Tavistock Investments PLC Issue of Deferred Consideration and Bonus Shares (9857B)
June 22 2016 - 9:03AM
UK Regulatory
TIDMTAVI
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 GBP1, 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 GBP3,648,424. 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 GBP65,874.28. 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 % of Options Options
Shares issued to subscribe to subscribe
ordinary for G for Ordinary
share Ordinary Shares
capital 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
END
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