Further re Acquisition, Placing and Subscription

RNS Number : 3388Q

Tavistock Investments PLC

28 November 2016

 

28 November 2016

Tavistock Investments plc

("Tavistock" or the "Company")

Further re Acquisition, Placing and Subscription

Further to the announcements made on 23 November 2016, Tavistock Investments plc ("Tavistock" or the "Company") announces that admission of the 36,733,333 Placing Shares, 33,266,667 Subscription Shares and 21,263,462 Consideration Shares to trading on AIM, which had been expected to take place tomorrow, 29 November 2016, has been delayed.

Following the allocation of shares pursuant to the Placing and Subscription, the Company became aware that Andrew Staley and UFC Fund Management plc, a company of which Mr Staley is a director and in which he has a beneficial interest, would both be required to submit applications to the Financial Conduct Authority ("FCA") as their participation in the Company's fundraising would result in their having a "controlling" position, being an interest in excess of 10 per cent., in the issued share capital of Tavistock.

Such applications were submitted on 24 November 2016 but have yet to be processed by the FCA and until such time as their consent is given, the Placing Shares, Subscription Shares and Acquisition Shares cannot be issued and thus the Placing, Subscription and Acquisition cannot complete.

It is hoped that consent will be granted in the very near future, but the FCA is currently unable to confirm when this might be.  A further announcement will be made when consent has been granted and a new admission date determined.

For further information:

Tavistock Investments plc                                   Tel: [phone]

Oliver Cooke, Executive Chairman

Brian Raven, Group Chief Executive

Northland Capital Partners Limited                     Tel: [phone]

William Vandyk

Gerry Beaney

Allenby Capital Limited                                      Tel: [phone]

Nick Naylor

Nick Athanas

Templars Communications Limited                    Tel: [phone]

Kitty Parry

Alice Osborn 

All defined terms in this announcement shall have the same meaning as defined in the Company's announcements released at 7.00 a.m. and 3.37 p.m. on 23 November 2016 under RNS numbers 8852P and 9794P respectively unless otherwise defined herein

 

END

 

 

FURPGGCWGUPQGAR