REG - Tavistock Investment - Final Results <Origin Href="QuoteRef">TAVI.L</Origin> - Part 3

Tavistock InvestmentsAnnouncement

05/07/2016 07:05

- Part 3: For the preceding part double click  ID:nRSE2032Db 

number of ordinary shares as
would be equivalent to 10% of the Company's fully diluted share capital as at
31 July 2016 as enlarged by such conversion. These options were valued by
reference to an assessment of the Company's future market capitalisation. 
 
 17.  LEASING COMMITMENTS                                                31 March 2016  31 March 2015  
                                                                         £'000          £'000          
      The Group's future minimum finance lease payments are as follows:                                
                                                                                                       
      Within one year                                                    170            105            
      Between one and two years                                          116            26             
      Between two and five years                                         129            -              
                                                                         -------------  -------------  
                                                                         415            131            
                                                                         =====          =====          
 
 
18.    RELATED PARTY TRANSACTIONS 
 
Payments of £14,825 (2015: £4,000) were made to threeSixty Support LLP (a firm
in which Philip Young is Managing Director) respectively in relation to
compliance and due diligence services. 
 
During the period, Tavistock Wealth Limited received gross commission of
£567,744 (2015: £286,191) from Investment Fund Services Limited ("IFSL") and
paid to that company £209,778 (2015: £171,435) in management charges. IFSL is
a company of which Andrew Staley, a significant shareholder in Tavistock
Investments Plc, is a director. 
 
19.    EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION 
 
On 1 April 2016 the Company announced the acquisition of Abacus Associates
Financial Services Limited, an IFA business with 44 advisers covering the
North East, the Midlands and the South West of the country. 
 
The initial consideration for the transaction was £5,165,000, of which
£2,535,000 was settled in cash, £130,000 through the adoption of a debt
obligation, £1,500,000 was satisfied through the issue to the vendor of
20,000,000 new ordinary shares of 1p each in the capital of the Company at an
issue price of 7.5p per share and a further £1,000,000 is to be settled in
cash on the first anniversary of completion. The vendor is also entitled to a
performance-related deferred consideration payment, payable in cash in July
2018, subject also to certain other conditions relating to quality of service
and customer satisfaction. 
 
On 22 June 2016 the company allotted 48,645,651 new Ordinary Shares at an
issue price of 7.5p per share in satisfaction of the Blacksquare Limited
deferred consideration obligation.  It also allotted a further 878,324
Ordinary Shares at an issue price of 7.5p per share to Stephen Moseley in
satisfaction of a performance bonus obligation. 
 
This information is provided by RNS
The company news service from the London Stock Exchange