Tavistock Investments PLC (AIM:TAVI) shares rose 53% following its announcement to sell two subsidiaries, Tavistock Partners and Tavistock Estate Planning Services, to Saltus Partnership Holdings for up to £38 million.
The sale includes an initial £10.97 million payment and up to £15.75 million in deferred payments, with £11.03 million allocated to settle internal debts.
The sale price represents a 211% premium over Tavistock’s market value from the previous trading day.
Tavistock will continue as an operating company and use the proceeds for operations, potential acquisitions, and share buybacks.
In early trading, the stock was up 1.12p at 3.28p, still only valuing the business at £22.5 million.