1st Apr 2015 09:53
LONDON (Alliance News) - Tavistock Investments PLC Wednesday said it has agreed to acquire Cornerstone Asset Holdings Ltd for an initial GBP1, plus a deferred consideration of GBP100,000.
Cornerstone's assets includes a number of books of client relationships, in addition to Sutcliffe Solloway Financial Planning Ltd.
Tavistock said it will pay the initial GBP1 in cash and will pay the deferred consideration on June 30. It said it may, at its discretion, decide to pay the deferred consideration in 1.3 million shares at 7.5 pence per share.
Shares in Tavistock were down 2.9% to 2.5 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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