Tavistock Investments PLC Issue of Shares to Strategic Investor (6999G)
March 19 2020 - 3:00AM
UK Regulatory
TIDMTAVI
RNS Number : 6999G
Tavistock Investments PLC
19 March 2020
Tavistock Investments Plc
("Tavistock" or the "Company")
Issue of Shares to Strategic Investor
19 March 2020
Tavistock is pleased to announce that it has today raised
GBP650,000 of equity capital through the issue of 32,500,000 new
ordinary shares of 1p each (the "Placing Shares") at an issue price
of 2p per share (the "Placing").
30,000,000 Placing Shares, equivalent to 4.94% of the Company's
issued share capital as enlarged by the Placing, have been issued
to an experienced industry figure, Hugh Simon, and the Board is
pleased to welcome him as a significant new investor in the
Company.
The balance of the Placing Shares have been issued to members of
the management team, including 416,700 shares to Chairman, Oliver
Cooke, and 416,650 to Chief Executive, Brian Raven. Following the
Placing Oliver Cooke will be interested in 27,059,256 shares and
Brian Raven in 65,522,362 shares, representing 4.45% and 10.78% of
the Company's enlarged capital respectively.
Hugh Simon is the Chief Executive, and ultimate owner, of the
Hamon Investment Group ("Hamon Group"), an asset management group
based in Hong Kong and London. Since being founded by Hugh in 1989,
Hamon Group has grown into a multi-asset boutique manager.
In the UK, Hamon Group owns GEM (global emerging market) equity
fund manager, Blackfriars Asset Management, which it acquired from
BNY Mellon in 2011. BNY Mellon had a strategic equity stake in the
Hamon Group for 18 years until 2016 when Hugh bought back its
stake.
Hamon Group is licenced in Hong Kong, Korea, Ireland, and the
UK. Blackfriars Asset Management is regulated by the Financial
Conduct Authority.
Hugh has spent his career in the fund management industry, with
an established track record for developing businesses, both
organically and through acquisition. Hugh's interest is to develop
a meaningful stake in the UK Wealth Management sector and he has
identified Tavistock as a cornerstone investment.
Tavistock and Hamon Group are interested in identifying
acquisition opportunities in the wealth and asset management
sectors in the UK and Europe. Tavistock's Board believes that a
strategic partnership with Hamon Group provides an opportunity to
significantly increase the assets invested in its funds,
particularly the 90% Protection Portfolios managed with Morgan
Stanley & Co International Plc.
Application has been made for the newly issued shares to be
admitted to trading on AIM, and admission is expected to take place
on 20 March 2020 ("Admission"). Following Admission, the Company's
issued share capital will consist of 607,795,801 ordinary shares.
There are no ordinary shares held in treasury. Therefore, following
Admission, this figure of 607,795,801 should be used by
shareholders as the denominator for the calculation by which they
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Brian Raven, Tavistock Investments' Chief Executive said:
"We are pleased that the fundamental value of the Company, the
potential of our strategic initiatives, and in particular, the wide
appeal of our protected funds, have been recognised by such an
experienced industry figure. We look forward to progressing our
growth plans together. The Placing has also strengthened the
Company's working capital and regulatory capital position."
Hugh Simon, Hamon Group's owner and Chief Executive said:
"Hamon Group sees the UK wealth market as an attractive segment
and one that is particularly well suited to Tavistock's growing
suite of guaranteed and ESG products. I am delighted to be able to
support Tavistock's continued growth and to explore areas of
potential synergy between our two organisations."
Ends.
Enquiries
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Arden Partners Plc Tel: 020 7614 5900
Paul Shackleton
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor
Nick Athanas
Vested Tel: 020 3890 8118
Elspeth Rothwell
(Mobile): 07811 375 998
Amelia Graham
(Mobile): 07393 477 057
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END
IOEMZGMFNRKGGZM
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