Business
Conversion of A Ordinary Shares
Conversion of A Ordinary Shares.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \nRNS Number : 0206B Tavistock Investments PLC 13 June 2016 \n\nTavistock Investments Plc\nConversion of A Ordinary Shares\n13 June 2016\nTavistock Investments Plc (\"Tavistock\" or \"Company\") has two classes of share, designated as A and G Ordinary Shares respectively, which are designed as an incentive for the directors.\nUpon certain criteria being achieved, either one of these classes, but not both, can convert into such number of Ordinary Shares as would represent 10 per cent. of the fully diluted ordinary share capital of the Company as at 31 July 2016 as enlarged by such conversion.\nOliver Cooke and Brian Raven, Chairman and Chief Executive of Tavistock respectively, each subscribed for 5,000,000 A Ordinary Shares and hold options under an EMI scheme to subscribe for 50,000 G Ordinary Shares (\"G Options\"). The exercise of the G Options can take place at any time until 31 July 2018.\nThe conversion of the G Ordinary Shares, arising upon exercise of the G Options, into Ordinary Shares can only take place between 1 August 2016 and 31 July 2018 if two performance criteria have been met. The Company confirms that the performance conditions have now been achieved and that as a consequence the G Ordinary Shares are capable of conversion into Ordinary Shares during the period referred to above.\nAs a result of the G Ordinary Shares becoming capable of conversion into Ordinary Shares, the existing A Ordinary Shares are, in accordance with their terms, being replaced with an equivalent value of Ordinary Shares, resulting in the issue of 50,000 Ordinary Shares to each of Oliver Cooke and Brian Raven.\nAccordingly, the Company has today allotted 100,000 new Ordinary Shares and application has been made for these shares to be admitted to trading on AIM with effect from 17 June 2016 (\"Admission\").\nFollowing Admission, the interests of Brian Raven and Oliver Cooke in the share capital of the Company will become:\n\n\n\n\n \n\n\nOrdinary Shares\n\n\n% of issued ordinary share capital\n\n\nA Ordinary Shares\n\n\nOptions to subscribe for G Ordinary Shares\n\n\nOptions to subscribe for Ordinary Shares\n\n\n\n\nBrian Raven\n\n\n16,505,295\n\n\n4.8%\n\n\nNil\n\n\n50,000\n\n\n1,600,000\n\n\n\n\nOliver Cooke\n\n\n2,128,206\n\n\n0.6%\n\n\nNil\n\n\n50,000\n\n\n1,600,000\n\n\n\n\n \nUpon Admission, the Company's is...