Last checked at 13 Apr 2017 07:00
Tavistock Investments Plc
Issue of Performance Related Share Options
Tavistock Investments Plc ("Tavistock" or the "Company"), the financial services Group, announces that it has today issued an aggregate total of 48,500,000 performance related share options, equivalent in number to 9.09% of the shares currently in issue, to the executive directors and to other key members of the Group's management team
The exercise price of the options is 5.25p per share, which represents a premium of 86.2% over the Company's current share price of 2.82p per share. The vesting of these options is linked to the achievement of challenging and significant performance targets, in certain cases being the achievement by the Group of £5 million of pre-tax profit in a single year and in other cases being the growth of the funds managed by the Group to £1.5 billion. The options are capable of being exercised at any time within a ten-year period from the date of grant, subject to the achievement of the performance targets. Options not exercised by the end of the period will automatically lapse and will no longer be capable of exercise thereafter.
Following the issue of these options, the interests of Oliver Cooke and Brian Raven in the capital of the Company can be summarised as follows.
Name | Ordinary Shares of 1p each | % of issued Share Capital | Number of Option Shares | Exercise Price | Performance Condition |
Oliver Cooke | 26,188,556 | 4.91% | 1,600,000* | 5.25p | Continued employment |
|
|
| 5,000,000 | 5.25p | £5m of pre-tax profit in a single year |
|
|
| 5,000,000 | 5.25p | £1.5b of FUM |
Brian Raven | 62,319,379 | 11.68% | 1,600,000* | 5.25p | Continued employment |
|
|
| 5,000,000 | 5.25p | £5m of pre-tax profit in a single year |
|
|
| 5,000,000 | 5.25p | £1.5b of FUM |
*options issued in 2014.
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Northland Capital Partners Limited Tel: 020 3861 6625
Tom Price
Matthew Johnson
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor
Nick Athanas
Templars Communications Limited Tel: 020 3642 3140
Kitty Parry
Alice Osborn