Tavistock Investments (TAVI)

Sector:

Leisure Products

Index:

FTSE AIM All-Share

 4.25p
   
  • Change Today:
      0.000p
  • 52 Week High: 8.50
  • 52 Week Low: 3.75
  • Currency: UK Pounds
  • Shares Issued: 560.43m
  • Volume: 2,050,572
  • Market Cap: £23.82m

Tavistock Investments to raise £2.1m to fund Price Bailey acquisition

By Maryam Cockar

Date: Wednesday 23 Nov 2016

LONDON (ShareCast) - (ShareCast News) - Tavistock Investments has agreed to acquire financial advisory firm Price Bailey Financial Services, though its shares were sent south on Wednesday by news that it plans to fund the purchase with a discounted £2.1m fundraising.
The AIM-listed company will place 70m shares sold at around 3p each to raise about £2.1m before expenses, a discount from recent levels close to 4p and a year's high just shy of 8p.

The £3.6m acquisition of Price Bailey is expected to be completed on 29 November, with £2m paid in cash and with over 21.2 shares.

A second cash payment is expected on to be made on the first anniversary of the completion date of £150,000, with a variable payment of £500,000 that will be reduced if there are any upheld regulatory complaints in the first year.

Price Bailey adds about £313m of new funds under advice, including £166m of funds being managed on a discretionary basis.

Tavistock believes the acquisition will provide a platform to launch its management services to higher net worth clients and benefit from earnings enhancements.

In the year ended 31 March, Price Bailey had earnings before interest, taxation, depreciation and amortisation (EBITDA) of £391,000 on turnover of £2.1m.

The company also said that its advisory businesses is trading profitably, including its investment management business, Tavistock Wealth, which has over £520m of funds under management, of £350m is managed on a discretionary basis.

It has recently focused on organic growth and has invested in recruitment and the marketing of its investment proposition to other advisory firms.

EBITDA for the year to 31 March 2017 is expected to grow and the company plans to introduce a dividend stream.

Shares in Tavistock Investments were down 19.75% to 3.15p at 0904 GMT.

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TAVI Market Data

Currency UK Pounds
Share Price 4.25p
Change Today 0.000p
% Change 0.00 %
52 Week High 8.50
52 Week Low 3.75
Volume 2,050,572
Shares Issued 560.43m
Market Cap £23.82m

TAVI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
23.81% above the market average23.81% above the market average23.81% above the market average23.81% above the market average23.81% above the market average
27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average
Price Trend
38.51% below the market average38.51% below the market average38.51% below the market average38.51% below the market average38.51% below the market average
Sector averageSector averageSector averageSector averageSector average
Income
88.65% below the market average88.65% below the market average88.65% below the market average88.65% below the market average88.65% below the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Growth
59.74% above the market average59.74% above the market average59.74% above the market average59.74% above the market average59.74% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average

TAVI Dividends

  Latest Previous
  Interim Interim
Ex-Div 30-Nov-23 07-Jul-22
Paid 15-Dec-23 22-Jul-22
Amount 0.070p 0.070p

Trades for 28-Mar-2024

Time Volume / Share Price
13:48 980,000 @ 4.00p
13:48 980,000 @ 4.00p
15:40 33 @ 4.50p
15:26 46,948 @ 4.31p
13:24 7,500 @ 4.31p

TAVI Key Personnel

Chair Oliver Charles Cooke
CEO Brian Raven

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