7th Apr 2021 19:06
Team PLC - Jersey-based active fund management firm - Received further non-binding letters of intent from Tavistock shareholders, which represent 88.8 million Tavistock shares, about 15% of the issued share capital of Tavistock. At the end of March, Tavistock confirmed it had been approached by Team to discuss the merits of a possible offer at an exchange ratio of one Team share for every 36 Tavistock shares, implying a value of 2.50p per Tavistock share.
"We believe there is an appetite for change amongst Tavistock shareholders and that TEAM is well placed to be a catalyst for significant value creation for all shareholders," says Team Executive Chair Mark Clubb. "We are confident this figure will increase further reflecting their desire for the Tavistock board to engage with us and thereby enable us to make a formal Offer for the company."
Current stock price: 88.00 pence, up 1.2% on Wednesday
Change since listing in London: down 2.2%
By Evelina Grecenko; [email protected]
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