TEAM plc (LON:TEAM), the wealth, asset management and complementary financial services group, is pleased to announce that it has raised £4250,000 via the issue of unsecured loan notes to certain existing shareholders of the Company.
The Company’s executive directors, Mark Clubb, Chairman, and Matthew Moore, Chief Financial Officer and Chief Operating Officer, are subscribing for £150,000 and £25,000 respectively.
The proceeds of the Loan Notes will be used for additional working capital to support the integration of Globaleye Wealth Management Group which was acquired by the Company on 1 June 2023.
Terms of the Loan Notes
The Loan Notes are repayable on 31 December 2024 and interest will roll up and be repaid on maturity. The interest payable on the Loan Notes is 12%.
TEAM can repay the Loan Notes prior to the Repayment Date, (at par plus accrued interest) at any time without penalty. The Loan Noteholders cannot request early repayment. The Loan Notes do become repayable, on demand, if the Company suffers an event of default.
