Business
Issue of Deferred Consideration and Bonus Shares
Issue of Deferred Consideration and Bonus Shares.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \nRNS Number : 9857B Tavistock Investments PLC 22 June 2016 \n\nTavistock Investments Plc (\"Tavistock\" or the \"Company\")\nIssue of shares in settlement of \nDeferred Consideration and Bonus Entitlement\n22 June 2016\nOn 15 May 2014, the Company announced the acquisition of its investment management subsidiary, Tavistock Wealth Ltd (formerly Blacksquare Ltd).\nThe consideration for this transaction comprised of an initial cash payment of £1, together with a deferred consideration to be calculated by reference to the total value of assets under management by Tavistock Wealth Ltd, as at 31 May 2016.\nIn accordance with the terms of the sale and purchase agreement, the value of the deferred consideration has now been calculated to be £3,648,424. This is to be settled through the issue to the Vendors of 48,645,651 new ordinary shares of 1p each in the capital of the Company (\"Ordinary Shares\"), at an issue price of 7.5 pence per share.\nIn addition, Steve Moseley, in his role as business development director for Tavistock Wealth Ltd, is entitled to receive a performance related bonus which, after deduction of income tax and national insurance, amounts to £65,874.28. This bonus is to be satisfied through the issue to him of 878,324 Ordinary Shares, at an issue price of 7.5 pence per share.\nAccordingly, the Company has today allotted 49,523,975 new Ordinary Shares and an application has been made for these shares to be admitted to trading on AIM with effect from 28 June 2016 (\"Admission\").\nThe Company is aware of changes in the notifiable shareholdings of various of the beneficiaries of the share allotment and following Admission, their respective interests 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\nOptions to subscribe for G Ordinary Shares\n\n\nOptions to subscribe for Ordinary Shares\n\n\n\n\nBrian Raven\n\n\n38,542,362\n\n\n9.74%\n\n\n50,000\n\n\n1,600,000\n\n\n\n\nSteve Moseley\n\n\n33,300,568\n\n\n8.41%\n\n\nnil\n\n\n1,400,000\n\n\n\n\nChristopher Peel\n\n\n31,793,293\n\n\n8.03%\n\n\nnil\n\n\n1,400,000\n\n\n\n\n \nUpon Admission, the Company's issued share capital will comprise 395,730,683 Ordinary Shares with each share carrying the right to one vote. No Ordinary Shares are held in treasury and accordingly, this figure...