Tavistock Investments PLC (LON:TAVI) that it has received further letters from two shareholders stating their intention to reject the possible all share offer by TEAM plc for the issued and to be issued share capital of Tavistock.
These letters of intent, which were sent from Paul Simpson and Denise Simpson and are non-binding, represent 1% of the firm’s issued share capital.
READ: Tavistock says 25% of external shareholders are opposed to TEAM proposal
When taken with the previous letters of intent as announced last week, they represent 35.1% of the financial services group.
Moreover the board of directors, who own in aggregate 16.01% of the issued share capital, are also recommending not to go ahead with the offer.
Overall, shareholders representing 51.12% of the company's issued share capital would not accept the offer as it currently stands.
TEAM has announced that, up until 16 April, it has received non-binding letters of intent and an irrevocable undertaking in support of the offer from shareholders representing 15.03%.
Shares advanced 5% to 2.77p on Monday morning.