TIDMTAVI

RNS Number : 1613I

Tavistock Investments PLC

25 August 2016

Tavistock Investments Plc

Issue of Equity

25 August 2016

Tavistock Investments Plc ("Tavistock" or the "Company") the integrated financial services business, announces that Oliver Cooke, Chairman, and Brian Raven, Chief Executive, have today exercised their options to subscribe for G Ordinary Shares in the Company. Mr Cooke and Mr Raven each held options to subscribe for 50,000 G Ordinary Shares at a price of 1 penny per share which were granted to them under the Company's EMI Share Option Scheme as a performance incentive and the exercise of which was subject to the achievement of certain milestones, all of which been met.

The G Ordinary Shares, as a class, can be converted at any time between 1 August 2016 and 31 July 2018 at the request of the holders into such number of new ordinary shares of 1p each in the Company ("Ordinary Shares") as represents 10 per cent. of the fully diluted share capital of Tavistock as at 31 July 2016 as enlarged by such conversion. Mr Cooke and Mr Raven have notified the Company of their intention to convert, which is irrevocable. Upon conversion, each of Mr Cooke and Mr Raven will receive 22,927,017 Ordinary Shares and application will be made in due course for the aggregate 45,854,034 Ordinary Shares to be admitted to trading on AIM.

The interests of Mr Cooke and Mr Raven in the share capital of the Company before and after conversion of the G Ordinary Shares is set out below, assuming no other issues of equity:

 
           As at the date of this announcement 
--------  ------------------------------------------------ 
           Ordinary     %       Options         G Ordinary 
            Shares               to subscribe    Shares 
                                 for Ordinary 
                                 Shares 
--------  -----------  ------  --------------  ----------- 
 Oliver 
  Cooke    2,128,206    0.54%   1,600,000       50,000 
--------  -----------  ------  --------------  ----------- 
 Brian 
  Raven    38,542,362   9.74%   1,600,000       50,000 
--------  -----------  ------  --------------  ----------- 
 
 
           Following conversion of G Ordinary 
            Shares into Ordinary Shares 
--------  -------------------------------------------- 
           Ordinary Shares   %        Options to 
                                       subscribe for 
                                       Ordinary Shares 
--------  ----------------  -------  ----------------- 
 Oliver 
  Cooke    25,055,223        5.67%    1,600,000 
--------  ----------------  -------  ----------------- 
 Brian 
  Raven    61,469,379        13.92%   1,600,000 
--------  ----------------  -------  -----------------

A further announcement regarding the issue of the Ordinary Shares arising upon the conversion of the G Ordinary Shares will be made in due course.

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

IOEFELFLQVFEBBD

(END) Dow Jones Newswires

August 25, 2016 09:00 ET (13:00 GMT)

Tavistock Investments (LSE:TAVI)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Tavistock Investments Charts.
Tavistock Investments (LSE:TAVI)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Tavistock Investments Charts.