Last checked at 28 Nov 2016 15:36
28 November 2016
Tavistock Investments plc
("Tavistock" or the "Company")
Further re Acquisition, Placing and Subscription
Further to the announcements made on 23 November 2016, Tavistock Investments plc ("Tavistock" or the "Company") announces that admission of the 36,733,333 Placing Shares, 33,266,667 Subscription Shares and 21,263,462 Consideration Shares to trading on AIM, which had been expected to take place tomorrow, 29 November 2016, has been delayed.
Following the allocation of shares pursuant to the Placing and Subscription, the Company became aware that Andrew Staley and UFC Fund Management plc, a company of which Mr Staley is a director and in which he has a beneficial interest, would both be required to submit applications to the Financial Conduct Authority ("FCA") as their participation in the Company's fundraising would result in their having a "controlling" position, being an interest in excess of 10 per cent., in the issued share capital of Tavistock.
Such applications were submitted on 24 November 2016 but have yet to be processed by the FCA and until such time as their consent is given, the Placing Shares, Subscription Shares and Acquisition Shares cannot be issued and thus the Placing, Subscription and Acquisition cannot complete.
It is hoped that consent will be granted in the very near future, but the FCA is currently unable to confirm when this might be. A further announcement will be made when consent has been granted and a new admission date determined.
For further information:
Tavistock Investments plc Tel: 01753 867000
Oliver Cooke, Executive Chairman
Brian Raven, Group Chief Executive
Northland Capital Partners Limited Tel: 020 3861 6625
William Vandyk
Gerry Beaney
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor
Nick Athanas
Templars Communications Limited Tel: 020 3642 3140
Kitty Parry
Alice Osborn
All defined terms in this announcement shall have the same meaning as defined in the Company's announcements released at 7.00 a.m. and 3.37 p.m. on 23 November 2016 under RNS numbers 8852P and 9794P respectively unless otherwise defined herein