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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tavistock Investments Plc | LSE:TAVI | London | Ordinary Share | GB00BLNMLS43 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.25 | -5.43% | 4.35 | 4.00 | 4.70 | 4.60 | 4.35 | 4.60 | 77,038 | 14:31:58 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 33.95M | -1.4M | -0.0025 | -17.40 | 24.38M |
TIDMTAVI
RNS Number : 2564H
Tavistock Investments PLC
14 November 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
Tavistock Investments Plc
("Tavistock" or the "Company")
Strategic Alliance with Lighthouse Group plc
Proposed Raising of up to GBP1.25 million of additional equity capital
14 November 2018
Tavistock Investments plc (AIM:TAVI) is pleased to announce that it has entered into a strategic agreement with Lighthouse Group plc ("Lighthouse") (AIM: LGT) to establish an investment management service.
This business will develop and distribute investment products and services under the Luceo brand (Lighthouse's proprietary range of investment solutions) to clients of Lighthouse through that group's adviser base. These will include Tavistock's recently launched capital protection products and may be extended to include other investment solutions available through Tavistock, including its model portfolio service. It is estimated that Lighthouse Group currently has some GBP5 billion of assets under advice and places about GBP1 billion of new investment and pension fund investments on behalf of clients each year.
Malcolm Streatfield, Lighthouse's Chief Executive, said:
"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. The Group signalled its intention to provide effective, risk-managed investment solutions to its customers by launching the Luceo Asset Management Range in October 2016 and is continually looking to extend its range of investment solutions, for the benefit of the Group, its customers and shareholders.
"Tavistock has demonstrated its ability to establish an investment management business of scale since its inception in 2014 and I am delighted that we will be working together to develop additional high-quality investment solutions for the benefit of our mutual client bases. I believe that this will be the start of a successful working relationship between Lighthouse and Tavistock."
Brian Raven, Tavistock's Chief Executive, said:
"The establishment of a strategic relationship between Lighthouse and Tavistock is a significant development for both groups. Lighthouse is one of the leading financial advisory businesses in the UK with some 400 advisers. It is the preferred supplier of financial advice to 21 affinity group partners and their aggregate membership of more than 6 million individuals. Its selection of Tavistock as its partner to further develop its Luceo range of investment solutions is a strong endorsement of our expertise in this field. We look forward to achieving considerable success together in the coming years."
Fundraising
The Company also announces its intention to raise up to GBP1.25 million of additional working capital, before costs, through the issue of up to 38,109,756 new ordinary shares of 1p each at a subscription price of 3.28 pence per share.
Use of funds:
The fundraising, if successful, will enable the Company to replace an existing, and relatively expensive, GBP2 million debt facility with a new GBP2 million five-year facility from NatWest Bank at a lower rate of interest. It is estimated that the Company could save some GBP100,000 per annum in interest as a consequence of the change. The fundraising will also strengthen the Company's regulatory capital position as the business continues to grow.
ENQUIRIES
Tavistock Investment Plc
Oliver Cooke / Brian Raven
+44 (0)1753 867000
Arden Partners Plc - Nominated Adviser
Paul Shackleton
+44 (0)20 7614 5900
Allenby Capital Limited - Broker
Nick Naylor / Nick Athanas
+44 (0)20 3328 5656
Vested - PR Partner
Elspeth Rothwell
+44 (0)20 3890 8118
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.
END
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(END) Dow Jones Newswires
November 14, 2018 02:00 ET (07:00 GMT)
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