Director/PDMR Shareholding & Concert Party Update
Power Probe PLC announced that its Chief Executive Officer, Chema Garcia, purchased 52,000 ordinary shares for 71.0 pence each, increasing his holding to 3,279,749 shares representing 4.45%. Other directors, including Michael Sherwin, Fabio Medina, Cynthia Alers, and Colin Fielding, also acquired shares, with prices ranging from 70.0 to 71.0 pence. These transactions occur as the company confirms a concert party, including CHR International Projects Limited, collectively holds 53.45% of the issued share capital, with potential future increases to 53.8% under certain conditions.
Select text to share a quote on X · sign in to keep highlights & notes in your PWR notes
Power Probe ("Power Probe", the "Group" or the "Company"), a leading producer of automotive electrical diagnostic tools for professional service technicians, was notified yesterday, 26 March 2026, of the following purchases of ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"):
| Name | Ordinary Shares purchased | Price per Ordinary Share (pence) | Resulting shareholding | Resulting shareholding (%) |
|---|---|---|---|---|
| Chema Garcia, Chief Executive Officer* | 52,000 | 71.0 | 3,279,749 | 4.45 |
| Michael Sherwin, Independent Non-Executive Chairman | 14,000 | 71.0 | 62,780 | 0.09 |
| Fabio Medina, Chief Financial Officer | 4,100 | 71.0 | 49,770 | 0.07 |
| Cynthia Alers, Independent Non-Executive Director | 7,132 | 70.0 | 25,424 | 0.03 |
| Colin Fielding, Independent Non-Executive Director | 1,350 | 71.0 | 1,350 | 0.00 |
*Purchased via CHR International Projects Limited, a company wholly owned by Chema Garcia
Further details of the above dealings are set out at the end of this announcement.
The Concert Party
The Company has agreed with the Panel on Takeovers and Mergers that CHR International Projects (a company wholly owned by Chema Garcia) is presumed to be acting in concert with the members of the Concert Party (as defined below) in relation to the Company. Accordingly, there is presumed to be a single concert party, who together hold 53.4 per cent. of the Company's issued share capital (the "Concert Party"):
| Shareholder | No. Ordinary Shares | % |
|---|---|---|
| JNC Ever Limited | 9,981,980 | 13.54 |
| Superb Wealth Limited | 9,516,440 | 12.91 |
| Jubilant Inspirations Limited | 7,486,480 | 10.16 |
| Noble Character Limited | 7,486,480 | 10.16 |
| CHEN, Wang-Chuan | 912,400 | 1.24 |
| SO, Wan | 638,680 | 0.87 |
| CHEN, Yen-Lei | 91,240 | 0.12 |
| IP, Foo Wing | None | Nil |
| CHEN, Yen-Chen | None | Nil |
| CHR International Projects Limited | 3,279,749 | 4.45 |
| Total | 39,393,449 | 53.45 |
As set out in the Company's admission document dated 5 December 2025, it is the intention of So Wan to place in trust the shareholdings of JNC Ever Limited, Jubilant Inspirations Limited and Noble Character Limited for the benefit of So Wan, Ip Foo Wing, his spouse and their children (the "Ip Foo Wing Family Trust").
Upon the establishment of the Ip Foo Wing Family Trust, the aggregate interest of the Concert Party will be unchanged, but the individual interest of Ip Foo Wing and his spouse will increase to 24,954,940 Ordinary Shares, representing 33.9 per cent. of the voting rights of the Company.
Furthermore, Chema Garcia was granted an award under the Long Term Incentive Performance Share Plan adopted by the Company on 4 December 2025 (the "Performance Share Plan"), subject to certain performance-based and other vesting criteria, to receive nominal cost new Ordinary Shares, representing in aggregate 0.8 per cent. of the Company's issued share capital.
Following the establishment of the Ip Foo Wing Family Trust, and assuming full vesting of such awards under the Performance Share Plan, the Concert Party would be interested in aggregate in a maximum of 39,952,963 Ordinary Shares representing 53.8 per cent. of the Company's issued share capital at that time, assuming no other Ordinary Shares are issued.
The members of the Concert Party hold shares carrying more than 50 per cent. of the voting rights of the Company and (for so long as they continue to be acting in concert) no obligation to make an offer under Rule 9 of the City Code on Takeovers and Mergers will normally arise from acquisitions of interests in shares carrying voting rights by any member of the Concert Party.
| Shore Capital (Nominated Adviser & Broker) Toby Gibbs / Harry Davies-Ball (Corporate Advisory) William Marshall (Corporate Broking) | +44 (0)20 7408 4090 | |
| Sodali & Co James White / Tilly Abraham / James Whitaker | +44 (0)78 5543 2699 powerprobe@client.sodali.com | |
| a) | Name | Chema Garcia |
| 2. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Position / status | Chief Executive Officer |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Power Probe PLC |
| b) | LEI | 2138008NNTZ6JFU6J368 |
| c) | Description of the financial instrument | Ordinary shares of 0.1 pence each in the capital of Power Probe PLC ISIN: GB00BSDYS558 |
| d) | Nature of the transaction | Purchase of Ordinary Shares |
| e) | Price and volume | Type Price (PENCE) Volume Purchase 71.0 52,000 |
| f) | Aggregated information Aggregated volume Price | Type Aggregate Price Aggregate Volume Purchase 71.0 52,000 |
| g) | Date of the transaction | 26 March 2026 |
| h) | Place of the transaction | London Stock Exchange (XLON) |
| 1. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Name | Michael Sherwin |
| 2. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Position / status | Independent Non-Executive Chairman |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Power Probe PLC |
| b) | LEI | 2138008NNTZ6JFU6J368 |
| c) | Description of the financial instrument | Ordinary shares of 0.1 pence each in the capital of Power Probe PLC ISIN: GB00BSDYS558 |
| d) | Nature of the transaction | Purchase of Ordinary Shares |
| e) | Price and volume | Type Price (PENCE) Volume Purchase 71.0 14,000 |
| f) | Aggregated information Aggregated volume Price | Type Aggregate Price Aggregate Volume Purchase 71.0 14,000 |
| g) | Date of the transaction | 26 March 2026 |
| h) | Place of the transaction | London Stock Exchange (XLON) |
| 1. | Details of PDMR / person closely associated with them ('PCA') | |
| a) | Name | Cynthia Alers |
| 2. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Position / status | Independent Non-Executive Director |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Power Probe PLC |
| b) | LEI | 2138008NNTZ6JFU6J368 |
| c) | Description of the financial instrument | Ordinary shares of 0.1 pence each in the capital of Power Probe PLC ISIN: GB00BSDYS558 |
| d) | Nature of the transaction | Purchase of Ordinary Shares |
| e) | Price and volume | Type Price (PENCE) Volume Purchase 70.0 7,132 |
| f) | Aggregated information Aggregated volume Price | Type Aggregate Price Aggregate Volume Purchase 70.0 7,132 |
| g) | Date of the transaction | 25 March 2026 |
| h) | Place of the transaction | London Stock Exchange (XLON) |
| 1. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Name | Fabio Medina |
| 2. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Position / status | Chief Financial Officer |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Power Probe PLC |
| b) | LEI | 2138008NNTZ6JFU6J368 |
| c) | Description of the financial instrument | Ordinary shares of 0.1 pence each in the capital of Power Probe PLC ISIN: GB00BSDYS558 |
| d) | Nature of the transaction | Purchase of Ordinary Shares |
| e) | Price and volume | Type Price (PENCE) Volume Purchase 71.0 4,100 |
| f) | Aggregated information Aggregated volume Price | Type Aggregate Price Aggregate Volume Purchase 71.0 4,100 |
| g) | Date of the transaction | 26 March 2026 |
| h) | Place of the transaction | London Stock Exchange (XLON) |
| 1. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Name | Colin Fielding |
| 2. | Details of PDMR / person closely associated with them ( ' PCA ' ) | |
| a) | Position / status | Independent Non-Executive Director |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Power Probe PLC |
| b) | LEI | 2138008NNTZ6JFU6J368 |
| c) | Description of the financial instrument | Ordinary shares of 0.1 pence each in the capital of Power Probe PLC ISIN: GB00BSDYS558 |
| d) | Nature of the transaction | Purchase of Ordinary Shares |
| e) | Price and volume | Type Price (PENCE) Volume Purchase 71.0 1,350 |
| f) | Aggregated information Aggregated volume Price | Type Aggregate Price Aggregate Volume Purchase 71.0 1,350 |
| g) | Date of the transaction | 26 March 2026 |
| h) | Place of the transaction | London Stock Exchange (XLON) |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.