Tavistock Investments has raised £2.1m, gross, through a placing and subscription of 70,000,000 new ordinary shares at 3p apiece.
Tavistock said a total of 36,733,333 new ordinary shares will be issued in the placing and 33,266,667 in the subscription which together represent 14.4% of the enlarged issued share capital of the company.
The fundraising is being undertaken in order to satisfy the cash consideration for the acquisition of the entire share capital of Price Bailey Financial Services Limited.
At 3:50pm: (LON:TAVI) Tavistock Investments Plc share price was -0.88p at 3.05p
Story provided by StockMarketWire.com