Issue of Deferred Consideration and Bonus Shares

RNS Number : 9857B
Tavistock Investments PLC
22 June 2016
 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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