REG - Tavistock Investment - Sale of LEBC Hummingbird Limited

Tavistock InvestmentsAnnouncement

01/12/2022 08:00

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RNS Number : 2314I  Tavistock Investments PLC  01 December 2022

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
UK Market Abuse Regulation. With the publication of this announcement, this
information is now considered to be in the public domain.

 

Tavistock Investments Plc

("Tavistock" or the "Company")

Sale of LEBC Hummingbird Limited

 

1 December 2022

 

Tavistock announces that it has today sold LEBC Hummingbird Limited
("Hummingbird") to a wholly owned subsidiary of LEBC Holdings Limited
("LEBC"), Aspira Corporate Solutions Limited ("Aspira"), for a consideration
of £3.0 million.

 

On 3 May 2022, Tavistock announced that it had received consent from the
Financial Conduct Authority for the Company to become a controller of LEBC and
that, as a consequence, it had completed the purchase of the 21% stake in LEBC
which had been announced on 10 January 2022.

 

In the Chairman's Statement, forming a part of the Company's audited accounts
for the year ended 31 March 2022 (which were announced to the market on 26
September 2022), it was confirmed that Tavistock's Board was working closely
with the management of LEBC to maximise the value of this investment for the
benefit of both sets of shareholders. As a part of the arrangements, Tavistock
agreed to acquire Hummingbird from LEBC Group Limited, a wholly owned
subsidiary of LEBC, principally to provide that company with additional
working capital and this transaction was announced on 23 May 2022. However, as
an alternative source of working capital was subsequently identified for LEBC
Group Limited, Tavistock agreed to sell Hummingbird to Aspira on the same
terms as those on which it had been purchased in May 2022.

 

Hummingbird began trading in 2020 as a provider of financial research for the
LEBC Group. Hummingbird's audited accounts for the financial year ended 30
September 2021 show that the company achieved gross revenues of £0.61
million, profit before tax of £0.43 million and had gross assets of £0.13
million as at 30 September 2021. Tavistock has received approximately 6 months
contribution from Hummingbird to the Group's results for the year ending 31
March 2023.

 

 

For further information:

 

 Tavistock Investments Plc                    Tel: 01753 867000

 Oliver Cooke

 Brian Raven

 Allenby Capital Limited                      Tel: 020 3328 5656

 (Nominated adviser and broker)

 Corporate Finance:

 Nick Naylor, Nick Athanas, Freddie Wooding

 Sales and Corporate Broking:

 Tony Quirke

 Powerscourt                                  Tel: 07711 380 007

 Gilly Lock                                     020 7250 1446

 Roxane Girard

 

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