Grant of Options

Tavistock Investments Plc

Grant of Options 

16 March 2018

Tavistock Investments Plc ("Tavistock" or the "Company"), the financial services group, announces that it has agreed to grant two additional tranches of performance-related share options to key members of the senior management team, including Chairman, Oliver Cooke, and Chief Executive, Brian Raven.

The first tranche of the performance-related share options is over an aggregate total of 30,000,000 shares and the second tranche is over an aggregate total of 30,000,000 shares, making a combined aggregate total of 60,000,000 shares.

The exercise price of the first tranche is 6p per share, which represents a premium of 90% over the Company's current share price. The exercise price of the second tranche is 6.5p per share, which represents a premium of 106% over the Company's current share price.

Vesting of the options is conditional upon the achievement of demanding performance targets. For the first tranche of options to vest, the level of funds under management by the Group must first reach £1.8bn. For the second tranche of options to vest, the Group must report £7m of profits in a year.

The grant of options to the Directors does not form a part of their standard remuneration package and, if the options granted to them were to vest and to be exercised, the resultant shares issued to them would, in aggregate, amount to 6.5% of the current issued share capital of the Company. Accordingly, the grant is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for companies ("AIM Rules").

The number, exercise price and performance criteria of the options granted to the Directors can be summarised as follows:

Related Party Transaction

As the grant of options to the Directors constitutes a related party transaction under the AIM Rules, the independent directors, Roderic Rennison and Peter Dornan, have consulted with the Company's nominated adviser, Arden Partners. Having so consulted, they consider that the terms of the grant of options are fair and reasonable so far as the Company's shareholders are concerned.

Brian Raven, the Group Chief Executive, commented:

"The exercise prices and demanding performance-related vesting conditions for these options, ensure that the recipients' interests remain fully aligned with the interests of shareholders. When the performance criteria have been met, the Company's shareholders will already have benefited from substantial capital appreciation."

Enquiries

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

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