27th Sep 2019 13:28
(Alliance News) - Tavistock Investments PLC said Friday it is trading in line with expectations despite challenging market conditions caused by political instability and Brexit uncertainty.
The fund manager said it believes that is in its best interests to improve profitability by selectively purchasing client books from retiring advisers, investing into initiatives designed to improve inflows in funds under management, and reducing net debt.
Tavistock said that it is impossible to determine how much more challenging conditions will become over the short term, or any impact on its future trading before more normal conditions return.
In order to meet its additional capital requirement as a result of the new initiatives, Tavistock has entered an unsecured convertible loan facility with three of its directors.
The facility is for GBP630,000, and can be drawn down at any point within the next year.
Shares in Tavistock Investments were up 0.7% at 2.16 pence on Friday.
By Dayo Laniyan; [email protected]
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