New Risk • Jul 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 189% Cash payout ratio: 91% Dividend yield: 8.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 189% Cash payout ratio: 91% Earnings have declined by 40% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (UK£34.2m market cap, or US$45.5m). Announcement • Jul 24
Cavendish plc, Annual General Meeting, Aug 18, 2026 Cavendish plc, Annual General Meeting, Aug 18, 2026. Location: the companys registered office address, 1 bartholomew close, ec1a 7bl, london United Kingdom Reported Earnings • Jun 25
Full year 2026 earnings released: EPS: UK£0.002 (vs UK£0.002 in FY 2025) Full year 2026 results: EPS: UK£0.002 (in line with FY 2025). Revenue: UK£56.6m (up 2.3% from FY 2025). Net income: UK£566.0k (down 26% from FY 2025). Profit margin: 1.0% (down from 1.4% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 24
Cavendish plc Proposes Final Dividend, to Be Paid on 15 September 2026 Cavendish plc proposed a final dividend of 0.5 pence per share. The final dividend, subject to approval at the AGM, is expected to be paid on 15 September 2026 to shareholders on the register on 21 August 2026. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Dividend is not well covered by earnings (189% payout ratio). Market cap is less than US$100m (UK£31.1m market cap, or US$41.8m). New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Dividend is not well covered by earnings (189% payout ratio). Market cap is less than US$100m (UK£29.4m market cap, or US$39.1m). Reported Earnings • Nov 03
First half 2026 earnings released: EPS: UK£0.002 (vs UK£0 in 1H 2025) First half 2026 results: EPS: UK£0.002 (up from UK£0 in 1H 2025). Revenue: UK£28.5m (up 3.8% from 1H 2025). Net income: UK£726.0k (up UK£689.0k from 1H 2025). Profit margin: 2.6% (up from 0.1% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (355% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (UK£34.4m market cap, or US$45.2m). Announcement • Oct 30
Cavendish plc Announces Interim Dividend in Respect of the Six Months Ended 30 September 2025, Payable on 10 December 2025 Cavendish plc announced that the Board has declared an interim dividend of 0.3 pence per share in respect of the six months ended 30 September 2025. The Interim Dividend will be paid on 10 December 2025 to shareholders registered on the record date of 21 November 2025, reflecting Cavendish's commitment to returning value to shareholders. Announcement • Jul 21
Cavendish plc, Annual General Meeting, Sep 16, 2025 Cavendish plc, Annual General Meeting, Sep 16, 2025. Location: the companys registered office address, 1 bartholomew close, ec1a 7bl, london United Kingdom New Risk • Jul 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (355% payout ratio). Large one-off items impacting financial results. Significant insider selling over the past 3 months (UK£53k sold). Market cap is less than US$100m (UK£47.3m market cap, or US$64.4m). Declared Dividend • Jun 29
Final dividend of UK£0.005 announced Shareholders will receive a dividend of UK£0.005. Ex-date: 18th September 2025 Payment date: 14th October 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (15% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Reported Earnings • Jun 27
Full year 2025 earnings released: EPS: UK£0.002 (vs UK£0.014 loss in FY 2024) Full year 2025 results: EPS: UK£0.002 (up from UK£0.014 loss in FY 2024). Revenue: UK£55.0m (up 16% from FY 2024). Net income: UK£765.0k (up UK£4.31m from FY 2024). Profit margin: 1.4% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Jun 26
Cavendish plc Proposes Final Dividend for the Year Ended March 31, 2025, Payable on October 14, 2025 Cavendish plc has proposed a final dividend of 0.5 pence per share for the year ended March 31, 2025. The final dividend, subject to approval at the AGM, is expected to be paid on 14 October 2025 to shareholders on the register on 19 September 2025. Announcement • Jun 24
Cavendish Responses to Press Speculation The Board of Cavendish plc (AIM:CAV) noted the recent press speculation and confirmed that it has received interest in the private M&A and debt advisory business of the Group. This was rejected and there have been no further discussions. The Group's strategy is to focus on growing and evolving as a full service, fully integrated, small and mid-cap investment bank with the potential for adding additional business offerings rather than reducing them. Cavendish has already generated significant revenues and won a number of live mandates as a result of the integrated business offerings within the Group. New Risk • May 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 49% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (UK£53k sold). Market cap is less than US$100m (UK£38.3m market cap, or US$51.6m). New Risk • Apr 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£272k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 49% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (UK£272k sold). Market cap is less than US$100m (UK£29.1m market cap, or US$38.8m). Recent Insider Transactions • Feb 03
Co-CEO & Director recently bought UK£255k worth of stock On the 31st of January, Julian Morse bought around 3m shares on-market at roughly UK£0.088 per share. This transaction amounted to 79% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Announcement • Nov 11
Cavendish Financial plc Declares an Interim Dividend for the Six Months Ended 30 September 2024, Payable on 11 December 2024 The Board of Cavendish Financial plc has declared an interim dividend of 0.3p per share in respect of the six months ended 30 September 2024 (the "Interim Dividend") (total dividend 0.25p in FY'24). The Interim Dividend will be paid on 11 December 2024 to shareholders registered on the record date of 22 November 2024, reflecting Cavendish's commitment to returning value to shareholders. Reported Earnings • Jul 16
Full year 2024 earnings released: UK£0.014 loss per share (vs UK£0.033 loss in FY 2023) Full year 2024 results: UK£0.014 loss per share (improved from UK£0.033 loss in FY 2023). Revenue: UK£47.4m (up 47% from FY 2023). Net loss: UK£3.55m (loss narrowed 36% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Jul 16
Cavendish Financial plc, Annual General Meeting, Sep 16, 2024 Cavendish Financial plc, Annual General Meeting, Sep 16, 2024. New Risk • Jul 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (120% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (UK£53.4m market cap, or US$68.5m). Announcement • May 25
Cavendish Financial plc Announces That Richard Snow Will Step Down from the Board on July 31, 2024 Cavendish announced that Richard Snow, an executive director of the Company and the Group's Chief Operational Officer, will step down from the Board on 31 July 2024. Recent Insider Transactions Derivative • Apr 23
Co-CEO & Director exercised options and sold UK£65k worth of stock On the 18th of April, Julian Morse exercised options to acquire 597k shares at no cost and sold these for an average price of UK£0.11 per share. This trade did not impact their existing holding. Since December 2023, Julian's direct individual holding has increased from 5.38m shares to 5.89m. Company insiders have collectively bought UK£48k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Apr 04
Cavendish Financial plc Provides Revenue Guidance for the Second Half and Full Year 2023 Cavendish Financial plc provided revenue guidance for the second half and full year 2023. For the second half, company saw significant growth with revenues expected to be approximately £34.5 million, c.77% up on pro forma first half revenue of £19.5 million.For the full year, statutory revenue for the full year is expected to be approximately £47.5 million (Fiscal Year 2023: £32.9 million) up c.44%. On a full year pro forma basis revenue is expected to be c.£54 million (Fiscal Year 2023 pro forma: £50.5 million). New Risk • Feb 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risk Market cap is less than US$100m (UK£38.6m market cap, or US$48.9m). Recent Insider Transactions • Dec 21
Co-CEO & Director recently bought UK£80k worth of stock On the 19th of December, Julian Morse bought around 901k shares on-market at roughly UK£0.089 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Julian's only on-market trade for the last 12 months. Announcement • Dec 19
Cavendish Financial plc Announces Board Changes Cavendish Financial plc announced that Mark Astaire has been appointed to its Board of Directors as an independent Non-Executive Director with effect from 1 January 2024. Mark brings over 35 years of investment banking experience to the Board having held a number of senior leadership positions including Chairman of Corporate Broking at Barclays and Head of Corporate Broking at Bank of America Merrill Lynch. Mark was also a member of the Takeover Panel. Mark is a member of the board of Sky News (which protects the editorial independence of Sky News), a Trustee of the charity Breast Cancer Now and a member of the International Advisory Board of the University of Edinburgh Business School. Robert Lister, Deputy Chairman has informed the company of his intention to step down from the Board of Directors on 31 December 2023 having led finnCap Group plc ("finnCap"), as Chairman, through its merger and subsequent integration with Cenkos Securities plc creating Cavendish Financial Plc in September 2023. Board Change • Sep 11
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (6 non-independent directors). COO & Director Richard Snow is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Shipley Andrews was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Sep 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 107% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (UK£33.3m market cap, or US$41.5m). Announcement • Sep 08
finnCap Group plc (AIM:FCAP) completed the acquisition of Cenkos Securities plc (AIM:CNKS) from a group of sellers and others. finnCap Group plc (AIM:FCAP) signed an agreement to acquire Cenkos Securities plc (AIM:CNKS) from a group of sellers and others for £21.1 million on March 23, 2023. Under the terms of the merger, each Cenkos shareholder will be entitled to receive 3.19420647 new finnCap shares. The transaction will be implemented by means of a court-sanctioned scheme of arrangement.The combined group will be led by the existing CEOs of Cenkos and finnCap as co-CEOs. Lisa Gordon will become Chair of the combined group board which will comprise equal numbers of finnCap and Cenkos Directors. The remainder of the combined group board will comprise Ben Procter (CFO), Richard Snow (COO), Robert Lister (senior independent non-executive director) and an expected two further independent non-executive directors to be agreed, one of whom will be nominated by each of Cenkos and finnCap. In aggregate, Cenkos have received irrevocable undertakings and a letter of intent to vote or procure votes in favour of the merger in respect of 18,580,550 scheme shares, representing 32.77% of the issued share capital of Cenkos as at the latest practicable date. The transaction has been unanimously recommended by the Directors of finnCap and Cenkos. The scheme is subject to Cenkos shareholders approval at the General and Court Meeting, Court approval, to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange, the AIM Rules, the FCA and CMA approval. As of July 18, 2023, the transaction has received regulatory approval from the UK financial conduct authority. The scheme is currently expected to become effective during the third calendar quarter of 2023. The finnCap Board is pleased to announce that the finnCap General Meeting is to be held on May 17, 2023. As of September 5, 2023, High Court of Justice in England and Wales has approved or sanctioned the scheme related to the transaction. The merger scheme will become effective on September 7, 2023, once a copy of the Court Order is delivered to the Registrar of Companies.Matt Davis of SPARK Advisory Partners provided independent financial advice to the Cenkos Directors. Philip Secrett, Samantha Harrison and George Grainger of Grant Thornton acted as nominated adviser to finnCap. Travers Smith LLP is acting as legal adviser to finnCap and Simmons & Simmons LLP is acting as legal adviser to Cenkos. Link Asset Services acted as registrar of Cenkos.finnCap Group plc (AIM:FCAP) completed the acquisition of Cenkos Securities plc (AIM:CNKS) from a group of sellers and others on September 7, 2023. As the scheme has now become effective, Lisa Gordon, Andrew Boorman and Jeremy Miller have tendered their resignations and have stepped down from the Cenkos board. Announcement • Sep 06
finnCap Group plc, Annual General Meeting, Sep 29, 2023 finnCap Group plc, Annual General Meeting, Sep 29, 2023, at 09:00 Coordinated Universal Time. Location: 1 Bartholomew Close London Ec1a United Kingdom Announcement • Sep 03
Finncap Group plc Announces Board Changes The Board of finnCap Group plc has resolved to appoint, with effect from and conditional upon the Effective Date occurring, Lisa Gordon, Julian Morse, Ben Procter and Jeremy Miller as directors of the Company. Further information on the new directors can be found below. Further, with effect from and conditional upon the Effective Date occurring, Andy Hogarth, Geoff Nash and Barbara Anne Firth will resign from the finnCap Board. Reported Earnings • Aug 28
Full year 2023 earnings released: UK£0.033 loss per share (vs UK£0.04 profit in FY 2022) Full year 2023 results: UK£0.033 loss per share (down from UK£0.04 profit in FY 2022). Revenue: UK£32.1m (down 38% from FY 2022). Net loss: UK£5.52m (down 185% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. New Risk • Jul 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (UK£17.0m market cap, or US$22.0m). New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings have declined by 8.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.3% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (UK£39k sold). Market cap is less than US$100m (UK£14.0m market cap, or US$18.4m). New Risk • Jul 13
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£39k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Significant insider selling over the past 3 months (UK£39k sold). Market cap is less than US$100m (UK£13.0m market cap, or US$16.9m). New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Market cap is less than US$100m (UK£15.7m market cap, or US$20.1m). Announcement • Jan 21
finnCap Group PLC Announces Resignation of Tom Hayward as COO and as Director On 20 January 2023, finnCap Group PLC confirmed that Tom Hayward has stepped down as COO and as a director of the Company. Reported Earnings • Dec 14
First half 2023 earnings released First half 2023 results: Revenue: UK£16.0m (down 49% from 1H 2022). Net loss: UK£3.08m (down 164% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director John Farrugia was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
finnCap Group Receives Indicative Non-Binding Proposals from Panmure Gordon Group Limited The Board of finnCap Group plc (AIM:FCAP) noted recent speculation and confirmed that it has received indicative non-binding proposals from Panmure Gordon Group Limited ("Panmure Gordon") regarding a possible combination of the two companies structured as the acquisition for cash of finnCap by Panmure Gordon with the alternative for electing shareholders to receive partial consideration in Panmure Gordon securities. Discussions between the Company and Panmure Gordon are still at an early stage. There can accordingly be no certainty that any offer will ultimately be made for the Company, nor as to the terms on which any offer might be made. This announcement has not been made with the consent of Panmure Gordon. In accordance with Rule 2.6(a) of the Code, Panmure Gordon is required, by no later than 5.00 pm (London time) on November 15, 2022, to either (i) announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code; or (ii) announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Panel on Takeovers and Mergers (the "Takeover Panel") in accordance with Rule 2.6(c) of the Code. Announcement • Sep 28
finnCap Group plc Announces Stepping Down of Tom Hayward as Executive Director and Chief Operating Officer, Effective January 20, 2023 finnCap Group plc announced that Tom Hayward, an executive director of the company and the Group's Chief Operating Officer will step down from the Board and leave the company on 20 January 2023. Tom joined in 2010 as the first CFO, went on to lead the M&A business as its Managing Partner post IPO and then stepped up to the role of Chief Operating Officer. During this time the firm has grown substantially. In particular, Tom led the acquisition of Cavendish Corporate Finance and the execution of the combined group's IPO in 2018, the key step company have undertaken to diversify the business. Upcoming Dividend • Sep 15
Upcoming dividend of UK£0.011 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (3.4%). Board Change • Jul 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Shipley Andrews was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Jul 15
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: UK£0.04 (down from UK£0.044 in FY 2021). Revenue: UK£52.0m (up 11% from FY 2021). Net income: UK£6.51m (down 7.4% from FY 2021). Profit margin: 13% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.9%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Jul 14
FinnCap Group plc Proposes Dividend for the Fiscal Year 2022 finnCap Group plc proposed dividend for the fiscal year 2022. Given the strong financial performance in FY22 and the improved balance sheet position of the Group, the Directors have proposed a final dividend of 1.15 pence per share - up 15% on FY21 - bringing a total dividend for FY22 to 1.75 pence. The final dividend will be approved by shareholders at and paid after AGM in September. Announcement • Jul 08
finnCap Group plc Announces Appointment of Executive Directors Further to the previous announcement dated 21 June 2022, finnCap Group plc announces that following the completion of AIM regulatory due diligence, John Farrugia and Geoff Nash have been appointed as executive directors of the Company with effect from July 8, 2022. John Farrugia continues as CEO Designate and, following FCA approval, will become CEO after Sam Smith's departure. John Carlos Farrugia (aged 45) does not currently hold any directorships or partnerships. He has been a director or partner of the following companies during the previous five years: Dimarcom Limited; and Cavendish Corporate Finance LLP. Geoffrey Stephen Trevor Nash (aged 53) does not currently hold any directorships or partnerships and has not previously held any directorships or partnerships in the past five years. Announcement • May 16
FinnCap Group plc Announces Resignation of Stuart Andrews as Executive Director and the Managing Director finnCap announced that Stuart Andrews, an executive director of the Company and the Managing Director of finnCap Limited has decided to step down from his roles and leave the Company on May 16, 2022 in order to pursue other interests. Stuart was a key part of finnCap's IPO and acquisition of Cavendish in 2018 and has been a large part of the development and implementation of strategy to diversify range of strategic advisory services. Buying Opportunity • May 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be UK£0.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Apr 15
finnCap Group plc Provides Revenue Guidance for the Year Ended 31 March 2022 finnCap Group plc confirmed that unaudited revenue for the year ended 31 March 2022 is expected to be approximately £52.4 million, an increase of 12% over 2021. Reported Earnings • Nov 20
First half 2022 earnings released: EPS UK£0.03 (vs UK£0.018 in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: UK£31.4m (up 48% from 1H 2021). Net income: UK£4.80m (up 64% from 1H 2021). Profit margin: 15% (up from 14% in 1H 2021). The increase in margin was driven by higher revenue. Recent Insider Transactions Derivative • Jul 08
COO & Director exercised options and sold UK£107k worth of stock On the 5th of July, Thomas Roderick Hayward exercised 600.00k options at around UK£0.05, then sold 325k of the shares acquired at an average of UK£0.38 per share and kept the remainder. Since September 2020, Thomas' direct individual holding has decreased from 3.77m shares to 3.59m. Company insiders have collectively bought UK£160k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jul 03
Full year 2021 earnings released: EPS UK£0.044 (vs UK£0.005 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£47.0m (up 82% from FY 2020). Net income: UK£7.03m (up UK£6.26m from FY 2020). Profit margin: 15% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Announcement • Jul 03
finnCap Group plc Provides Revenue Guidance for the Fiscal Year of 2022 finnCap Group plc provided revenue guidance for the fiscal year of 2022. For the year, the company expects revenue to be in the £40 million-£50 million range. Recent Insider Transactions Derivative • May 14
MD & Director exercised options to buy UK£435k worth of stock. On the 12th of May, Stuart Andrews exercised options to buy 1m shares at a strike price of around UK£0.14, costing a total of UK£154k. This transaction amounted to 28% of their direct individual holding at the time of the trade. Since September 2020, Stuart has owned 3.88m shares directly. Company insiders have collectively bought UK£288k more than they sold, via options and on-market transactions, in the last 12 months. Is New 90 Day High Low • Mar 02
New 90-day high: UK£0.24 The company is up 4.0% from its price of UK£0.23 on 02 December 2020. The British market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 11% over the same period. Reported Earnings • Nov 22
First half 2021 earnings released: EPS UK£0.018 The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£21.2m (up 49% from 1H 2020). Net income: UK£2.92m (up 169% from 1H 2020). Profit margin: 14% (up from 7.7% in 1H 2020). The increase in margin was driven by higher revenue. Announcement • Nov 18
finnCap Group plc Announces Board Changes finnCap Group plc announced that Jon Moulton, Chairman of the Company, will retire from the Board on 31 December 2020. Robert Lister will join the Board on 1 January 2021 as a non-executive director and be appointed Chairman on that date. Robert will also Chair the Risk and Compliance Committee and be a member of the Nominations, Audit and Remuneration Committees. Robert Lister spent 25 years in investment banking first with Barclays de Zoete Wedd where he started as a graduate in 1983 and rose to become Head of European Equities in 1998 and then at Dresdner Kleinwort Benson where he was Global Head of Equities. Since then Robert has been appointed as a non-executive director of Investec Wealth and Investment Limited (2010), Aberdeen Smaller Companies Income Investment Trust PLC (2012), Credit Suisse Asset Management Limited (2012) and Integrafin Holdings PLC (2019). He is also Investment Expert and Chair of the Salvation Army International Trust Fund and Retired Officer Allowance Scheme. In addition, having completed oversight of the integration of Cavendish into the Group, Lord Leigh of Hurley has decided to step down from the Board on 18 November 2020 and return to a front-line relationship and revenue generation role as Senior Partner of Cavendish. Is New 90 Day High Low • Sep 22
New 90-day high: UK£0.24 The company is up 36% from its price of UK£0.18 on 24 June 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 3.0% over the same period.