TAVISTOCK INVESTMENTS PLC
Result of Open Offer and General Meeting
12thFebruary 2015
Further to the announcement of 19 January 2015, Tavistock Investments Plc (“Tavistock” or “The Company”), the integrated financial services group, is pleased to announce that at the General Meeting of the Company held today regarding the acquisition of Standard Financial Group Limited, all resolutionswere passed unanimously.
In addition to the £2.7 million raised by the Company to provide additional regulatory and working capital through a placing and subscription, the directors of Tavistock are pleased to report that the Company has raised an additional £355,856.18 from its existing shareholders pursuant to the 1 for 4 open offer announced on 19 January which closed yesterday.
Accordingly, the Company is issuing a total of 152,792,809 new ordinary shares of 0.01p each (“Ordinary Shares”), comprising 135,000,000 new Ordinary Shares from the placing and subscription and 17,792,809new Ordinary Shares from the open offer. Application has been made for a total of 274,615,305 Ordinary Shares to be admitted to trading on AIM with effect from 13 February 2015.
Following admission of the new Ordinary Shares, Tavistock's total issued and voting share capital will comprise 274,615,305 Ordinary Shares. 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, securities of the Company.
Brian Raven, Chief Executive of Tavistock said: “We are delighted to bring this deal to a conclusion and to have had the unanimous support of our shareholders in doing so. Having received change in control approval from the FCA, the focus now is on integrating our operations. Tavistock has a robust and scalable business model, with a retirement guarantee and investment proposition that are both attracting considerable interest. We now operate the 7th largest advisory network in the country with over £3 billion under advice and we are well-funded to continue our expansion."
Notes to editors
Tavistock Investments Plc
Tavistock is a long established company that fundamentally changed its business focus under a new management team, in 2013. Its principal objective now is the creation of a substantial and profitable business in the financial services sector that combines both financial advisory and investment management services.
Much of the Company’s growth is likely to be driven by acquisition activity. However, there is also significant opportunity for organic growth.
The Directors believe that the development and management of a dividend stream to the Company’s shareholders will be a key measure of their future success.
Brian Raven, Chief Executive
Brian Raven has been involved in the financial services sector since 2010. He has a wide range of business experience, having held many sales and general management posts at senior management and board level, including running public companies on both AIM and the Official List. Most notably, in 1991 Brian founded Card Clear Plc, subsequently renamed Retail Decisions plc, a business engaged in combating the fraudulent use of plastic payment cards. He led the company until 1998 by which time it was an international group, listed on AIM, with a market capitalisation of some £100 million. As a principal, Brian has been responsible for identifying, negotiating and integrating numerous acquisitions, as well as for delivering organic growth.
For further information:
Tavistock Investments plcOliver Cooke, Executive Chairman
Brian Raven, Group Chief Executive / Tel: 01753 867 000
Northland Capital Partners Limited
William Vandyk / Matthew Johnson / Tel: 020 7382 1100
WH Ireland Limited
Tim Feather
Mark Leonard / Tel: 0113 394 6600
Tel: 020 7220 1666
Templars Communications Ltd
Kitty Parry
James Kimber / Tel: 020 3642 3140