Tavistock Investments PLC Issue of Options (3768C)
April 13 2017 - 1:00AM
UK Regulatory
TIDMTAVI
RNS Number : 3768C
Tavistock Investments PLC
13 April 2017
Tavistock Investments Plc
Issue of Performance Related Share Options
Tavistock Investments Plc ("Tavistock" or the "Company"), the
financial services Group, announces that it has today issued an
aggregate total of 48,500,000 performance related share options,
equivalent in number to 9.09% of the shares currently in issue, to
the executive directors and to other key members of the Group's
management team
The exercise price of the options is 5.25p per share, which
represents a premium of 86.2% over the Company's current share
price of 2.82p per share. The vesting of these options is linked to
the achievement of challenging and significant performance targets,
in certain cases being the achievement by the Group of GBP5 million
of pre-tax profit in a single year and in other cases being the
growth of the funds managed by the Group to GBP1.5 billion. The
options are capable of being exercised at any time within a
ten-year period from the date of grant, subject to the achievement
of the performance targets. Options not exercised by the end of the
period will automatically lapse and will no longer be capable of
exercise thereafter.
Following the issue of these options, the interests of Oliver
Cooke and Brian Raven in the capital of the Company can be
summarised as follows.
Name Ordinary % of Number Exercise Performance
Shares issued of Option Price Condition
of 1p Share Shares
each Capital
-------- ----------- --------- ----------- --------- -------------
Oliver Continued
Cooke 26,188,556 4.91% 1,600,000* 5.25p employment
-------- ----------- --------- ----------- --------- -------------
GBP5m of
pre-tax
profit
in a single
5,000,000 5.25p year
-------- ----------- --------- ----------- --------- -------------
GBP1.5b
5,000,000 5.25p of FUM
-------- ----------- --------- ----------- --------- -------------
Brian Continued
Raven 62,319,379 11.68% 1,600,000* 5.25p employment
-------- ----------- --------- ----------- --------- -------------
GBP5m of
pre-tax
profit
in a single
5,000,000 5.25p year
-------- ----------- --------- ----------- --------- -------------
GBP1.5b
5,000,000 5.25p of FUM
-------- ----------- --------- ----------- --------- -------------
*options issued in 2014.
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Northland Capital Partners Limited Tel: 020 3861 6625
Tom Price
Matthew Johnson
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor
Nick Athanas
Templars Communications Limited Tel: 020 3642 3140
Kitty Parry
Alice Osborn
This information is provided by RNS
The company news service from the London Stock Exchange
END
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