(Alliance News) - Cenkos Securities PLC and finnCap Group PLC on Tuesday said it has received regulatory approval from the UK financial conduct authority for its all-share merger.
They said that the approval remains effective subject to completion of the merger within three months from Tuesday.
Back in May, Cenkos and finnCap agreed on an all-share merger that will see each set of shareholders equally own the combined company and the existing chief executives becoming co-CEOs.
Cenkos and finnCap shareholders each will own about half of the enlarged company.
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.
At the time, Cenkos and finnCap said they expect to achieve significant cost savings from the combination and also see new revenue opportunities from their combined client list.
Shares in Cenkos closed down 9.1% at 25.00 pence each in London on Tuesday. Meanwhile, finnCap shares finished 1.8% lower at 9.33p.
By Sophie Rose, Alliance News reporter
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