---
title: "Tavistock Investment (LON:TAVI) Proposed disposals for up to £37.75 million"
publisher: "Share Talk"
author: "sharetalk"
published: "2024-10-01T07:47:18+00:00"
modified: "2024-10-01T07:47:18+00:00"
date: 2024-10-01
canonical: "https://www.share-talk.com/tavistock-investment-lontavi-proposed-disposals-for-up-to-37-75-million/"
category: "B2B"
categories: ["B2B", "Business & Support Services", "Technology", "Technology, Media & Telecoms"]
tags: ["Ascot", "Berkshire", "Brian Raven", "Jon Macintosh", "Saltus Managing Partner", "TAVI", "Tavistock Investment"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/10/1ST-OCT.webp?fit=1200%2C800&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Tavistock Investment (LON:TAVI) Proposed disposals for up to £37.75 million

**Published:** October 1, 2024
**Author:** sharetalk
**Categories:** B2B, Business & Support Services, Technology, Technology, Media & Telecoms
**Tags:** Ascot, Berkshire, Brian Raven, Jon Macintosh, Saltus Managing Partner, TAVI, Tavistock Investment
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/10/1ST-OCT.webp?fit=1200%2C800&quality=80&ssl=1)

---

**Proposed disposal of two of the Group’s subsidiary businesses for up to £37.75 million**

The Board of Tavistock is pleased to announce that it has entered into an agreement for the sale of two of its subsidiary businesses: i) Tavistock Partners Limited (“TPL”) (after completion of the Re-organisation defined below); and ii) Tavistock Estate Planning Services Limited (“TEPS”) (together, the “Disposed Entities”) to The Saltus Partnership Holdings LLP (“Saltus”) for a [cash consideration of up to £37.75 million ](https://www.voxmarkets.co.uk/rns/announcement/8b1a09c2-ce20-4252-8acd-3f4eba80f635)(the “Disposal”).

**Transaction highlights**

–      Sale of 100% of the issued share capital of the Disposed Entities to Saltus for a cash consideration of up to £37.75 million (the “Consideration”) comprising:

o  c.£10.97 million, subject to certain adjustments described below, payable to the Company on completion of the Disposal (“Completion”);

o  a performance related deferred consideration of up to £15.75 million, as described further below; and

o  C.£11.03 million payable immediately following Completion by way of discharge by TPL (which will then be part of the Saltus group) of the intragroup debt owing from TPL to TPUK arising as a result of the Re-organisation (defined below).

–      The Consideration represents a premium of 211% on Tavistock’s market capitalisation when the market closed yesterday.

–      The Disposal constitutes a fundamental change of business under Rule 15 of the AIM Rules for Companies (the “AIM Rules”) and accordingly requires shareholder approval. However, on Completion the Company will continue to be classified as an operating company under the AIM Rules.

–      The Disposal is subject to several conditions precedent, including change of control approval from the Financial Conduct Authority (the “FCA”) in respect of one of the Disposed Entities.

**Use of proceeds**

There are no plans for a return of surplus cash to shareholders. Instead, the Board intends that the net proceeds of the Disposal (the “Net Proceeds”) will be applied primarily for working capital purposes, to undertake potential future acquisitions and, if it is considered appropriate, to make market purchases of the Company’s ordinary shares, as further described below.

**Irrevocable undertakings**

The Company has received irrevocable undertakings from certain shareholders to vote in favour of the Disposal and the Buyback Authority (as defined below) in respect of 30.04% of the Company’s issued ordinary share capital.

**Buyback Authority**

The Board is also seeking additional authority from shareholders to give the Company the ability, over the next five years, to make market purchases of ordinary shares in the Company if it deems it appropriate to do so (the “Buyback Authority”), as further described below.

**Brian Raven, Tavistock’s Chief Executive, commented:** “The Disposal enables us to realise a substantial profit on our investment in the businesses involved, providing us with significant working and development capital. This will enable the continued reshaping of the Group to optimise the balance between regulatory risk and commercial reward. I would like to thank Malcolm Harper and his team for their contribution to Tavistock and wish them every success.”

**Jon Macintosh, Saltus Managing Partner, said:** “We are delighted to welcome Mal and his team on board. We are impressed by both the growth record of the business and the quality of care it provides to clients.”

Further information regarding the Disposal and the Buyback Authority can be found below and in a circular which is expected to be posted to shareholders and made available on the Company’s website at [https://tavistockinvestments.com/](https://tavistockinvestments.com/) in the next few days (the “Circular”). A further announcement will be made upon posting of the Circular.

To seek shareholder approval for the Disposal and the Buyback Authority the Board is convening a general meeting of the Company (the “General Meeting”). Notice of the General Meeting and further information regarding voting and attendance will be set out in the Circular.

For further information:

|   |   |
| --- | --- |
| Tavistock Investments Plc Oliver Cooke Brian Raven |       [Tel: 01753](tel:01753) 867000 |

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