22 Jun 2016 14:03
Tavistock Investments Plc ("Tavistock" or the "Company")
Issue of shares in settlement of
Deferred Consideration and Bonus Entitlement
22 June 2016
On 15 May 2014, the Company announced the acquisition of its investment management subsidiary, Tavistock Wealth Ltd (formerly Blacksquare Ltd).
The consideration for this transaction comprised of an initial cash payment of £1, together with a deferred consideration to be calculated by reference to the total value of assets under management by Tavistock Wealth Ltd, as at 31 May 2016.
In accordance with the terms of the sale and purchase agreement, the value of the deferred consideration has now been calculated to be £3,648,424. This is to be settled through the issue to the Vendors of 48,645,651 new ordinary shares of 1p each in the capital of the Company ("Ordinary Shares"), at an issue price of 7.5 pence per share.
In addition, Steve Moseley, in his role as business development director for Tavistock Wealth Ltd, is entitled to receive a performance related bonus which, after deduction of income tax and national insurance, amounts to £65,874.28. This bonus is to be satisfied through the issue to him of 878,324 Ordinary Shares, at an issue price of 7.5 pence per share.
Accordingly, the Company has today allotted 49,523,975 new Ordinary Shares and an application has been made for these shares to be admitted to trading on AIM with effect from 28 June 2016 ("Admission").
The Company is aware of changes in the notifiable shareholdings of various of the beneficiaries of the share allotment and following Admission, their respective interests in the share capital of the Company will become:
Ordinary Shares | % of issued ordinary share capital | Options to subscribe for G Ordinary Shares | Options to subscribe for Ordinary Shares | |
Brian Raven | 38,542,362 | 9.74% | 50,000 | 1,600,000 |
Steve Moseley | 33,300,568 | 8.41% | nil | 1,400,000 |
Christopher Peel | 31,793,293 | 8.03% | nil | 1,400,000 |
Upon Admission, the Company's issued share capital will comprise 395,730,683 Ordinary Shares with each share carrying the right to one vote. No Ordinary Shares are held in treasury and accordingly, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
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
Matthew Johnson
WH Ireland Limited Tel: 0113 394 6600
Tim Feather
Liam Gribben
Templars Communications Limited Tel: 020 3642 3140
Kitty Parry
Kate Boothman Meier
Tavistock (TAVI)