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Share Name Share Symbol Market Type Share ISIN Share Description
Afh Financial Group Plc LSE:AFHP London Ordinary Share GB00B4W5WQ08 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 475.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 77.1 13.2 25.0 19.0 205

AFH Financial Group Plc Court sanction of scheme expected scheme timetable

15/06/2021 4:05pm

UK Regulatory (RNS & others)


Afh Financial (LSE:AFHP)
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RNS Number : 9959B

AFH Financial Group Plc

15 June 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

15 June 2021

RECOMMED CASH ACQUISITION

of

AFH FINANCIAL GROUP PLC

by

CORTINA BIDCO LIMITED ("Cortina Bidco")

(a newly incorporated company indirectly controlled by funds managed by Flexpoint Ford, LLC)

to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006

Court sanction of scheme and expected scheme timetable

Exercise of options, Director/PDMR Shareholdings, conversion of AFH CULS

AFH Financial Group Plc ("AFH" or the "Company") and Cortina Bidco are pleased to announce that, at the Court Hearing held earlier today, the High Court made an order sanctioning the Scheme. The Scheme will become effective upon the Scheme Court Order (duly sealed by the Court) being delivered to the Registrar of Companies, which is now expected to take place on 17 June 2021. The Scheme is therefore expected to become effective on 17 June 2021.

As notified on 21 May 2021, dealings in AFH's shares will be suspended with effect from 7.30 a.m. on 17 June 2021. Accordingly tomorrow, 16 June 2021, will be the last day of dealings in, and for the registration of transfers of, AFH's ordinary shares of 10 pence each ("Ordinary Shares). The admission to trading of AFH's Ordinary Shares on AIM will be cancelled with effect from 7.00 a.m. on 18 June 2021.

Exercise of share options, conversion of AFH CULS and admission of new Ordinary Shares to trading on AIM

Upon the Court sanction of the Scheme earlier today, conditional exercises by AFH Share Plan Participants under the AFH Share Plans to subscribe for an aggregate of 1,775,903 new AFH Ordinary Shares became unconditional and such aggregate number of new AFH Ordinary Shares have been conditionally allotted and issued to such participants, credited as fully paid, in accordance with the proposals made by AFH and Bidco to participants under the AFH Share Plans in letters to them dated 8 February 2021 in accordance with Rule 15 of the Code. Further, upon Court sanction of the Scheme, the Company has conditionally allotted and issued to holders of AFH CULS 3,356,567 new Ordinary Shares as consideration for the conversion of 2,551 AFH CULs, also credited as fully paid, in accordance with the proposals made by AFH and Bidco to holders of AFH CULS in letters to them dated 8 February 2021 and 25 May 2021 in accordance with Rule 15 of the Code. All 5,132,470 new Ordinary Shares will be issued on or prior to the Effective Date of the Scheme and will either be 'Scheme Shares' within the meaning of the Scheme and will therefore be acquired by Bidco under the Scheme or acquired from certain AFH Directors by Bidco under the Rollover Arrangements.

Such participants who conditionally exercised their options in accordance with the proposals under Rule 15 of the Code included the following AFH Directors in respect of the following options granted to them under the AFH Share Plans (all of which, to the extent not already vested, vested upon the Court's sanction of the Scheme):

 
 Director/PDMR   Number of AFH      AFH Share Plan(s) 
                  Ordinary Shares 
 Alan Hudson     141,360            Unapproved option plan 
                -----------------  ------------------------------ 
 Paul Wright     237,289            EMI, Unapproved option plan 
                -----------------  ------------------------------ 
 Alexis Larvin   96,574             EMI 
                -----------------  ------------------------------ 
 Austin Broad    82,963             Contractor, EMI 
                -----------------  ------------------------------ 
 John Wheatley   42,588             Contractor, Unapproved option 
                                     plan 
                -----------------  ------------------------------ 
 Mark Chambers   5,136              Unapproved option plan 
                -----------------  ------------------------------ 
 Sue Lewis       33,068             Unapproved option plan 
                -----------------  ------------------------------ 
 

Notifications by directors/PDMRs in accordance with the EU Market Abuse Regulation are set out at the foot of this announcement.

Application has been made to the London Stock Exchange for 5,132,470 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. on 16 June 2021.

Following the allotment and issue of the 5,132,470 new Ordinary Shares, the Company will have in issue 48,256,568 Ordinary Shares. The Company does not hold any shares in treasury. All of such ordinary shares have equal voting rights. The International Securities Identification Number ("ISIN") for the Company's ordinary shares is GB00B4W5WQ08.

The Company will also have in issue 69 remaining 4 per cent. Convertible Unsecured Loan Stock 2024 of GBP5,000 nominal value each. The International Securities Identification Number (ISIN) for AFH's CULS is GB00BJLFJB09.

Expected Timetable of Principal Events

The following timetable sets out the expected dates for the implementation of the Scheme.

The following dates and times associated with the Scheme may be subject to further change. Should there be any changes to the following dates and times, AFH will give adequate notice by issuing a further announcement through a Regulatory Information Service. See also note (1) below.

 
 Last day of dealings in, and              16 June 2021 
  for registration of transfers 
  of, AFH Shares 
 Disablement in CREST of AFH Shares        6:00pm on 16 June 2021 
 Scheme Record Time                        6:00pm on 16 June 2021 
 Scheme Effective Time                     after 7am on 17 June 2021(2) 
 Effective Date                            17 June 2021 
 Suspension of trading in AFH              7:30am on 17 June 2021 
  Shares on AIM 
 Cancellation of the admission             7:00am on 18 June 2021 
  to trading of AFH Shares on AIM 
 Despatch of cheques and (if applicable)   within 14 days of the Effective 
  share certificates and crediting          Date 
  of CREST accounts with cash due 
 Longstop Date                             30 June 2021(3) 
 

Notes:

(1) The dates and times given are indicative only, are based on current expectations and may be subject to further change. References to times are to London time, unless otherwise stated. If any of the times and/or dates above change further, the revised times and/or dates will be announced via a Regulatory Information Service.

(2) The "Scheme Effective Time" of the Scheme is the date and time at which the Scheme becomes effective pursuant to its terms and will be on delivery of the Scheme Court Order to the Registrar of Companies in the UK. TThe events which are stated as occurring on subsequent dates, including the crediting of CREST accounts, are conditional on the Scheme Effective Time and operate by reference to this time.

(3) This is the latest date by which the Scheme may become Effective. However, the Long Stop Date may be extended to such later date as Cortina Bidco and AFH may, with the consent of the Panel, agree and, if required, the Court may allow.

General

Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Scheme document sent to AFH Shareholders on 8 February 2021 (the "Scheme Document"), a copy of which, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, is available on the AFH website at www.afhwm.co.uk/investor-relations/offer/

Enquiries

 
 AFH Financial Group Plc                   +44 (0) 152 757 7775 
 John Wheatley (Chairman) 
  Alan Hudson (Chief Executive Officer) 
 Keefe, Bruyette & Woods (acting 
  through Stifel Nicolaus Europe 
  Limited) (Sole Financial Adviser 
  to AFH)                                  +44 (0) 20 7710 7600 
 Alistair McKay 
  Alex Price 
  Dennis Towers 
  Tiber Karadag 
 Shore Capital (Nominated Adviser 
  and broker)                              +44 (0) 207 408 4090 
 Hugh Morgan 
  Daniel Bush 
  Sarah Mather 
  Henry Wilcocks 
 Cortina Bidco Limited                     via Raymond James 
 Steven Begleiter 
  Daniel Edelman 
  Stephane Essama 
 Raymond James Financial International 
  Limited (Sole Financial Adviser 
  to Bidco)                                +44 (0) 203 798 5700 
 Dominic Emery 
  Edward Griffin 
  Junya Iwamoto 
 
 

Further information

Stifel Nicolaus Europe Limited, which also trades under the name Keefe, Bruyette & Woods ("KBW"), and which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser to AFH and no-one else in connection with the matters described in this Announcement and will not be responsible to anyone other than AFH for providing the protections afforded to clients of KBW nor for providing advice in connection with the matters referred to herein. Neither KBW nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of KBW in connection with this Announcement, any statement contained herein, the Acquisition or otherwise.

Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited ("Shore Capital") are authorised and regulated in the United Kingdom by the FCA. Shore Capital is acting exclusively for AFH and no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than AFH for providing the protections afforded to clients of Shore Capital or for providing advice in connection with the matters referred to in this Announcement. Neither Shore Capital nor any of its subsidiaries or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Shore Capital in connection with this Announcement or any matter referred to herein.

Eversheds Sutherland (International) LLP is retained as legal adviser to AFH.

Raymond James Financial International Limited ("Raymond James"), which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser to Bidco and no-one else in connection with the matters described in this Announcement and will not be responsible to anyone other than Bidco for providing the protections afforded to clients of Raymond James nor for providing advice in connection with the matters referred to herein. Neither Raymond James nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Raymond James in connection with this Announcement, any statement contained herein, the Acquisition or otherwise.

Kirkland & Ellis International LLP is retained as legal adviser to Flexpoint and Bidco.

The person responsible for arranging for the release of this Announcement on behalf of AFH is Paul Wright, Chief Financial Officer .

This Announcement is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval, in any jurisdiction, pursuant to the Acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities of AFH in any jurisdiction in contravention of applicable law. The Acquisition will be implemented solely by means of the Scheme Document, the Supplemental Document (or, if applicable, the offer document containing any Offer), which will contain the full terms and conditions of the Acquisition including details of how to vote in respect of the Scheme (or, if applicable, how to accept the Offer). Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme Document, the Supplemental Document (or, if applicable, the offer document containing any Offer).

Overseas jurisdictions

The availability of the Acquisition to AFH Shareholders who are not resident in, and citizens of, the UK may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Persons who are not resident in the UK should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions.

The release, publication or distribution of this Announcement in or into jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the UK should inform themselves of, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the UK to vote their AFH Shares with respect to the Scheme at the Court Meeting, or to appoint another person as proxy to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person. This Announcement has been prepared for the purposes of complying with English Law, the AIM Rules, UK MAR, the rules of the London Stock Exchange and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws of jurisdictions outside of England.

Copies of this Announcement and the formal documentation relating to the Scheme and the Acquisition will not be, and must not be, mailed or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction or any jurisdiction where to do so would violate the laws of that jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Acquisition. If the Acquisition is implemented by way of an Offer (unless otherwise permitted by applicable law or regulation), the Offer may not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including, without limitation, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Offer will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction.

Further details in relation to overseas shareholders are contained in the Scheme Document.

Additional information for US Holders

US Holders should note that the Acquisition relates to the securities of an English company and is proposed to be implemented under a scheme of arrangement under English company law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules under the US Exchange Act and the proxy solicitation rules under the US Exchange Act will not apply to the Acquisition. The Scheme will be subject to UK disclosure requirements and practices which are different from the disclosure requirements of the US tender offer and proxy solicitation rules. The financial information included in the Scheme Document has been prepared in accordance with IFRS and thus may not be comparable to financial information of companies whose financial statements are prepared in accordance with generally accepted accounting principles in the US. However, if Bidco were to exercise its right to implement the Acquisition of the AFH Shares by way of an Offer, such Offer will be made in compliance with applicable US tender offer and securities laws and regulations. Such an Offer would be made by Bidco.

The receipt of cash pursuant to the Acquisition by a US Holder as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each AFH Shareholder is urged to consult his, her or its independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to him, her or it.

It may be difficult for US Holders to enforce their rights and claims arising out of the US federal securities laws since Bidco and AFH are located in countries other than the US and some or all of their officers and directors may be residents of countries other than the US. US Holders may not be able to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgment.

In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the US Exchange Act, Bidco or its nominees, or their brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, AFH Shares outside of the US, other than pursuant to the Acquisition, until the date on which the Scheme and/or the Acquisition becomes Effective, lapses or is otherwise withdrawn. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the UK, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com .

Dealing disclosure requirements

Under Rule 8.3(a) of the Code, any person who is interested in one per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in one per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this Announcement will be made available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on AFH's website at https://www.afhwm.co.uk/investor-relations by no later than 12 noon (London time) on the business day following the date of this Announcement. For the avoidance of doubt, the contents of this website is not incorporated by reference into, and does not form part of, this Announcement.

Requesting hard copy documents

AFH Shareholders may request a hard copy of this Announcement by contacting the Company Secretary of AFH during business hours on +44 (0)152 757 7775 or by submitting a request in writing to the Company Secretary of AFH at AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, Worcestershire, B60 4JE. You may also request that all future documents, Announcements and information to be sent to you in relation to the Acquisition should be in hard copy form.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                        Alan Hudson 
     --------------------------  ---------------------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------------------------- 
 a)   Position/status             Chief Executive Officer 
     --------------------------  ---------------------------------------------------------- 
 b)   Initial notification/       Initial notification 
       Amendment 
     --------------------------  ---------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------------- 
 a)   Name                        AFH Financial Group plc 
     --------------------------  ---------------------------------------------------------- 
 b)   LEI                         213800MVLNB5CWDY8X63 
     --------------------------  ---------------------------------------------------------- 
 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          Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument          GB00B4W5WQ08 
       Identification 
       code 
     --------------------------  ---------------------------------------------------------- 
 b)   Nature of the transaction              Exercise of options - unapproved option scheme 
     --------------------------  ---------------------------------------------------------- 
 c)   Price(s) and volume(s)         Price(s)   Volume(s) 
                                      71.43p     141,360 
                                     ---------  ---------- 
     --------------------------  ---------------------------------------------------------- 
 d)   Aggregated information 
       -Aggregated volume           141,360 
       -Price                       GBP197,904 
     --------------------------  ---------------------------------------------------------- 
 e)   Date of the transaction     All on 15 June 2021 
     --------------------------  ---------------------------------------------------------- 
 f)   Place of the transaction    Off market transaction 
     --------------------------  ---------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                        Paul Wright 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Chief Financial Officer 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification/       Initial notification 
       Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        AFH Financial Group plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800MVLNB5CWDY8X63 
     --------------------------  ------------------------------------------------- 
 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          Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument          GB00B4W5WQ08 
       Identification 
       code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction        1. Exercise of options - EMI scheme 
                                        2. Exercise of options - EMI scheme 
                                        3. Exercise of options - unapproved option 
                                        scheme 
                                        4. Exercise of options - EMI scheme 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                     1.   68.03p     68,027 
                                         ---------  ---------- 
                                     2.   83.33p     94,238 
                                         ---------  ---------- 
                                     3.   71.43p     44,262 
                                         ---------  ---------- 
                                     4.   83.33p     30,762 
                                         ---------  ---------- 
     --------------------------  ------------------------------------------------- 
 d)   Aggregated information 
       -Aggregated volume           237,289 
       -Price                       GBP311,966.49 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transaction     All on 15 June 2021 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transaction    Off market transactions 
     --------------------------  ------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                         Alexis Larvin 
     ---------------------------  ------------------------------------------ 
 2    Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status              Executive Director 
     ---------------------------  ------------------------------------------ 
 b)   Initial notification/        Initial notification 
       Amendment 
     ---------------------------  ------------------------------------------ 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                         AFH Financial Group plc 
     ---------------------------  ------------------------------------------ 
 b)   LEI                          213800MVLNB5CWDY8X63 
     ---------------------------  ------------------------------------------ 
 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           Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument           GB00B4W5WQ08 
       Identification 
       code 
     ---------------------------  ------------------------------------------ 
 b)   Nature of the transaction         1. Exercise of options - EMI scheme 
                                         2. Exercise of options - EMI scheme 
                                         3. Exercise of options - EMI scheme 
     ---------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s)              Price(s)   Volume(s) 
                                      1.   100.00p    10,000 
                                          ---------  ---------- 
                                      2.   83.33p     45,819 
                                          ---------  ---------- 
                                      3.   270.27p    40,755 
                                          ---------  ---------- 
     ---------------------------  ------------------------------------------ 
 d)   Aggregated information 
       -Aggregated volume            96,574 
       -Price                        GBP80,062.15 
     ---------------------------  ------------------------------------------ 
 e)   Date of the transaction      All on 15 June 2021 
     ---------------------------  ------------------------------------------ 
 f)   Place of the transaction     Off market transaction 
     ---------------------------  ------------------------------------------ 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                        Austin Broad 
     --------------------------  ------------------------------------------------------ 
 2    Reason for the notification 
     ---------------------------------------------------------------------------------- 
 a)   Position/status             Executive Director 
     --------------------------  ------------------------------------------------------ 
 b)   Initial notification/       Initial notification 
       Amendment 
     --------------------------  ------------------------------------------------------ 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------------------- 
 a)   Name                        AFH Financial Group plc 
     --------------------------  ------------------------------------------------------ 
 b)   LEI                         213800MVLNB5CWDY8X63 
     --------------------------  ------------------------------------------------------ 
 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          Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument          GB00B4W5WQ08 
       Identification 
       code 
     --------------------------  ------------------------------------------------------ 
 b)   Nature of the transaction              1. Exercise of options - Contractor scheme 
                                              2. Exercise of options - EMI scheme 
                                              3. Exercise of options - EMI scheme 
                                              4. Exercise of options - EMI scheme 
                                              5. Exercise of options - EMI scheme 
     --------------------------  ------------------------------------------------------ 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                     1.   270.27p    37,298 
                                         ---------  ---------- 
                                     2.   100.00p    3,662 
                                         ---------  ---------- 
                                     3.   66.45p     665 
                                         ---------  ---------- 
                                     4.   83.33p     35,000 
                                         ---------  ---------- 
                                     5.   100.00p    6,338 
                                         ---------  ---------- 
     --------------------------  ------------------------------------------------------ 
 d)   Aggregated information 
       -Aggregated volume           82,963 
       -Price                       GBP66,801.09 
     --------------------------  ------------------------------------------------------ 
 e)   Date of the transaction     All on 15 June 2021 
     --------------------------  ------------------------------------------------------ 
 f)   Place of the transaction    Off market transaction 
     --------------------------  ------------------------------------------------------ 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                        John Wheatley 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Non-Executive Chairman 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification/       Initial notification 
       Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        AFH Financial Group plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800MVLNB5CWDY8X63 
     --------------------------  ------------------------------------------------- 
 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          Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument          GB00B4W5WQ08 
       Identification 
       code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction        1. Exercise of options - Contractor scheme 
                                        2. Exercise of options - Contractor scheme 
                                        3. Exercise of options - unapproved option 
                                        scheme 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                     1.   100.00p    5,000 
                                         ---------  ---------- 
                                     2.   270.27p    13,585 
                                         ---------  ---------- 
                                     3.   71.43p     24,003 
                                         ---------  ---------- 
     --------------------------  ------------------------------------------------- 
 d)   Aggregated information 
       -Aggregated volume           42,588 
       -Price                       GBP43,630.65 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transaction     All on 15 June 2021 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transaction    Off market transaction 
     --------------------------  ------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                        Mark Chambers 
     --------------------------  ----------------------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------------- 
 a)   Position/status             Non-Executive Director 
     --------------------------  ----------------------------------------------- 
 b)   Initial notification/       Initial notification 
       Amendment 
     --------------------------  ----------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------- 
 a)   Name                        AFH Financial Group plc 
     --------------------------  ----------------------------------------------- 
 b)   LEI                         213800MVLNB5CWDY8X63 
     --------------------------  ----------------------------------------------- 
 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          Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument          GB00B4W5WQ08 
       Identification 
       code 
     --------------------------  ----------------------------------------------- 
 b)   Nature of the transaction   Exercise of options - unapproved option scheme 
     --------------------------  ----------------------------------------------- 
 c)   Price(s) and volume(s)         Price(s)   Volume(s) 
                                      58.31p     5,136 
                                     ---------  ---------- 
     --------------------------  ----------------------------------------------- 
 d)   Aggregated information 
       -Aggregated volume           5,136 
       -Price                       GBP8,808.24 
     --------------------------  ----------------------------------------------- 
 e)   Date of the transaction     All on 15 June 2021 
     --------------------------  ----------------------------------------------- 
 f)   Place of the transaction    Off market transaction 
     --------------------------  ----------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                        Sue Lewis 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Non-Executive Director 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification/       Initial notification 
       Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        AFH Financial Group plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800MVLNB5CWDY8X63 
     --------------------------  ------------------------------------------------- 
 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          Options over Ordinary shares of 10 pence 
       financial instrument, 
       type of instrument          GB00B4W5WQ08 
       Identification 
       code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction        1. Exercise of options - unapproved option 
                                        scheme 
                                        2. Exercise of options - unapproved option 
                                        scheme 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)             Price(s)   Volume(s) 
                                     1.   58.31p     8,068 
                                         ---------  ---------- 
                                     2.   71.43p     25,000 
                                         ---------  ---------- 
     --------------------------  ------------------------------------------------- 
 d)   Aggregated information 
       -Aggregated volume           33,068 
       -Price                       GBP48,836.62 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transaction     All on 15 June 2021 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transaction    Off market transaction 
     --------------------------  ------------------------------------------------- 
 

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END

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June 15, 2021 11:05 ET (15:05 GMT)

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