12th Feb 2015 12:15
LONDON (Alliance News) - Tavistock Investments PLC Thursday said it raised an additional GBP355,856 from existing shareholders under its one for four open offer after it closed on Wednesday, on top of the GBP2.7 million raised to provide additional regulatory and working capital through a placing and subscription.
In a statement, Tavistock said it is issuing 152.8 million new shares, comprising 135 million new shares from the placing and subscription and 17.8 million new shares from the open offer.
"We are delighted to bring this deal to a conclusion and to have had the unanimous support of our shareholders in doing so. Having received change in control approval from the FCA, the focus now is on integrating our operations," Brian Raven, Chief Executive, said in a statement.
"Tavistock has a robust and scalable business model, with a retirement guarantee and investment proposition that are both attracting considerable interest. We now operate the 7th largest advisory network in the country with over GBP3 billion under advice and we are well-funded to continue our expansion," Raven added.
Tavistock shares were up 0.6% at 2.39 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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