Tavistock Investments (TAVI)

Sector:

Leisure Products

Index:

FTSE AIM All-Share

8.90p
   
  • Change Today:
    -0.60p
  • 52 Week High: 10.00p
  • 52 Week Low: 3.70p
  • Currency: UK Pounds
  • Shares Issued: 558.38m
  • Volume: 1,443,673
  • Market Cap: £49.70m

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 8.90p
Change Today -0.60p
% Change -6.32 %
52 Week High 10.00p
52 Week Low 3.70p
Volume 1,443,673
Shares Issued 558.38m
Market Cap £49.70m

TAVI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
71.75% below the market average71.75% below the market average71.75% below the market average71.75% below the market average71.75% below the market average
9.09% above the sector average9.09% above the sector average9.09% above the sector average9.09% above the sector average9.09% above the sector average
Price Trend
98.63% above the market average98.63% above the market average98.63% above the market average98.63% above the market average98.63% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
27.69% below the market average27.69% below the market average27.69% below the market average27.69% below the market average27.69% below the market average
Sector averageSector averageSector averageSector averageSector average
Growth
24.2% below the market average24.2% below the market average24.2% below the market average24.2% below the market average24.2% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average

TAVI Dividends

  Latest Previous
  Interim Interim
Ex-Div 07-Jul-22 16-Sep-21
Paid 22-Jul-22 04-Oct-21
Amount 0.070p 0.050p

Trades for 16-Aug-2022

Time Volume / Share Price
16:10 111,111 @ 9.00p
16:12 22,279 @ 8.95p
15:24 11,046 @ 9.00p
15:15 533 @ 8.80p
13:59 125,000 @ 9.12p

TAVI Key Personnel

Chair Oliver Charles Cooke
CEO Brian Raven

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