Tavistock Investments PLC Result of £1.25m Fundraise (3011H)
November 14 2018 - 1:30AM
UK Regulatory
TIDMTAVI
RNS Number : 3011H
Tavistock Investments PLC
14 November 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014
("MAR"). IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE
MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
Tavistock Investments Plc
("Tavistock" or the "Company")
Raising of GBP1.25 million of additional equity capital
14 November 2018
Tavistock Investments plc (AIM:TAVI) is pleased to announce the
successful completion of the proposed fundraising announced earlier
today. As a consequence, the Company has raised GBP1.25 million of
additional working capital, before costs, through the issue of
38,109,756 new ordinary shares of 1p each at a subscription price
of 3.28 pence per share.
The largest participant in the fundraising was Lighthouse Group
plc which has agreed to subscribe GBP1 million to acquire
30,487,805 shares, representing a 5.30% holding in the enlarged
share capital of the Company.
The remainder of the new shares will be subscribed for by
existing shareholders in, and management of, the Company.
An application has been submitted for the new shares to be
admitted to trading on AIM and it is anticipated that trading of
the new shares will commence at 8.00am on Monday, 19 November 2018
("Admission").
Total Voting Rights:
Following Admission, the Company's issued share capital will
comprise 575,295,801 ordinary shares with each share carrying the
right to one vote. No shares are held in treasury. The figure of
575,295,801 ordinary shares may therefore be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Use of funds:
As referred to by the Company in its earlier announcement today,
the fundraising will enable the Company to replace an existing, and
relatively expensive, GBP2 million debt facility with a new GBP2
million five-year facility from NatWest Bank at a lower rate of
interest. It is estimated that the Company will save some
GBP100,000 per annum in interest as a consequence of the change.
The fundraising also strengthens the Company's regulatory capital
position as the business continues to grow.
Brian Raven, Tavistock's Chief Executive, said:
"I am delighted to welcome Lighthouse as a shareholder and look
forward to the development of a close working relationship between
our two groups."
ENQUIRIES
Tavistock Investment Plc
Oliver Cooke / Brian Raven
+44 (0)1753 867000
Arden Partners Plc - Nominated Adviser
Paul Shackleton
+44 (0)20 7614 5900
Allenby Capital Limited - Broker
Nick Naylor / Nick Athanas
+44 (0)20 3328 5656
Vested - PR Partner
Elspeth Rothwell
+44 (0)20 3890 8118
The notification set out below are provided in accordance with
the requirements of the EU Market Abuse Regulation.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ben Raven
---------------------------------- -----------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status PDMR (non board)
---------------------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Tavistock Investments plc
---------------------------------- -----------------------------------------------
b) LEI 21380078QEA6BEGTVT16
---------------------------------- -----------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 1 pence each
financial instrument,
type of instrument
Identification code Identification code (ISIN) for Tavistock
Investments plc ordinary shares:
GB00BLNMLS43
b) Nature of the transaction Subscription
---------------------------------- -----------------------------------------------
c) Price(s) and volume(s)
--------------------------- ---------------
Price(s) Volume(s)
--------------------------- ---------------
3.28p per share 2,439,024
------------------------------------------------------------------- ---------------
d) Aggregated information n/a
- Aggregated volume
- Price
e) Date of the transaction 14 November 2018
---------------------------------- -----------------------------------------------
f) Place of the transaction London Stock Exchange, AIM
---------------------------------- -----------------------------------------------
Information for Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the
"Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the
Subscription Shares have been subject to a product approval
process, which has determined that the Subscription Shares are: (i)
compatible with an end target market of retail investors and
investors who meet the criteria of professional clients and
eligible counterparties, each as defined in MiFID II; and (ii)
eligible for distribution through all distribution channels as are
permitted by MiFID II (the "Target Market Assessment").
Notwithstanding the Target Market Assessment, investors should note
that: the price of the Subscription Shares may decline and
investors could lose all or part of their investment; Subscription
Shares offer no guaranteed income and no capital protection; and an
investment in Subscription Shares is compatible only with investors
who do not need a guaranteed income or capital protection, who
(either alone or in conjunction with an appropriate financial or
other adviser) are capable of evaluating the merits and risks of
such an investment and who have sufficient resources to be able to
bear any losses that may result therefrom. The Target Market
Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Subscription. Furthermore, it is noted that, notwithstanding
the Target Market Assessment, only investors who have met the
criteria of professional clients and eligible counterparties have
been procured. For the avoidance of doubt, the Target Market
Assessment does not constitute: (a) an assessment of suitability or
appropriateness for the purposes of MiFID II; or (b) a
recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to
Subscription Shares.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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