Just over 7% of shareholders in Tavistock Investments have begun to side with TEAM’s takeover bid, which the board “unequivocally rejected” just one week ago.
Investors representing 7.44% of Tavistock have signed non-binding letters of intent confirming they would accept the offer made by TEAM on 11 March, which the Tavistock board argued "significantly undervalued Tavistock and its standalone prospects".
Tavistock Investments rebuffs takeover bid from TEAM
TEAM had announced it was "seeking to engage with Tavistock shareholders to discuss the merits of a possible offer to acquire the entire issued and to-be-issued ordinary share capital of Tavistock", which has so far yielded six shareholders. With 4.84% of shares, Helium Rising Stars fund is the largest investor to agree to the takeover bid in principle.
The fellow AIM-listed stock, which also owns TEAM Asset Management, has said it "continues to engage with Tavistock shareholders", and encourages any who are "supportive of TEAM being granted due diligence access by the Tavistock board" or "have not yet been contacted by TEAM" to reach out.
Among the shareholders who have sent letters of intent are Novia co-founder Bill Vasilieff and Peter Horbye, who joined Tavistock Investments in 2017 to head up the international operations for its investment management business, Tavistock Wealth. Horbye is not currently listed on the firm's website as an employee and, according to Companies House, is a director at dormant company 52 Offley Road Management.
