Tavistock Investments intends to raise up to £2.1m via a placing and subscription of up to 70m new shares at or around 3p each. The Placing and Subscription is not being underwritten.
The Placing and Subscription will be conducted by way of an accelerated bookbuild, and is being undertaken in order to satisfy the cash consideration for Price Bailey Financial Services Ltd.
The consideration payable for PBFS is a maximum of £3.6m satisfied as to £2m in cash and the issue of 21.3m new shares at a deemed price of 4.4678 pence per share upon completion.
This was together with a fixed second payment in cash upon the first anniversary of completion of £150,000 and a further variable second payment in cash upon the first anniversary of up to £500,000.