We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.25 | 4.00 | 4.50 | 4.25 | 4.25 | 4.25 | 283,221 | 08:00:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 33.95M | -1.4M | -0.0025 | -17.00 | 23.82M |
TIDMTAVI
RNS Number : 0736A
Tavistock Investments PLC
22 December 2017
Tavistock Investments plc
Proposed Reduction of Share Premium Account
Notice of General Meeting
22 December 2017
Tavistock Investments plc ("Tavistock" or "Company") announces that it is today posting to shareholders a notice of general meeting to consider a proposal that will facilitate the payment of dividends to shareholders.
The Company currently has negative distributable reserves and is therefore prohibited under the Companies Act from making distributions, including dividends, to its shareholders. This deficit arose predominantly as a consequence of the unsuccessful trading activities of the Company's former business, SocialGo.
In light of the progress made to date by the Company in building a financial services group, the Board believes it is an appropriate time to seek approval to utilise GBP23 million of the Company's share premium account to eliminate the deficit on the Company's profit and loss account and create distributable reserves (the "Capital Reduction").
The Capital Reduction is conditional upon, amongst other things, the Company obtaining Shareholder approval at a general meeting which will be held at 11:00 a.m. on Tuesday 16(th) January 2018 at 1
Bracknell Beeches, Old Bracknell Lane, Bracknell, RG12 7BW ("General Meeting").
Background to and details of the Capital Reduction
One of the Company's stated objectives has been to introduce, and subsequently to manage, a dividend stream for the benefit of Shareholders. Whilst there can be no certainty that a dividend will be paid, the board of Tavistock now considers it prudent to take the necessary steps to enable the Company to pay a dividend if and when it is considered appropriate to do so.
At 30 September 2017, being the date of the Company's most recent unaudited interim balance sheet, the Company had a profit and loss account deficit of GBP22.3 million. At the same date, the balance standing to the credit of the Company's share premium account amounted to GBP27.88 million. The Capital Reduction, if approved and made effective, will be sufficient to eliminate the deficit entirely and create distributable reserves.
The Capital Reduction is proposed to be effected by reducing the Share Premium Account by GBP23 million which will, subject to the discharge of any undertakings required by the High Court of Justice in England and Wales (the "Court") as explained below, be sufficient to eliminate the deficit on the profit and loss account. As a result, any positive distributable reserves generated by the Company after the date on which the Capital Reduction takes effect would be available for the Board to use for the purposes of paying dividends.
In addition to the approval by Shareholders of the resolution to be proposed at the General Meeting, the Capital Reduction requires the approval of the Court. Accordingly, following the General Meeting, an application will be made to the Court in order to confirm and approve the Capital Reduction.
In providing its approval of the Capital Reduction, the Court is likely to require protection for the creditors (including contingent creditors) of the Company whose debts remain outstanding on the relevant date, except in the case of creditors which have consented to the Capital Reduction. Any such creditor protection may include seeking the consent of the Company's creditors to the Capital Reduction or the provision by the Company to the Court of an undertaking to deposit a sum of money into a blocked account created for the purpose of discharging the non-consenting creditors of the Company.
It is anticipated that the Capital Reduction will become effective in the first quarter of 2018 following the necessary registration of the Court Order at Companies House.
There will be no change in the number of the Company's ordinary shares in issue (or their nominal value) following the implementation of the Capital Reduction and no new share certificates will be issued as a result of the Capital Reduction. The Capital Reduction itself will not involve any distribution or repayment of capital or share premium by the Company and will not reduce the underlying net assets of the Company. The distributable reserves arising on the Capital Reduction will, subject to the discharge of any undertakings required by the Court, support the Company's ability to pay dividends, should circumstances in the future make it desirable to do so.
It should be noted that the Capital Reduction does not however guarantee the payment of a dividend to Shareholders.
Anticipated timetable of events in relation to the Capital Reduction
Publication of this notice 22(nd) December of General Meeting 2017 Latest time and date for receipt 11:00 a.m. on 12(th) of Forms of Proxy for the General January 2018 Meeting General Meeting 11:00 a.m. on 16(th) January 2018 Expected date of initial directions 2(nd) February hearing of the Court 2018 Expected date of Court Hearing 13(th) February to confirm the Capital Reduction 2018 Expected effective date for 14(th) February the Capital Reduction 2018
Enquiries:
Tavistock Investments Tel: 01753 867000 Plc Oliver Cooke, Brian Raven Arden Partners Plc Tel: 020 7614 5900 William Vandyk Allenby Capital Limited Tel: 020 3328 5656 Nick Naylor, Nick Athanas Templars Communications Tel: 020 3890 8118 Limited Kitty Parry, Elspeth Rothwell
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFEUFSFFWSEIE
(END) Dow Jones Newswires
December 22, 2017 02:00 ET (07:00 GMT)
1 Year Tavistock Investments Chart |
1 Month Tavistock Investments Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions