12th May 2014 11:26
LONDON (Alliance News) - Tavistock Investments PLC Monday said it has appointed a new chief executive and two non-executive directors as it looks to move on from the difficulties it has endured since raising new funds and disposing of its loss-making software business last year.
Alongside an earnings statement showing that its loss narrowed to GBP516,000 in 2013, from GBP1.5 million in 2012, Tavistock, formerly known as SocialGO PLC, said new Chief Executive Brian Raven, who is the chairman of discretionary fund manager Blacksquare Ltd, will take the reins as the company looks to either acquire or invest in businesses within the UK financial services sector.
Its revenue fell to GBP176,000, from GBP562,000, while administrative expenses fell to GBP486,0000 from GBP1.8 million.
Chairman Oliver Cooke said Tavistock has made "considerable progress" in implementing its new investment strategy.
According to Tavistock's statement, SocialGo founder Dominic Wheatley and Lord Astor have also resigned as non-executive directors, paving the way for the appointments of Roderic Rennison, a specialist on new regulations, known as the retail distribution review, governing the investment and financial advice industry in the UK, and Philip Young, who is the managing director of threesixty, the support services business acquired by Standard Life PLC in 2010.
"Having drawn a line under the past, the company has been working to identify and progress acquisition opportunities and to put in place a new, able and experienced management team to enable the rebuilding of shareholder value to commence in earnest," Cooke said in a statement.
"These are anticipated to be the last set of results to have been adversely affected by the company's discontinued software business," Cooke added.
SocialGO was sold to DWAV Ltd on July 29 2013, the same date an additional GBP200,000 of working capital before expenses was raised through a placing of 400.0 million new shares at 0.05 pence each. On November 4, the company placed 328.6 million new shares with new and existing investors and 0.07 pence a share, raising a further GBP230,000 before expenses.
Tavistock shares were Monday quoted at 0.0700 pence, down 12.5%.
By Samuel Agini; [email protected]; @samuelagini
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