Director/PDMR Shareholding
Cavendish plc announced that on April 8, 2026, a portion of Deferred Bonus Scheme and Short Term Incentive Plan awards vested for certain employees, including Executive Directors. Following tax liability settlements, Co-CEO Julian Morse retained 681,423 shares, bringing his total holding to 7,921,190 shares representing 2.05% of the issued share capital. CFO Ben Procter retained 235,578 shares after a sale of 208,909 shares at £0.0875 to cover tax liabilities, resulting in his shareholding of 1,832,113 shares, or 0.47% of the issued share capital.
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Cavendish plc (AIM:CAV) operates a Deferred Bonus Scheme (the "DBS") and a Short Term Incentive Scheme (the "STIP") (together, the "Schemes") which are legacy schemes established by Cenkos Securities plc but under which outstanding awards at completion of the merger between finnCap Group plc and Cenkos Securities plc (on 7 September 2023) were rolled-over into awards over Cavendish shares.
On 8 April 2026, in accordance with the terms and conditions of the Schemes, one third of the DBS awards granted to certain employees, including Executive Directors, in 2023, and one-third of the STIP awards granted to certain employees, including Executive Directors, in July 2023, vested. The vested awards were satisfied by the transfer of shares allocated for that purpose under the Cenkos Securities Employee Benefit Trust (EBT).
Upon vesting of these awards, and after any off-market sales to the EBT to satisfy the income tax and NIC liability arising on the vesting, Julian Morse (Co-CEO) and Ben Procter (CFO) received and retained 681,423 and 235,578 shares respectively as shown in the table below. Julian Morse elected to satisfy the tax liability arising on vesting from his own funds and therefore retained the total number of vested shares.
| Director /PDMR | Total of DBS and STIP Shares Vesting | Shares retained following any sale to cover tax liability | Resulting Shareholding | Shareholding % of ISC |
|---|---|---|---|---|
| Julian Morse, Co-CEO | 681,432 | 681,423 | 7,921,190 | 2.05% |
| Ben Procter, CFO | 444,487 | 235,578 | 1,832,113 | 0.47% |
Further details of the vesting of awards and sale to cover tax liability are included in the notification below, made in accordance with the requirements of the UK Market Abuse Regulation.
| a) | Full name of the entity | Cavendish plc |
| b) | Legal Entity Identifier Code | 213800DLRUJW6JVNS533 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of £0.01 nominal value each |
| b) | Identification Code | GB00BGKPX309 |
| c) | Nature of the transaction | Vesting of ordinary shares under the Short Term Incentive Plan awarded in 2023 |
| d) | Currency | GBP - British Pound |
| e) | Price(s) and Volume(s) | Price(s) per share Volume(s) N/A 681,432 |
| f) | Aggregated Information - Price - Volume - Total Price | N/A |
| g) | Date of transaction | 8 April 2026 |
| h) | Place of transaction | Outside a trading venue |
| 1 | Details of the persons discharging managerial responsibility | |
| a) | Name | Ben Procter |
| 2 | Reason for the notification | |
| a) | Position/status | CFO |
| b) | Initial notification/amendment | Initial |
| a) | Full name of the entity | Cavendish plc |
| b) | Legal Entity Identifier Code | 213800DLRUJW6JVNS533 |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of £0.01 nominal value each |
| b) | Identification Code | GB00BGKPX309 |
| c) | Nature of the transaction | Vesting of ordinary shares under the Deferred Bonus Scheme and Short Term Incentive Plan awarded in 2023 and subsequent sale to satisfy the tax and NIC liabilities arising. |
| d) | Currency | GBP - British Pound |
| e) | Price(s) and Volume(s) | (1) Vesting of awards Price(s) per share Volume(s) N/A 444,487 (2) Sale of shares to satisfy tax and NIC liabilities Price(s) per share Volume(s) £0.0875 208,909 |
| f) | Aggregated Information - Price - Volume - Total Price | N/A |
| g) | Date of transaction | 8 April 2026 |
| h) | Place of transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.