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Tavistock Investment (TAVI)

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Thursday 07 October, 2021

Tavistock Investment

AGM Statement, no tax charge & NAV/share increase

RNS Number : 2576O
Tavistock Investments PLC
07 October 2021
 

Tavistock Investments Plc

("Tavistock" or the "Company")

 

AGM statement

Confirmation of no tax charge on disposal of Tavistock Wealth

Increase in Net Asset Value per share

 

7 October 2021

 

Tavistock's Annual General Meeting is scheduled to take place at 11.00am today at the Company's offices at 1 Queen's Square, Ascot Business Park, Lyndhurst Road, Ascot, Berkshire SL5 9FE.

 

At the meeting, the Company's Chairman, Oliver Cooke, will advise shareholders that the Company has now received confirmation that the recent disposal of Tavistock Wealth Limited to Titan Wealth Holdings Limited (the "Transaction"), completion of which was announced on 31 August 2021, qualifies for Substantial Shareholding Exemption ("SSE"). As a consequence, no tax charge will be incurred on receipt of the consideration of up to £40 million in cash. In the absence of the SSE, the Transaction might have given rise to a tax charge of approximately £7 million.

 

The Chairman will also advise that the Company's unaudited management accounts indicate that the Company's net asset value per share has risen from 2.59p at 31 March 2021 to 8.5p at 31 August 2021.  This is as a consequence of both the completion of the Transaction and the recent buy-back and cancellation of 4.75% of the Company's issued shares.

 

 

For further information:

 

Tavistock Investments Plc

Oliver Cooke

Brian Raven

Tel: 01753 867000

 

 

 

Allenby Capital Limited (Nominated adviser and broker)

Nick Naylor/ Nick Athanas/Liz Kirchner (Corporate Finance)

Tony Quirke (Sales)

Tel: 020 3328 5656

 

 

Powerscourt (Public relations)

Gilly Lock

Chloe Retief

Tel: 07711 380 007

  020 7250 1446

 

 

 

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