23rd Nov 2016 08:32
LONDON (Alliance News) - Tavistock Investments PLC said Wednesday that it intends to raise up to GBP2.1 million via a share placing and subscription in order to finance the acquisition of a financial advisory firm.
Tavistock said it intends the placing and subscription to total up to 70.0 million new shares at or around three pence a share.
Shares in Tavistock were down 20% at 3.15p Wednesday morning.
The placing and subscription will be conducted by way of an accelerated bookbuild run by bookrunner Allenby Capital Ltd.
Tavistock said the placing is being undertake in order to pay the cash consideration for the acquisition of Price Bailey Financial Services Ltd, the financial advisory arm of chartered accountant Price Bailey LLP.
Price Bailey Financial Services advises funds of approximately GBP313 million, including GBP166 million of fund managed on a discretionary basis, said Tavistock. The acquisition will provide a platform for Tavistock to launch its investment management services to higher net-worth clients, said the company.
By Adam Clark; [email protected]
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