REG - Tavistock Investment - Result of GM

Tavistock InvestmentsAnnouncement

23/07/2021 10:35

RNS Number : 2911G
  
Tavistock Investments PLC
  
23 July 2021
  
 

 
Tavistock Investments Plc
("Tavistock" or the "Company")
Result of GM
 
 
23 July 2021
 
The Company is pleased to confirm that the resolutions put to shareholders at today's General Meeting, convened to approve the disposal of Tavistock Wealth Limited ("TWL") and to grant authority for the Company to make market purchases of its own shares, were both passed with 342,376,434 shares (equivalent to 56.33% of the Company's issued share capital) voting in favour of the resolutions and 30 shares voting against.
 
On 14 June 2021 the Company announced that it has entered a 10-year strategic partnership with Titan Wealth Holdings Limited ("Titan"). As a part of these arrangements Titan has agreed to acquire TWL for a consideration of up to £40 million in cash, together with a ten-year earn out.
 
Brian Raven, Chief Executive of Tavistock, said: "The strategic partnership with Titan will enable us to accelerate the growth of our wealth management business both organically and through an acquisition programme, endorsing our corporate strategy. I am pleased that shareholders have recognised the opportunity presented by the deal, enabling us to deliver them greater value."
 
The disposal of TWL will complete once Titan has received change in control approval from the FCA.  A further announcement will be made once such approval has been received.
 
For further information:
 



Tavistock Investments Plc
Oliver Cooke
Brian Raven


Tel: 01753 867000
 




 


 




Allenby Capital Limited (Nominated adviser and broker)
Nick Naylor/Nick Athanas/Liz Kirchner (Corporate Finance)
Tony Quirke (Sales)
 


Tel: 020 3328 5656




Powerscourt (PR adviser to Tavistock)
Gilly Lock
Chloe Retief


Tel: 07711 380 007
020 7250 1446













 

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