| For immediate release | | 3 August 2021 |
CareTech Holdings PLC
("CareTech" or "the Group")
PDMR Dealing
CareTech Holdings PLC (AIM: CTH), a pioneering provider of specialist social care and education services to adults and children in the UK, announces that Farouq Sheikh, the Company's executive Chairman, has informed the Company that Westminster Holdings Limited ("Westminster"), a company wholly owned and controlled by the Westminster Trust (a discretionary trust of which the beneficiaries include Farouq Sheikh and Haroon Sheikh, the Company's Executive Chairman and Chief Executive Officer respectively), have sold 750,000 ordinary shares of the Company (the "Shares"). The sale forms part of Farouq Sheikh and Haroon Sheikh's family estate planning in relation to their adult children. The sale was completed at a price of 620 pence per share.
The transaction above result in the interests of Mr F Sheikh and Mr H Sheikh and their connected persons in the issued share capital of the Company decreasing by 750,000 Shares and are as follows:
| | No. of ordinary shares | % of issued share capital |
| | | |
| Westminster Holdings Limited | 9,297,864 | 8.2% |
| Sheikh Holdings Group | 2,642,145 | 2.3% |
| Cosaraf Pension Fund | 230,000 | 0.2%
|
| Total | 12,170,009 | 10.7% |
Mr F Sheikh and Mr H Sheikh are also each interested in 320,000 ordinary shares (total 640,000 ordinary shares) in the Company pursuant to the Executive Shared Ownership Plan 2016 (these share awards vested on 1 May 2019 following fulfilment of the vesting criteria including EPS criteria) and 400,000 ordinary shares (total 800,000 ordinary shares) in the Company pursuant to the Executive Shared Ownership Plan 2019 (which are scheduled to vest in November 2022 and are subject to the fulfilment of vesting criteria). Mr F Sheikh and Mr H Sheikh also hold 123,203 and 138,604 options respectively pursuant to the Company's Long Term Incentive Plan.
In addition to the above and as part of broader estate planning, it is the intention that the 9,297,864 shares held by Westminster Holdings Limited will be transferred, in equal proportions to the following two new family trusts for nil consideration: Belgravia Investments Ltd, a company owned by The Belgravia Trust, a discretionary trust; and Kensington Capital Ltd, a company owned by The Kensington Trust, a discretionary trust. Beneficiaries of the discretionary trusts include Mr F Sheikh and Mr H Sheikh and their respective connected persons.
The transfer to the new family trusts will not result in any overall change in the aggregate interests of Mr F Sheikh and Mr H Sheikh and their connected persons in the issued share capital of the Company.
For further information, please contact:
CareTech Holdings PLC 01707 601800
Farouq Sheikh, Executive Chairman
Christopher Dickinson, Group Finance Director
Consilium Strategic Communications 020 3709 5700
Mary-Jane Elliott
Chris Welsh
Angela Gray
Panmure Gordon (Nomad and Joint Broker) 020 7886 2500
Emma Earl
Freddy Crossley
Charles Leigh-Pemberton
Numis (Joint Broker) 020 7260 1000
Jonathan Wilcox
James Black
Duncan Monteith
About CareTech
CareTech Holdings PLC is a leading provider of specialist social care services supporting around 5,000 adults and children with a wide range of complex needs in more than 550 day services the UK employing more than 10,500 staff; and an emerging presence in international markets.
Committed to the highest standards of care and care governance, CareTech's innovative Care Pathway covers Foster care, Children's Services, Adults Services and Technology Solutions.
CareTech, which was founded in 1993, began trading on the AIM market of the London Stock Exchange in October 2005 under the ticker symbol CTH.
For further information please visit: www.caretech-uk.com
Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCAs") with them.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Names | Westminster Holdings Limited (Farouq Sheikh/Haroon Sheikh) | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status
| Executive Chairman Chief Executive Officer
| ||||
| b) | Initial notification /Amendment | Initial Notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | CareTech Holdings PLC | ||||
| b) | LEI |
213800HI1AZG2GLBYF65 | ||||
| 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 0.5 pence each | ||||
| b) | Identification code | GB00B0KWHQ09 | ||||
| c) | Nature of the transactions | Share sale
| ||||
| d)
| Price(s) and volume(s) |
| ||||
| d)
| Aggregated information - Aggregated volume and Price |
| ||||
| e)
| Date of the transactions | 2 August 2021 | ||||
| f) | Place of the transaction | London | ||||
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