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Tavistock Investment (TAVI)

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Friday 23 July, 2021

Tavistock Investment

Result of GM

RNS Number : 2911G
Tavistock Investments PLC
23 July 2021
 

 

Tavistock Investments Plc

("Tavistock" or the "Company")

Result of GM

 

 

23 July 2021

 

The Company is pleased to confirm that the resolutions put to shareholders at today's General Meeting, convened to approve the disposal of Tavistock Wealth Limited ("TWL") and to grant authority for the Company to make market purchases of its own shares, were both passed with 342,376,434 shares (equivalent to 56.33% of the Company's issued share capital) voting in favour of the resolutions and 30 shares voting against.

 

On 14 June 2021 the Company announced that it has entered a 10-year strategic partnership with Titan Wealth Holdings Limited ("Titan"). As a part of these arrangements Titan has agreed to acquire TWL for a consideration of up to £40 million in cash, together with a ten-year earn out.

 

Brian Raven, Chief Executive of Tavistock, said: "The strategic partnership with Titan will enable us to accelerate the growth of our wealth management business both organically and through an acquisition programme, endorsing our corporate strategy. I am pleased that shareholders have recognised the opportunity presented by the deal, enabling us to deliver them greater value."

 

The disposal of TWL will complete once Titan has received change in control approval from the FCA.  A further announcement will be made once such approval has been received.

 

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 (PR adviser to Tavistock)

Gilly Lock

Chloe Retief

Tel: 07711 380 007

020 7250 1446



 

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