Acquisitions and Placing Mergers, 30 May 2014 10:07
The Company also announces that it has conditionally raised an additional £750,000 of working capital through a placing of 10,000,000 new ordinary shares of 1p each ("Placing Shares") at a subscription price of 7.5 pence per share ("Placing Price").
In view of the size of the Acquisitions relative to the Company, they will constitute a reverse takeover of Tavistock under the AIM Rules for Companies and therefore require the approval of Shareholders which is being sought at a general meeting to be held on 30 May 2014 ("General Meeting"). Application will be made for the enlarged share capital of the Company to be admitted to trading on AIM, subject to the passing of the resolutions to be proposed at the General Meeting ("Admission").