Tavistock Investments PLC Issue of Options (3768C)

TIDMTAVI

RNS Number : 3768C

Tavistock Investments PLC

13 April 2017

Tavistock Investments Plc

Issue of Performance Related Share Options

Tavistock Investments Plc ("Tavistock" or the "Company"), the financial services Group, announces that it has today issued an aggregate total of 48,500,000 performance related share options, equivalent in number to 9.09% of the shares currently in issue, to the executive directors and to other key members of the Group's management team

The exercise price of the options is 5.25p per share, which represents a premium of 86.2% over the Company's current share price of 2.82p per share. The vesting of these options is linked to the achievement of challenging and significant performance targets, in certain cases being the achievement by the Group of GBP5 million of pre-tax profit in a single year and in other cases being the growth of the funds managed by the Group to GBP1.5 billion. The options are capable of being exercised at any time within a ten-year period from the date of grant, subject to the achievement of the performance targets. Options not exercised by the end of the period will automatically lapse and will no longer be capable of exercise thereafter.

Following the issue of these options, the interests of Oliver Cooke and Brian Raven in the capital of the Company can be summarised as follows.

 
  Name      Ordinary      % of       Number     Exercise   Performance 
             Shares      issued     of Option     Price      Condition 
              of 1p       Share      Shares 
              each       Capital 
--------  -----------  ---------  -----------  ---------  ------------- 
 Oliver                                                     Continued 
  Cooke    26,188,556    4.91%     1,600,000*    5.25p      employment 
--------  -----------  ---------  -----------  ---------  ------------- 
                                                             GBP5m of 
                                                              pre-tax 
                                                              profit 
                                                            in a single 
                                   5,000,000     5.25p         year 
--------  -----------  ---------  -----------  ---------  ------------- 
                                                             GBP1.5b 
                                   5,000,000     5.25p        of FUM 
--------  -----------  ---------  -----------  ---------  ------------- 
  Brian                                                     Continued 
  Raven    62,319,379    11.68%    1,600,000*    5.25p      employment 
--------  -----------  ---------  -----------  ---------  ------------- 
                                                             GBP5m of 
                                                              pre-tax 
                                                              profit 
                                                            in a single 
                                   5,000,000     5.25p         year 
--------  -----------  ---------  -----------  ---------  ------------- 
                                                             GBP1.5b 
                                   5,000,000     5.25p        of FUM 
--------  -----------  ---------  -----------  ---------  ------------- 
 

*options issued in 2014.

   Tavistock Investments Plc                                        Tel: [phone] 

Oliver Cooke

Brian Raven

   Northland Capital Partners Limited                         Tel: [phone] 

Tom Price

Matthew Johnson

   Allenby Capital Limited                                             Tel: [phone] 

Nick Naylor

Nick Athanas

   Templars Communications Limited                          Tel: [phone] 

Kitty Parry

Alice Osborn

This information is provided by RNS

The company news service from the London Stock Exchange

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April 13, 2017 02:00 ET (06:00 GMT)