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Tavistock Investment brings on new investor following £650,000 fundraise

Of the 32.5mln shares issued at 2p each, 30mln were bought Hugh Simon, giving him a stake of just under 5%

wealth management

Tavistock Investment PLC (LON:TAVI) has raised £650,000 in new funds and, in the process, the wealth manager has brought on board a new backer with significant financial services experience.

Of the 32.5mln shares issued at 2p each, 30mln were bought by Hugh Simon, giving him a stake of just under 5%.

Simon is the chief executive and owner of Hamon Investment Group, an asset manager based in Hong Kong and London.

Tavistock’s chief executive Brian Raven said: "We are pleased that the fundamental value of the company, the potential of our strategic initiatives, and in particular, the wide appeal of our protected funds, have been recognised by such an experienced industry figure.

“We look forward to progressing our growth plans together. The placing has also strengthened the company's working capital and regulatory capital position."

The remaining 2.5mln shares issued in the stock sale were bought by Raven and chairman Oliver Cooke.

Quick facts: Tavistock Investments PLC

Price: 1.35 GBX

AIM:TAVI
Market: AIM
Market Cap: £8.21 m
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on 24/7/20

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