Last checked at 11 Nov 2021 07:00
This announcement contains 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 company's obligations under Article 17 of MAR. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Fintel plc
(the "Company" or "Fintel")
Issue of shares and PDMR Dealing
Fintel plc, the leading independent provider of fintech and support services to the UK's retail financial services sector, announces the Company has today issued 5,232,335 new ordinary shares of 1 pence each ("Ordinary Shares") in the Company (the "MIP Shares") following the conversion of Ordinary Shares of SimplyBiz Limited (the "A Shares") as prescribed under the Management Incentive Plan (the "MIP"). The A Shares were subscribed for on IPO and vested and became exercisable from 4 April 2021 in accordance with the rules of the MIP.
The A Shares were converted via service of a Put Notice by Neil Stevens (Joint Chief Executive Officer), Matt Timmins (Joint Chief Executive Officer), Gary Kershaw (Group Compliance Director) and one former employee as a good leaver, Sarah Turvey (former Chief Operating Officer) (together the "MIP Participants"). Details in relation to the MIP Shares issued to the Directors / PDMRs are contained in the table below.
Both Neil Stevens and Matt Timmins have informed the Company that they do not intend to dispose of any of their shares for a period of at least twelve months.
Following the exercise by the MIP Participants, the below directors have increased their aggregate holdings from 3.55% to 7.21% of the issued share capital of the Company*. The table below details their interests in the share capital of the Company:
Director | Position | Ordinary Shares held previously | % of total issued share capital | Number of MIP Shares issued | Number of Ordinary Shares sold | Resulting total number of Ordinary Shares held | % of enlarged issued share capital* |
Neil Stevens | Joint Chief Executive Officer | 1,713,447 | 1.76% | 1,970,213 | Nil | 3,683,660 | 3.59% |
Matt Timmins | Joint Chief Executive Officer | 1,745,000 | 1.79% | 1,970,213 | Nil | 3,715,213 | 3.62% |
TOTAL | 3,458,447 | 3.55% | 3,950,426 | Nil | 7,398,873 | 7.21% |
*includes shares issued under the SAYE and CSOP schemes as set out below
Following the above, there are no unconverted A Shares remaining under the MIP.
Other share scheme allotments (SAYE and CSOP)
Fintel plc also announces that it has issued 67,145 ordinary shares of £0.01 each to satisfy certain share entitlements of certain former employees who have elected to exercise their options pursuant to the Company Share Option Plan ("CSOP") and the Company's Save As You Earn ("SAYE") employee share scheme.
Admission and Total Voting Rights
Application has been made for the 5,299,480 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission and dealings in those shares will commence at 8.00 a.m. on 16 November 2021.
The Company advises that, immediately following Admission, there will be 102,661,458 Ordinary Shares in issue, with one voting right each. The Company does not hold any shares in treasury. The number of Ordinary Shares with voting rights will therefore be 102,661,458. Accordingly, this number should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, provides further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Neil Stevens | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Joint Chief Executive Officer (PDMR) | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Fintel plc | ||||||
b) | LEI | 213800DXP1VY21GCTH04 | ||||||
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
Identification Code | Ordinary shares of 1 pence each
ISIN: GB00BG1THS43 | ||||||
b) | Nature of the transaction | Conversion of A Shares in Simply Biz Limited to Ordinary Shares in Fintel plc (MIP) | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information | Price: Nil No of shares: 1,970,213 | ||||||
e) | Date of transaction | 10 November 2021 | ||||||
f) | Place of transaction | London Stock Exchange, AIM
| ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Matt Timmins | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Joint Chief Executive Officer (PDMR) | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Fintel plc | ||||||
b) | LEI | 213800DXP1VY21GCTH04 | ||||||
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
Identification Code | Ordinary shares of 1 pence each
ISIN: GB00BG1THS43 | ||||||
b) | Nature of the transaction | Conversion of A Shares in Simply Biz Limited to Ordinary Shares in Fintel plc (MIP) | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information | Price: Nil pence No of shares: 1,970,213 | ||||||
e) | Date of transaction | 10 November 2021 | ||||||
f) | Place of transaction | London Stock Exchange, AIM
| ||||||
For further information please contact:
Fintel | via Instinctif Partners | |
Matt Timmins (Joint Chief Executive Officer) Neil Stevens (Joint Chief Executive Officer)
| ||
Zeus Capital (Nominated Adviser and Joint Broker) | +44 (0) 20 3829 5000 | |
Martin Green Dan Bate Pippa Hamnett | ||
Investec Bank (Joint Broker) | +44 (0) 20 7597 5095 | |
Bruce Garrow David Anderson Harry Hargreaves | ||
Instinctif Partners (Financial PR) | +44 78 3767 4600 / fintel@instinctif.com | |
George Peele Mark Walter | ||