Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
Tavistock Investments Plc
("Tavistock" or the "Company")
Update on Titan Dispute
19 September 2024
Further to the announcements released by the Company on 8 July 2024 and 11 July 2024, Tavistock today announces that it has received notification that Titan Wealth Holdings Limited ("Titan") has issued a claim against the Company in the High Court.
Tavistock is confident that the claim has no merit and considers it to be a vexatious and retaliatory step following Tavistock's termination of its 10-year strategic partnership with Titan, as announced on 8 July 2024. That termination was as a result of several breaches of contract and sustained unacceptable fund performance (as further detailed in Tavistock's 'Follow up to Titan termination announcement' issued on 11 July 2024 - performance table repeated below).
Tavistock believes that this claim by Titan is an opportunistic and spurious attempt to frustrate the Company's genuine claim for damages which is currently being progressed by the Company's legal representatives.
Tavistock's Chief Executive, Brian Raven, commented:
"Titan's claim is notable for its lack of evidence and much of what it alleges is factually inaccurate. It will be refuted, and our damages claim pursued in due course."
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Performance post Titan's breaches of contract (27th Aug 2022 - 4th Jan 2024) |
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Performance vs Benchmark |
Quartile Rank |
Fund Rank |
Percentile Rank |
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ACUMEN Portfolio 4 |
-7.89% |
4th |
176/177 |
100th |
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ACUMEN Portfolio 5 |
-8.27% |
4th |
177/177 |
100th |
|
ACUMEN Portfolio 6 |
-9.72% |
4th |
212/215 |
99th |
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ACUMEN Portfolio 7 |
-11.19% |
4th |
214/215 |
100th |
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ACUMEN Portfolio 8 |
-13.51% |
4th |
157/159 |
99th |
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Average |
-10.12% |
4th |
|
100th |
Source of data: FE Analytics
For further information:
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Tavistock Investments Plc Oliver Cooke Brian Raven
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Tel: 01753 867000 |
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Allenby Capital Limited (Nominated adviser and broker) Corporate Finance: Nick Naylor, Liz Kirchner, Daniel Dearden-Williams Sales and Corporate Broking: Tony Quirke
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Tel: 020 3328 5656 |
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Infinite Global (PR adviser) Ryan McSharry Matthew Gilleard
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Tel: 0207 269 1430 07860 534 141 |
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