Business
Purchase of a minority shareholding in LEBC
Purchase of a minority shareholding in LEBC.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8186X\n Tavistock Investments PLC\n 10 January 2022\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n Tavistock Investments Plc\n \n \n (\"Tavistock\", the \"Group\" or the \"Company\")\n \n \n Purchase of a minority shareholding in LEBC Holdings Limited\n \n \n \n \n \n \n \n \n 10 January 2022 \n \n \n \n \n \n Tavistock (AIM:TAVI) \n is pleased to announce that it has entered into an agreement to purchase 21% of the issued share capital of LEBC Holdings Limited (\"LEBC\"). LEBC is an independent financial advisory group that has three wholly owned subsidiaries, two of which are regulated by the Financial Conduct Authority (the \"FCA\"), LEBC Group Limited and Aspira Corporate Solutions Limited, and a third which is unregulated, LEBC Hummingbird Limited.\n \n \n \n \n \n By acquiring this shareholding, Tavistock will become a \"controller\" (as per the FCA's rules) of each of LEBC's regulated subsidiaries and completion of the transaction is therefore conditional upon receipt of the FCA's approval. \n \n \n \n \n \n Tavistock has agreed to acquire all of the 212,738 A ordinary shares of £0.01 each (\"A Ordinary Shares\") in LEBC for a total cash consideration of £10.0 million from Mrs Marie McVitie, the widow of LEBC's founder and former Chief Executive, Mr Jack McVitie. £6.0 million of the consideration will be paid upon completion and £4.0 million will be paid on a date that is twelve months following completion. Ownership of the A Ordinary Shares entitles the holder to a right of first refusal should any of the company's other shareholders wish to dispose of their shares. \n \n \n \n \n \n The LEBC group was established in 2000 as a provider of financial planning and consultancy services to private and corporate clients. LEBC employs 46 financial planners, has over 75,000 clients and an estimated £5 billion of assets under advice, of which over £500 million is invested in LEBC's model portfolio service. LEBC's draft accounts for the financial year ended 30 September 2021 ...