Tavistock Investments Share Discussion Threads

[markgordon1] 18/2/2022 18:29

Please explain to me why my view is idiosyncratic. Strange word to use given my post contained purely facts. So are the facts idiosyncratic. I have viewed your previous posts going back to beginning of last year.The idiosyncrasies are that none of them present a balanced view. Always supportive of directors. Can I assume that for your purpose the directors have never done anything wrong or made any errors of judgment. That would be very unusual if not unique.

[smithie6] 18/2/2022 16:10

"LEBC has welcomed TAVI as a shareholder"

Big deal.

TAVI paid real hard cash for those shares in LEBC. They were not given for free.

------
TAVI has made other acquisitions & then later got rid of parts of them
One had a turnover of £7 million.
----

TAVI made a co-operation agreement with the Law Society.
Lots of drum beating.
"Aren't we super directors"

The agreement was later terminated because it didn't make any money !!

[smithie6] 18/2/2022 16:09

Quepassa

Institutions ?!

How many instis have >3% in TAVI.
0 ?

Ah, no, there is 1.

1 !!

No other insti wants to invest !!

-----

Give your opinions but please don't tell porkies.

[quepassa] 18/2/2022 15:48

You are welcome to your view.

However, it would appear to me to be a somewhat idiosyncratic view and at odds with reality. Otherwise it would be hard to square away your view with the multiplicity of professional/institutional opinions and corroborative evidence to the contrary where:-

- Titan was very happy to forge a strategic long-term link with Tavistock.
- LEBC Holdings have welcomed Tavistock as a SIGNIFICANT SHAREHOLDER.
- Team Asset Management were convinced enough to launch a bid.
- Investors Chronicle are confident enough to place Tavistock as TOP PICK.

If you believe that none of the above would have satisfied themselves as to ESG of any counterparty, I think that you are mistaken.


Good Luck.


ALL IMO. DYOR.
QP

[markgordon1] 18/2/2022 15:16

It will be posted. The disconnect you are suffering from is your vision is less than two weeks. Frankly the shares are up on a tip in an illiquid market and not on fundamentals such as the release of outstanding financial results. Maybe they follow but if they don't the retail investor is a fickle being. Part of a company being financially successful are the disciplines of cost control including remuneration. Then there is capital allocation discipline or the consideration given before issuing significant additional shares. The evidence suggest such discipline is not prevalent at TAVI. An absence of discipline ultimately results in errors that sometimes are catastrophic. Every shareholder has the right to have confidence in the discipline deployed by the management safeguards ing their capital. Otherwise the investment is a pure speculation

[quepassa] 18/2/2022 15:00

..you have a bee in your bonnet.

call Ghostbusters

[smithie6] 18/2/2022 14:55

They are probably miffed by dirs. taking £3.4 million in free shares

& exec dirs then taking options for 70 million more shares.

+9% for staff

29%-34% over <10 years, when the guideline limit is max. of 10%.

(Or trying to, at the next AGM we will see if it can be stopped by enough NO votes
And/or let us see if we can remove O.Cooke using votes. The company has lots of clever financial people & the UK has thousands more, replace him).

While they paid 7.5p/share X years ago & the share price now is 6p !!

& since 2015 receiving basically nothing in divis.
With inflation that 7.5p is now worth more. 9p ?

Directors rewarded for losing them money !!
People don't like it, natural.

[quepassa] 18/2/2022 14:46

I hope that any reply received from IC is posted.

Most bona fide investors love it when the share price increases - as it has this week by 50%.

You do not need to be a rocket-scientist to work out why certain parties on this bulletin board are miffed at the strongly rising price..

Onwards and upwards.

Good Luck All

ALL IMO. DYOR.
QP

[smithie6] 18/2/2022 14:22

Well done.

[markgordon1] 18/2/2022 14:09

I am interested and good points have been raised. Facts have been brought to light and do not present the directors in a good light.Frankly I find your post irrelevant and irritating. There is no denying the past self interested behaviour. There is no denying the compensation awards are not in line with peer group directors of companies that have produced far better company financial results and consequently better outcomes for shareholders. The lack of accountability and governance is revealed.I have written to IC questioning the recommendation given the publication's obsession with ESG. The G stands for governance.

[quepassa] 18/2/2022 13:48

.....call Ghostbusters.




If they can increase the market cap by 400% in 12 months, I'd vote to give them even more free shares!


Such is the power of equity incentivisation!


A TRULY GREAT week for Tavistock Investments and ALL ITS SHAREHOLDERS.

ALL IMO. DYOR.
QP

[smithie6] 18/2/2022 13:31

Free shares to O.Cooke. 22.9 million on 31st July 2016.

Free shares to Mr Raven. 22.9 million on 31st July 2016.

Many investors paid 7.5p/share to provide cash to fund acquisitions, thinking they could trust the 2 exec. directors to safeguard their money & behave correctly.

Mr Cooke
22.9million x 7.5p
=£1.72 million

Mr Raven
22.9million x 7.5p
=£1.72 million

Total = 1.72 + 1.72
= £3.44 million

For free.

And now they try to issue themselves 70 million more options. With no performance requirements.

But if shareholders get organised perhaps we can organise enough NO votes to stop it.
There are already 2 big shareholders that said NO to these new options.

[quepassa] 18/2/2022 12:36

2698 refers....

..... call Ghostbusters!




Meanwhile back in the real world....

A great 7 days for Tavistock AND ITS SHAREHOLDERS with a massive 50% rise in share price and market cap., as highly regarded and influential Investors Chronicle shines a light on Tavistock and puts this share as TOP OF THE LIST for its 2022 Bargain Shares.


ALL IMO. DYOR.
QP

[smithie6] 18/2/2022 12:20

Well, hiding from shareholders that the dirs & staff have 29% of options in <10 years (which in reality is about 33% or more since it is after issuing the new shares)

& renumeration of £750k last year

& share options 5.25p
Less than the 7.5p that many shareholders paid !

& 2 big shareholders refusing to agree to the options packages.

& a disregard/disinterest in shareholders

It does not look very good.

-----

Sure, making money is one motivation for exec. dirs.
Trampling over shareholders to do it, & having them in your contra, is not so good.
Whether one is happy with oneself, & intentionally hiding material facts from shareholders, & the drive to enrich oneself at the cost of others, that is up to each person.
----

I am not the main poster highlighting negatives of the exec. dirs.

There are various other people posting complaints about the 2 exec dirs. I assume for some years. And 2 large shareholders are not happy, they refused to agree to your new options. Mandarin4, Makeamillion3, Russman, markgordon1 & various others. I am new to this share.

Being an exec director of a company where the shareholders do not like your conduct.
& they write things like
"The corporate governance stinks"
-----

Enjoy your level of morals & honour & integrity.
You don't care, we know.

[quepassa] 18/2/2022 11:33

Not really.

Do you think anyone is in the least bit interested in wading through all your stuff?

It's just totally boring.

Sorry.


Judging by all the other threads which you have created over many years, you have an angry bee in your bonnet about this topic and you seem to be on some sort of keyboard warrior crusade. -Each to his own.

But you do need to recognise that this is an obsession of yours (and your many M M avatars)to such an extent that you see ghosts where there really aren't any.

Good Luck to you.



Nor do I think anyone is in the least bit interested that a certain party may own 5% of the shares of a company or another party has 10% - and/or whatever the options are.

Frankly if management doesn't have at least this amount of meaningful skin in the game - then it's not a good sign.

So if management have 15% and options on more , that's great in my book and motivates them enormously to create further shareholder value - such as they have been doing with outstanding success over the last 12 months.

That's good for all shareholders.

What you also fail to understand is that the top management (no disrespect meant) are no longer spring chickens and perhaps, who knows, sooner or later may have no great desire to continue working forever.

And when you get to that stage in your career - where your income earning days may perhaps be tailing off - you do all you can to maximise the capital value of your assets in order to realise the best value for your life's work.

As I said before, management interests appear to me to be fully aligned with shareholder interests through equity.

Good Luck ALL.


ALL IMO. DYOR.
QP

[smithie6] 18/2/2022 11:17

Que Passa

The exec dirs. seem to have many unimpressed long term PI shareholders as shown by posts on this thread.
The exec dirs. also have opposition from 2 large shareholders who refused to agree to the proposed new share options.

The exec. dirs also had opposition imo from 1 large shareholder, the company bought all of their 4.7% shareholding.

The exec. dirs have a risk that this opposition will be visible again at the time of the next AGM with many shareholders phps voting against approving the accounts (& the new options) & all resolutions.

----

Way forward.
Would a fair method to improve the situation be to
- increase the exercise price for the proposed 70 million new options to 10p from 5.25p.
(5.25p looks dishonourable for the 2 exec dirs. Blatant THEFT ? It is lower than the 7.5p at which a lot of people have paid for new shares)

- state that no exercising of options will take place if it increases the total % held by the 2 exec dirs. The problems in governance of the company are all a result of excessive % held by the team of insiders & related parties. This problem should not be made worse.

- state that the company will comply with the Good Governance guide from the FRP or other body, including for options

- state that the current number of options awarded will not be increased until after 2029 (15 years from starting). With ratchet, if anyone leaves & loses options then can not re-award to other person.

- state that in AGM votes for options & the renumeration report that the insiders & related parties can not vote. To stop dirs. & staff voting through awards/benefits for themselves, breaking the stated Company Values such as acting with integrity & honour.

-----

I am sure that the dirs. will not do any of these things since they seem to be dedicated to trample over the normal shareholders & to enrich themselves as much as they possibly can, imo breaking the company values of acting with honour & integrity.

[makeamillion3] 18/2/2022 10:52

QP has now replied as if he is a One of the BOD’s. Not even bothered to hide his identity now.
I’m off to Cooke my brunch now

[smithie6] 18/2/2022 10:50

QP

You haven't pointed out any mistakes in my posts of last night.
Confirms that my posts were correct, I think.

[smithie6] 18/2/2022 10:48

Russman
Not beneficial for the 2 exec. dirs. to sell up.
They get £750k/yr renumeration & keep awarding themselves options.

Sitting at home with a fixed amount of cash, with inflation at ~6%/year eating the value of that cash, can not compete.

[quepassa] 18/2/2022 10:29

slowly slowly catchy monkey.

[russman] 18/2/2022 10:07

So why didnt BoD sell the whole co to Titan and retire gracefully.

[smithie6] 17/2/2022 22:57

Ah

Free shares for exec. dirs

Note 15 of 2017 accounts
45.8 million shares.
(So

It INTENTIONALLY HIDES that they were
- 22.9 million free shares for O.Cooke
- 22.9 million free shares for Mr Raven
- free

Not content with that they now want 40 million & 30 million share options @ 5.25p, 'if' shareholders vote to agree the accounts to the end of March 2022,or renumeration committee report.

------

Tomorrow I might work out the effective average price that O.Cooke has paid for his 31 million shares.
22.9 million were free, on 31st July 2016.
----

I don't object to execs getting 10% of a company for free if they take on a shell company or similar & make a success of it & shareholders say make +50-100% in 5 years. But these 2 execs got 10% for free when the company was loss making & shareholders had lost money. No perf. reqts were met imo, as of 31st July.

To have, award oneself, 29% of options is too much imo.
People might/probably not have invested/risked their money if they had known at the time that the dirs & staff would get 29% of options !

-----
Mr Raven sold a business to the co.
5 times turnover. Expensive imo.
He then got 11-12% extra on the sale as free shares !.
Mr Cooke also got 11-12% of the value of that acquisition as free shares !
They did the 10% shares transaction weeks after the acquisition was paid for using shares !
(10% was 10% 'after' the extra 10% shares are issued)

-----
If they were to exercise these new 70 million options at 5.25p.
Would they then award themselves options for another 10% ??! Turning the 29% into 39% ?!

Why not 100% ??!!

[smithie6] 17/2/2022 22:45

Makeamillion3

...if any of my research is useful or of interest you are welcome

(The accounts of previous years are available free at company house if anyone wants to read them. But some of the stuff for this company takes time to work out, the 2 court authorised reductions of the amount raised by issuing shares for example. And the directors have been very opaque about share options (42 million free on 31st July '16; I did not find the text, I had to read between the lines & do some calcs. That level of opacity is basically wrong imo.)