5 Oct 2016 12:21
Private & Commercial Finance Group plc
("PCFG" or the "Company")
Conversion of Loan Notes and PDMR Dealings
Private & Commercial Finance Group plc ("PCFG" or the "Company") announces that the Company has received conversion notices for an aggregate of 934,734 £1 nominal 6% Convertible Unsecured Loan Notes 2016 ("2016 CULS"). The 2016 CULS have a conversion price of 8.5 pence per share and therefore the above conversion will result in the issue of 10,996,859 new ordinary shares of 5p each in the Company (the "New Shares").
Application has been made for the New Shares to be admitted to trading on AIM and it is expected that admission will take place on or around 10 October 2016.
Following the admission of the New Shares to trading on AIM, there will be 170,124,102 ordinary shares of 5p each ("Ordinary Shares").
The following directors of the Company held 2016 CULS and, as a result of exercising their option to convert them into Ordinary Shares, have increased their shareholdings in the Company as follows:
Director | 2016 CULS | Existing holding of Ordinary Shares | New Shares issued on conversion of 2016 CULS | Resultant holding of Ordinary Shares
| % of issued share capital, as enlarged by the New Shares |
David Anthony | 20,075 | 936,275 | 236,176 | 1,172,451 | 0.7% |
Scott Maybury | 10,000 | 1,600,006 | 117,647 | 1,717,653 | 1.0% |
David Morgan | 10,000 | Nil | 117,647 | 117,647 | 0.1% |
The above figure of 170,124,102 ordinary shares of 5p each may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's DTR rules.
The remaining 21,597 of £1 nominal 2016 CULS matured on 30th September 2016 and will be redeemed to their respective loan note holders. The 2016 CULS trading line was cancelled at close of business on 30 September 2016 and the Company has notified the FCA to remove the 2016 CULS line from the Official List.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated with them.
1
| Details of the person discharging managerial responsibilities / person closely associated | |
a)
| Names | David Anthony - Chairman Scott Maybury - Chief Executive David Morgan - Non-executive Director |
2
| Reason for the notification | |
a)
| Position/status
| See 1(a) above for positions - all classified as PDMRs of PCFG |
b)
| Initial notification /Amendment
| Initial Notification |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a)
| Name
| Private & Commercial Finance Group plc
|
b)
| LEI | |
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 5 pence each |
b) | Identification code
| GB0004189378 |
c)
| Nature of the transaction
| In each case, the issue of Ordinary Shares upon conversion of £1 nominal 6% Convertible Unsecured Loan Notes 2016 |
d)
| Price(s) and volume(s) | Price - conversion price of 8.5 pence per Ordinary Share Volume(s) David Anthony - 236,176 Ordinary Shares upon conversion of £20,075 2016 CULS Scott Maybury - 117,647 Ordinary Shares upon conversion of £10,000 2016 CULS David Morgan - 117,647 Ordinary Shares upon conversion of £10,000 2016 CULS
|
d)
| Aggregated information - Aggregated volume - Price | n/a
|
e)
| Date of the transaction | 04 October 2016 |
f)
| Place of the transaction | Outside a trading venue |
Name of authorised official of issuer responsible for making notification:
Robert Murray
Company Secretary to Private & Commercial Finance Group plc
For further information, please contact:
Private & Commercial Finance Group Scott Maybury, Chief Executive Robert Murray, Managing Director David Bull, Finance Director
| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Jos Simson / Niall Walsh
| Tel: +44 (0) 20 7920 3150 |
Panmure Gordon (UK) Limited Adam James / Peter Steel / Atholl Tweedie
| Tel: +44 (0) 20 7886 2500 |
Stockdale Securities Henry Willcocks
| Tel: +44 (0) 20 7601 6100 |
About Private & Commercial Finance Group plc
Established in 1994, Private & Commercial Finance Group plc is an AIM-quoted finance house which has two main operating divisions:
· Consumer Finance which provides finance for motor vehicles to consumers; and
· Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a highly efficient and scalable business model, utilising its specially developed internet-based proposal system to service national networks of brokers and suppliers.