results may
differ materially from those expected, estimated or projected. Such forward
looking statements should therefore be construed in the light of such factors.

Neither finnCap, Cenkos, the Wider finnCap Group nor the Wider Cenkos Group,
nor any of their respective associates or directors, officers or advisers,
provide any representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward looking statements in this
announcement will actually occur. Given these risks and uncertainties,
potential investors are cautioned not to place any reliance on these forward
looking statements.

Specifically, statements of estimated cost savings and synergies related to
future actions and circumstances which, by their nature, involve risks,
uncertainties and contingencies. As a result, the cost savings and synergies
referred to may not be achieved, may be achieved later or sooner than
estimated, or those achieved could be materially different from those
estimated.

Other than in accordance with their legal or regulatory obligations, neither
finnCap, Cenkos, the Wider finnCap Group nor the Wider Cenkos Group is under
any obligation, and each such person expressly disclaims any intention or
obligation to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise.

Publication on website

A copy of this announcement and the documents required to be published
pursuant to Rule 26.1 of the Takeover Code will be available, free of charge,
subject to certain restrictions relating to persons resident in Restricted
Jurisdictions on Cenkos' website at www.cenkos.com/investors
(http://www.cenkos.com/investors) and finnCap's website at
https://announcements.finncap.com/merger/
(https://announcements.finncap.com/merger/) by no later than 12.00 p.m. on the
Business Day following this announcement.  For the avoidance of doubt,
neither the content of Cenkos' website nor finnCap's website is incorporated
into, or forms part of, this announcement.

Information relating to Cenkos Shareholders

Please be aware that addresses, electronic addresses and certain information
provided by Cenkos Shareholders, persons with information rights and other
relevant persons for the receipt of communications from Cenkos may be provided
to finnCap during the Offer Period as required under Section 4 of Appendix 4
of the Takeover Code to comply with Rule 2.11(c) of the Takeover Code.

Right to receive documents in hard copy form

Any person entitled to receive a copy of documents, announcements and
information relating to the Merger is entitled to receive such documents in
hard copy form free of charge.  For persons who receive a copy of this
announcement in electronic form or via a website notification, a hard copy of
this announcement will not be sent unless so requested. A person may request
that all future documents, announcements and information in relation to the
Merger are sent to them in hard copy form.

In accordance with Rule 30.3 of the Takeover Code, Cenkos Shareholders,
persons with information rights and participants in Cenkos Share Plans may
request a hard copy of this announcement by contacting, Link Asset Services,
Cenkos' Registrars on 0371 664 0321 (or +44 371 664 0321 if calling from
outside the UK). Calls are charged at the standard geographic rate and will
vary by provider. Calls outside the United Kingdom will be charged at the
applicable international rate.

Disclosure requirements of the Takeover Code

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or
more of any class of relevant securities of an offeree company or of any
securities exchange offeror (being any offeror other than an offeror in
respect of which it has been announced that its offer is, or is likely to be,
solely in cash) must make an Opening Position Disclosure following the
commencement of the offer period and, if later, following the announcement in
which any securities exchange offeror is first identified. An Opening Position
Disclosure must contain details of the person's interests and short positions
in, and rights to subscribe for, any relevant securities of each of (i) the
offeree company and (ii) any securities exchange offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no
later than 3.30 pm (London time) on the 10(th) business day following the
commencement of the offer period and, if appropriate, by no later than 3.30 pm
(London time) on the 10(th) business day following the announcement in which
any securities exchange offeror is first identified. Relevant persons who deal
in the relevant securities of the offeree company or of a securities exchange
offeror prior to the deadline for making an Opening Position Disclosure must
instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the offeree
company or of any securities exchange offeror must make a Dealing Disclosure
if the person deals in any relevant securities of the offeree company or of
any securities exchange offeror. A Dealing Disclosure must contain details of
the dealing concerned and of the person's interests and short positions in,
and rights to subscribe for, any relevant securities of each of (i) the
offeree company and (ii) any securities exchange offeror(s), save to the
extent that these details have previously been disclosed under Rule 8. A
Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no
later than 3.30 pm (London time) on the business day following the date of the
relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk (http://www.thetakeoverpanel.org.uk) , including
details of the number of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. You should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any
doubt as to whether you are required to make an Opening Position Disclosure or
a Dealing Disclosure.

General

If you are in any doubt about the contents of this announcement or the action
you should take, you are recommended to seek your own independent financial
advice immediately from your stockbroker, bank manager, solicitor or
independent financial adviser duly authorised under FSMA if you are resident
in the United Kingdom or, if not, from another appropriate authorised
independent financial adviser.

 

APPENDIX

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 Event                                                                                                    Expected time/date
 The following dates are indicative only and are based on the current
 expectations of the Cenkos Directors and the finnCap Directors and may be
 subject to change; please see note (1) below.
 Event                                                                                                    Expected time/date
 Cenkos Interim Dividend marked 'Ex dividend'                                    10 August 2023
 Cenkos Interim Dividend record date                                             11 August 2023
 Scheme Sanction Hearing                                                         5 September 2023 ((1))
 Cenkos Interim Dividend payment date                                            6 September 2023
 Last day of dealings in, and for registration of transfers of, and disablement  6 September 2023
 of CREST for, Cenkos Shares
 Scheme Record Time                                                              6.00 pm on 6 September 2023
 Suspension of dealings in Cenkos Shares                                         7.30 am on 7 September 2023
 Effective Date of the Scheme                                                    7 September 2023((2))
 Cancellation of admission of Cenkos Shares to trading on AIM                    7.00 am on 8 September 2023
 Admission and commencement of dealings of the New finnCap Shares on AIM          8.00 am on 8 September 2023
 Issuance of New finnCap Shares                                                  8 September 2023
 CREST accounts of Cenkos Shareholders 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                       within 14 days after the Effective Date
 Long Stop Date                                                                  11.59 pm on 31 December 2023 ((3))

 

Notes:

((1))The time of the Scheme Court Hearing, the number of the Court and the
name of the Judge will be available on the Business and Property Court Rolls
Building Cause List at www.justice (http://www.justice.gov.uk/) .g
(http://www.justice.gov.uk/) ov.uk (http://www.justice.gov.uk/)
(http://www.justice.gov.uk/) on the day before the Scheme Sanction Hearing.

((2))The Scheme will become effective pursuant to the terms of the Court Order
being delivered to the Registrar of Companies.

((3))This is the latest date by which the Scheme may become Effective unless
Cenkos and finnCap agree (and, if required, the Panel consents to and the
Court approves) a later date.

All references in this document to times are to London time unless otherwise
stated. The dates and times given are indicative only and are based on Cenkos'
and finnCap's current expectations and may be subject to change (including as
a result of changes to the regulatory timetable). If any of the expected times
and/or dates above change, the revised times and/or dates will be notified to
finnCap and Cenkos Shareholders by announcement through a Regulatory
Information Service.

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