Tavistock Investments PLC Sale of LEBC Hummingbird Limited (2314I)
01 Dicembre 2022 - 8:49AM
UK Regulatory
TIDMTAVI
RNS Number : 2314I
Tavistock Investments PLC
01 December 2022
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the UK Market Abuse Regulation.
With the publication of this announcement, this information is now
considered to be in the public domain.
Tavistock Investments Plc
("Tavistock" or the "Company")
Sale of LEBC Hummingbird Limited
1 December 2022
Tavistock announces that it has today sold LEBC Hummingbird
Limited ("Hummingbird") to a wholly owned subsidiary of LEBC
Holdings Limited ("LEBC") , Aspira Corporate Solutions Limited
("Aspira"), for a consideration of GBP3.0 million.
On 3 May 2022, Tavistock announced that it had received consent
from the Financial Conduct Authority for the Company to become a
controller of LEBC and that, as a consequence, it had completed the
purchase of the 21% stake in LEBC which had been announced on 10
January 2022.
In the Chairman's Statement, forming a part of the Company's
audited accounts for the year ended 31 March 2022 (which were
announced to the market on 26 September 2022), it was confirmed
that Tavistock's Board was working closely with the management of
LEBC to maximise the value of this investment for the benefit of
both sets of shareholders. As a part of the arrangements, Tavistock
agreed to acquire Hummingbird from LEBC Group Limited, a wholly
owned subsidiary of LEBC, principally to provide that company with
additional working capital and this transaction was announced on 23
May 2022. However, as an alternative source of working capital was
subsequently identified for LEBC Group Limited, Tavistock agreed to
sell Hummingbird to Aspira on the same terms as those on which it
had been purchased in May 2022.
Hummingbird began trading in 2020 as a provider of financial
research for the LEBC Group. Hummingbird's audited accounts for the
financial year ended 30 September 2021 show that the company
achieved gross revenues of GBP0.61 million, profit before tax of
GBP0.43 million and had gross assets of GBP0.13 million as at 30
September 2021. Tavistock has received approximately 6 months
contribution from Hummingbird to the Group's results for the year
ending 31 March 2023.
For further information:
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Allenby Capital Limited Tel: 020 3328 5656
(Nominated adviser and broker)
Corporate Finance:
Nick Naylor, Nick Athanas, Freddie
Wooding
Sales and Corporate Broking:
Tony Quirke
Powerscourt Tel: 07711 380 007
Gilly Lock 020 7250 1446
Roxane Girard
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END
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