Business
Grant of options
Grant of options.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9737B\n Tavistock Investments PLC\n 15 June 2021\n \n \n \n \n \n Tavistock Investments Plc\n \n \n (\"Tavistock\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Grant of options \n \n \n \n \n 15 June 2021\n \n Tavistock, the financial services group, announces that it has granted share options, with an exercise price of 5.25p per share, over an aggregate total of 70,000,000 shares (representing 11.5% of the Company's current issued share capital) to its Executive Directors, being Oliver Cooke and Brian Raven. The exercise price of these options has been set at a level that represents a premium of 11 per cent. over the Company's closing mid-market price on 14 June 2021. 40,000,000 of the options are being issued to Brian Raven and 30,000,000 are being issued to Oliver Cooke. The options are capable of immediate exercise, have no performance conditions and are not being issued under the Company's EMI Scheme.\n \n Background\n The Company recently attempted to introduce a new growth share incentive arrangement to replace the use of share options as a means of incentivising the Executive Directors and the Company's senior managers. The reason for seeking such a change was to avoid the share-based payment charges that adversely impact the Company's reported financial performance and consequently, in the opinion of the Board, also adversely impact the share price.\n Having consulted with a number of the Company's larger shareholders and received assurances from them that they would vote in favour of the introduction of the new growth share incentive arrangements, the Executive Directors, on 1 March 2021, surrendered all of the share options previously held by them. A proportion of these options had been issued under the Company's EMI Scheme and would thus have benefitted the Executive Directors with favourable tax treatment. \n The surrender of these options by the Executive Directors was done in good faith and resulted in the cancellation of the historic share-based payment charges associated with them. As a consequence, the level of pre-tax profit achieved by the Company for the year ended 31 March 2021 was enhanced by approximately £400,000.\n Notwithstanding the assurances that had been received, two of the Company's larger shareholders subsequently ch...