Tavistock Investments Share Discussion Threads

[smithie6] 16/2/2022 21:00

QP
"Such concrete evidence of real management skin in the game in the form of equity is a winning formula for all shareholders..."

Only 1 institucional shareholder has been attracted to invest to hold >3% of the shares. You claim "a winning formula", the instis do not seem to agree with you.

Many instis probably will not invest because the dirs, managers & related parties control the company via their votes/shares; so the controlling team could double their wages or whatever they want & no one could do anything !!

You agree ?

[smithie6] 16/2/2022 20:52

QP

If you believe in share options as an incentive, what is your opinion about the intentional removal of the performance targets ?

You agree that at all listed companies it is normal to give performance targets for share options ? But that at Tavistock there are no performance conditions for the 19% share options !

[smithie6] 16/2/2022 20:08

Pay/renumeration of the 2 exec. dirs.

2018 £442k
2019 £530k
2020
2021 £750k

I guess that with this % increase in pay the 2 execs. don't worry about the current inflation in the cost of living !

[quepassa] 16/2/2022 20:04

Excellent to see management fully incentivised by way of equity holdings and equity options to make the business prosper.

Management interests are fully aligned with shareholders - where a strongly rising share price will benefit all shareholders alike whether management or individual.

Such concrete evidence of real management skin in the game in the form of equity is a winning formula for all shareholders - and adds a great deal of confidence that management will be focused and highly incentivised on delivering shareholder value.

On the basis of recent strong corporate performance and the dramatic increase in shareholder value, the equity incentivisation for management is showing outstanding results.

With more to come.

A lot more.


ALL IMO. DYOR.
QP

[smithie6] 16/2/2022 19:28

Interesting.
The 2 exec. dirs have done very well in increasing the number of share options.

2017
Cooke 1.6 million options
Raven 1.6 million options

2018
Cooke 11 million
Raven 11 million

2019
Cooke 26.6 million
Raven 31.6 million

I wonder what the justification was for more than doubling the number of options ?!
Only raised £1.25 million so probably no big acquisitions.
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Now
Cooke. 30 million
Raven 40 million

From 1.6 million options each to 30 or 40 million share options each in 5 years.

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Btw

None of the options for staff or the exec. dirs now have any performance conditions. The options for staff mngrs never had any perf. conditions.
Although if the 'up to £40 million with earn out' for the sale of the fund management section gets paid, (£20 million has been paid & £20 million is due over 3 years if conditions are met) then one could argue that any moral/imaginary perf. targets/reqts have been met in full).
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Cash raised from issuing shares as at 2017-18.
£40 million.
The cap. value now is £36 million. So shareholders are sitting on a loss of 10% on the money they put in to the company.

[smithie6] 16/2/2022 17:22

Options
Btw the 'old' options for the 2execs had different performance reqts. to be met before they could be exercised.
Ref. the AR for the year to March 2020.

Those of those perf. reqts. give targets such as FUM & PBT above the current performance.

Seems to me that the new options have no performance reqts.

I can imagine the big shareholders that are not insiders or related parties being quite miffed about the change from the options having perf. conditions to not having perf. conditions.

(What happened with managers/staff options, the old ones still exist, with perf. reqts ??)

[smithie6] 16/2/2022 12:08

:-((

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Although on the plus side it seems to show that various managers, I assume of acquired companies, have not subsequently sold their shares. So they phps are/were hopeful of the sh price rising ??

The 2 exec. dirs. have a combined holding of ~15% of the shares.

Surprising that with all the cash raises via share issues that dirs. + managers + related/close parties seem to have a combined >45% of the shares. One would have expected their % to be diluted (while yes the 2 exec. dirs have made share purchases which has maintained their %, the other >3% holders have not imo (based on RNS info).

(£19 million raised in total I think)

[mandarin4] 16/2/2022 12:03

Which is just how they wanted it to be from day 1 Smithie.

[smithie6] 16/2/2022 10:33

If QP wants a contest of duplicate posts I am willing to take him on !

:-)

Such a contest would not help QPs aims.
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I'm happy to see all types of posts, positive & negative. Discussion is good, we can all learn new info.

Just negative or just positive would not be balanced/healthy.

(ideally any post should include some justification to support any claims made)

[quepassa] 16/2/2022 10:27

The rapidly growing Market Capitalisation of Tavistock Investments , now of some £35 million, should increasingly bring Tavistock within the investment parameters of a wider group of small-cap institutional investors, small-cap funds and other professional investors.

This will further support and further strengthen the share price.

ALL IMO. DYOR.
QP

[makeamillion3] 16/2/2022 10:25

Smithie6

You will learn that you can’t ask any questions whatsoever that could be classed as intrusive or ‘anti’ BODS in any way.
If so, this moron will copy and paste over you. I thought ‘QP’ would be too busy counting his shares or working out his profit from the informed purchased a few months back. He deserves it for the hard PR work he does on here.
Well I’m still down Mr Cooke and Mr Raven.
It’s so unprofessional it laughable. I’ll hold on the celebrations for now

[smithie6] 16/2/2022 10:24

You don't think the £750k/year pay of the 2 exec. dirs

& the RNSs for share options

& 19% options

& some major shareholders voting against the last share option proposal

will put them off ?!

;-)

[quepassa] 16/2/2022 10:00

The rapidly growing Market Capitalisation of Tavistock Investments , now of some £35 million, should increasingly bring Tavistock within the investment parameters of a wider group of small-cap institutional investors, small-cap funds and other professional investors.

This will further support and further strengthen the share price.

ALL IMO. DYOR.
QP

[smithie6] 16/2/2022 09:51

You dont think the £750k/year pay of the 2 exec. dirs

& the RNSs for share options

& some major shareholders voting against

will put them off ?!

[quepassa] 16/2/2022 09:02

The rapidly growing Market Capitalisation of Tavistock Investments , now of some £35 million, should increasingly bring Tavistock within the investment parameters of a wider group of small-cap institutional investors, small-cap funds and other professional investors.

This will further support and further strengthen the share price.

ALL IMO. DYOR.
QP

[smithie6] 16/2/2022 08:15

Strange
imo that despite the function/plan of the company being to acquire smaller finance companies & integrate them & in that way to increase the profitability

& the 2 exec. dirs being well paid to do this

& there being 19% of options !!

they did not do a normal integration & reduce costs & the number of locations/offices !!

Year after year they kept the staff & the different offices !!

Only in the last ~18 months has the company been reducing the number of offices & staff.

[smithie6] 15/2/2022 20:47

Qu.
Are there options for managers ?

In the old option deal 2-3 other bosses got options as well.

----
ANS
Yes.
Although kept secret in the RNSs about options !

The 2 exec. dirs handed in their options, & later received new ones.
The options of the other people mentioned in the last AR will still exist.
So, ~19% options, at ~5.25p.
19% :-((

(as Mandarin4 had mentioned in 1 post)

Probably part of the reason for tension between the bod & some big shareholders, & the special AGM resolution needing 75% not getting approved. Looks like dirs & mngrs voted for it but almost no one else. Many PIs probably didn't bother voting.
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Renumeration combined of the 2 exec. dirs in last fin. year.
£750k.
Ouch !!
Sure is a lot for a small company, & one that hasn't been paying any real dividend to shareholders.

I can understand the various posts complaining about the dirs. getting rich while the shareholders get nothing, since 2013-4 when the co. started.

[smithie6] 15/2/2022 20:45

Been looking thru. old RNSs.

The company took over a failing company in ~2013 to have a shell. And has since made various acquisitions to have a turnover of about £30 million.

And has sold a part of the company for £40 million.
As long as the full amount is paid then it all looks good too me.
As long as the remaining part of the company can make a profit. & doesn't implode (seems very unlikely) it all looks like the whole venture of starting from a shell in ~2013 has been a success.

[markgordon1] 15/2/2022 20:12

It will be interesting to see how this plays out. The shares are up on a magazine tip.At the moment there is a vacuum when it comes to the company financial performance.We will find out if the management has been bathing without trunks. They will have to work hard to demonstrate underlying cash profits IMOWe will seeAny disappointment and price will be back down to 3.5pIt is called mean reversion IMO etc etc etc

[quepassa] 15/2/2022 18:41

Good to see the share price up some 40% since the end of last week.

All bona-fide and right-minded shareholders will be absolutely delighted at the progress in the share price.

With more to come.


ALL IMO. DYOR.
QP

[mandarin4] 15/2/2022 17:50

Oh and the lunatic has reappeared copying and pasting to drop comments down the list