Shareholder Lock-Ins
FRP Advisory Group plc has announced new lock-in deeds with Geoff Rowley, Jeremy French, and other Partner Shareholders, covering approximately 47.1 million ordinary shares, representing 18.2% of the issued share capital, which will now be restricted from disposal until September 1, 2031. These new agreements replace previous ones expiring in July 2026. The company plans managed sell-downs during this period to facilitate liquidity for former partners, potentially involving the Employee Benefit Trust, which currently holds 8.8 million shares, as a purchaser to maintain an orderly market.
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FRP Advisory Group plc, a leading national specialist business advisory firm, announces that Geoff Rowley and Jeremy French, together with existing and former Partners of the Company (together "Partner Shareholders"), entered into lock-in deeds with the Company on 25 April 2026 ("Lock-In Deeds").
Pursuant to the terms of the Lock-In Deeds, the Partner Shareholders have agreed, save in accordance with the liquidity arrangements described below and in other limited circumstances, not to dispose of ordinary shares of £0.001 each in the Company ("Ordinary Shares") until 1 September 2031 (the "End Date").
The Lock-In Deeds entered into on 25 April 2026 by the Partner Shareholders replace the lock-in agreements they entered into on 23 May 2024 and which were due to expire on 31 July 2026. The number of Ordinary Shares subject to these Lock-In Deeds is approximately 47.1 million Ordinary Shares, representing approximately 18.2 per cent. of the Company's issued share capital.
The Company recognises the importance of appropriately incentivising existing and future Partners of the Group and enabling them to benefit from the value that they have created, and that former Partners wish to realise their investment in the Company in due course. Accordingly, during the term of the Lock-In Deeds, the Company intends that there will be managed sell-downs at times when the Company considers there to be sufficient buying demand to maintain an orderly market. The Company continues to view the Company's Employee Benefit Trust ("EBT") as an important part of the Group's remuneration strategy and as a mechanism to ensure the appropriate distribution of Ordinary Shares across the partnership group. It may be that the EBT will be a purchaser of shares in future managed sell-downs. The EBT currently holds approximately 8.8 million Ordinary Shares.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.