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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lighthouse Group Plc | LSE:LGT | London | Ordinary Share | GB0009779116 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLGT
RNS Number : 3013H
Lighthouse Group PLC
14 November 2018
This announcement contains price sensitive information for the purposes of Article 7 the Market Abuse Regulations EU 596/2014
14 November 2018
Lighthouse Group plc
("Lighthouse" or "the Group")
Strategic Investment
Lighthouse Group plc (AIM: LGT), the national financial advisory group, is pleased to announce that it has today made a subscription of GBP1 million in cash for 30,487,805 new ordinary shares at 3.28 pence per ordinary share in Tavistock Investments plc ("Tavistock") (AIM:TAVI) (the "Subscription").
This follows on from, and is in conjunction with, the Strategic Agreement between Lighthouse and Tavistock announced earlier today.
The Company's Subscription is part of Tavistock's wider fundraising of GBP1.25 million, with the remaining GBP250,000 being provided by existing shareholders and management. The new ordinary shares in Tavistock are being issued at 3.28 pence per share, being a ten per cent. discount to the closing mid-market price on 12 November 2018. Lighthouse's holding will represent 5.30 per cent. of the enlarged share capital of Tavistock. The Subscription is conditional upon admission of the shares to trading on AIM, which is expected to be on 19 November 2018. Lighthouse will use existing resources to fund the Subscription.
Tavistock is a financial advisory and fund management business. In its recent interim financial statements for the six months ended 30 September 2018 Tavistock reported GBP941 million assets under management through its own fund range, an increase of GBP196 million or 26 per cent. since September 2017 and GBP617 million or 190 per cent. since September 2016. It also reported an increase in on-going business revenues of 13 per cent. to GBP14.0 million and an increase of 276 per cent. in EBITDA to GBP516,000. In its annual financial statements for the year ended 31 March 2018, Tavistock reported an increase in assets under management of 44 per cent. to GBP866 million, an increase in on-going business revenues of 47 per cent. to GBP28.8 million and an increase of 91 per cent. in underlying EBITDA (after reorganisation costs) to GBP734,000. It also reported profit before tax for the year of GBP221,000.
Malcolm Streatfield, Chief Executive Officer of Lighthouse commented: "Lighthouse is a successful financial advisory business with particular expertise in providing advice to members of its affinity group partners whose aggregate membership is in excess of 6 million individuals. In our announcement earlier today I gave details of the Strategic Agreement that we have entered into with Tavistock to develop further effective, risk-managed investment solutions for our customers utilising Tavistock's established in-house investment solutions within our Luceo Asset Management Range in October 2016. This investment will serve to further underpin what I believe will be a successful working relationship between Lighthouse and Tavistock."
Brian Raven, Tavistock's Chief Executive, commented: "This strategic investment by Lighthouse, building on the strategic relationship between Lighthouse and Tavistock announced earlier today, is a significant development for both groups. We are delighted to welcome Lighthouse as a shareholder and look forward to achieving considerable success together in the coming years."
For further information, please contact:
Lighthouse Group plc Malcolm Streatfield - Chief Executive Tel: +44 (0) 20 7065 5640 Peter Smith - Group Finance Director investorenquiries@lighthousegroup.plc.uk www.lighthousegroup.plc.uk finnCap Limited (Nominated Adviser and Broker to the Tel: + 44 (0) 20 7220 Company) 0500 Corporate Julian Blunt /Emily Watts/Hannah Boros ECM Alice Lane
Media enquiries:
IFC Advisory Limited Graham Herring/ Heather Armstrong/ Tel: +44 (0) 20 3934 6630 Florence Chandler heather.armstrong@investor-focus.co.uk www.investor-focus.co.uk
About Lighthouse Group plc
Lighthouse has been listed on AIM since 2000 as an integrated financial services company for investors, coupled with significant scale in terms of distribution through financial advisers and wealth managers and its fully diversified business model.
As one of the UK's largest autonomous financial advice and wealth management groups, Lighthouse provides a comprehensive range of services to businesses and individuals and is retained by most of the major trades unions and other affinity groups to advise their combined memberships of over 6 million members.
The Group aims to increase its relationships with, and the benefits it derives from, its affinity group and professional partners.
In addition to a wide range of financial advice, the Group has developed innovative products to meet the specific needs of its retail and corporate customers.
Lighthouse operates from its headquarters in London as well as having principal operating offices in Stockport and Woodingdean, near Brighton.
For more information please visit: http://www.lighthousegroup.plc.uk/
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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UPDUSOBRWUAAARA
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November 14, 2018 02:37 ET (07:37 GMT)
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