TEAM plc, the wealth, asset management and complementary financial services group, has announced a successful placing of £710,000 before expenses and subscription of up to £400,000 before expenses by way of an issue of up to 5,550,000 new ordinary shares of no par value at a price of 20 pence per share.
Additionally, the Company announced the appointment of Strand Hanson as its Nominated Adviser with immediate effect. Hannam & Partners act as the Company’s financial adviser and Oberon Capital as sole broker.
Placing Highlights
· Post-balance sheet Placing and Subscription of £1.1 million gives Company an improved balance sheet
· Directors have participated in the Placing
· Funds towards financing of acquisitions and deferred consideration, as well as providing cash for working capital and general corporate purposes
· Fundraise supported by existing and new shareholders
· Provides the Company with a strengthened balance sheet, a strong platform from which the Company will seek to deliver organic growth and revenue and cost synergies from the existing Group
· The Company values its retail shareholder base and believes that it is appropriate to provide retail shareholders and other eligible investors in the UK the opportunity to participate on the same terms as the Fundraise, and the Company is therefore including a WRAP Retail Offer, details of which are included below
· The Fundraise and WRAP Retail Offer are conditional on the Company obtaining the requisite approvals from Shareholders at the Company’s annual general meeting (“AGM”)
Commenting on the Fundraise, Mark Clubb, Executive Chairman, said:
“I am pleased with the supportive results of the fund raise. Encouragingly we have added a small number of new shareholders, including institutions. This underwrites the building blocks that will enable TEAM to take advantage of the many opportunities we have in front of us in the international ex pat financial advice market. It is the pathway to meaningful growth and profitability. I would further comment, the year has started well with the continued recruitment of advisers around the world. Assets will flow into the core TEAM Asset Management MPS offering and soon to be launched unitised versions.”
This announcement should be read in full and in conjunction with the Company final results for the year ended 30 September 2023, released earlier today, the circular accompanying the notice of AGM (“AGM Circular”) and subsequent regulatory announcements made by the Company.
