In light of the recent COVID-19 developments, Dennard Lascar has been implementing a number of measures to safeguard the health of our employees, clients, contractors and the community, while continuing to operate responsibly and maintaining the resiliency of the company. We take seriously the guidelines of health experts and are adhering to the highest possible standards issued by the World Health Organization (WHO) and Centers for Disease Control (CDC) as well as governments and regulators across our areas of operations.
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THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE
20 April 2021
("TEAM" or the "Company")
Statement Regarding Possible Offer for Tavistock Investments plc
TEAM today announces that it no longer intends to proceed with its possible offer for Tavistock Investments plc ("Tavistock").
The basis and rationale for a possible combination of the two companies was set out in the TEAM announcement of 23 March 2021. Since that date, TEAM have engaged constructively with shareholders of Tavistock but have not been able to fully engage with the Board of Tavistock. As a consequence, the Board of TEAM believes that other growth and acquisition opportunities are more compelling at this time and in the best interest of its shareholders to pursue.
As a result of this announcement, TEAM, and any person acting in concert with TEAM, is bound by the restrictions under Rule 2.8 of the Code save in the circumstances set out below or otherwise with the consent of the Panel on Takeovers and Mergers (the "Panel").
Under Note 2 on Rule 2.8 of the Code, TEAM, and any person acting in concert with TEAM, reserves the right to announce an offer or make or participate in an offer or possible offer for Tavistock and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within six months from the date of this announcement in the following circumstances: (a) with the agreement of the board of Tavistock; (b) if any third party announces a firm intention to make an offer for Tavistock; (c) if Tavistock announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or (d) if there has been a material change of circumstances (as determined by the Panel).
TEAM, and any person acting in concert with TEAM, reserves the right to acquire and/or offer to acquire Tavistock shares or interests in Tavistock shares subject to and in accordance with Rule 2.8 of the Code.
Mark Clubb / Matthew Moore
Telephone: +44 (0) 1534 877210
Hannam & Partners
(Financial Adviser to TEAM)
Giles Fitzpatrick / Richard Clarke / Ernest Bell
Telephone: +44 20 7907 8500
Canaccord Genuity Limited
(Nominated Adviser and Broker to TEAM)
Bobbie Hilliam / Alex Aylen / Jeremy Grime
Telephone: +44 20 7523 8000
(Financial Public Relations)
Tim Robertson / Fergus Young
Telephone: +44 20 3151 7008
Information on TEAM
TEAM is a Jersey based specialist, investment-led active fund manager providing discretionary and advisory portfolio management services to private clients and trusts. On 8 March 2021, TEAM's shares were admitted to trading on AIM in an IPO raising
TEAM's strategy is to grow into an internationally recognised wealth and asset management group. The TEAM Board believes that it has in place the right senior management team and the right financial firepower from its major institutional shareholders to deliver on this strategy and be a leading consolidator in the wealth management industry.