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(Alliance News) - Tavistock Investments PLC on Thursday said it has sold LEBC Hummingbird Ltd to Aspira Corporate Solutions Ltd for a consideration of GBP3.0 million.
The Bracknell, England-based investment manager received consent from the Financial Conduct Authority to become a controller of LEBC in May. As a consequence, it has completed its purchase of the 21% stake in LEBC, as previously announced in January.
In September, it was confirmed that Tavistock's board was working closely with the management of LEBC to maximise the value of its investment for the benefit of both sets of shareholders.
As a part of the arrangements, Tavistock agreed to acquire Hummingbird from LEBC Group Ltd, a wholly owned subsidiary of LEBC, in order to provide that company with additional working capital. This transaction was announced in May.
However, as an alternative source of working capital was subsequently identified for LEBC Group, Tavistock then agreed to sell Hummingbird to Aspira on the same terms as those on which it had been purchased in May.
Hummingbird began trading in 2020 as a provider of financial research for the LEBC Group. For the financial year ended September 30, it achieved a pretax profit of GBP430,000, and had gross assets of GBP130,000.
Tavistock has received approximately six months contribution from Hummingbird to the group's results for the year ending March 31, 2023.
Tavistock shares closed 11% higher at 8.44 pence each in London on Thursday.
By Holly Beveridge; hollybeveridge@alliancenews.com
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