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28 September 2023
TEAM PLC
("TEAM", the "Company" or the "Group")
Issue of Loan Notes to raise £425,000
TEAM plc (AIM: 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 (the "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 (the "Repayment Date") and interest will roll up and be repaid on maturity. The interest payable on the Loan Notes is 12%.
The Company 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.
Enquiries to
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TEAM plc Mark Clubb, Executive Chair Matthew Moore, CFO and COO |
+44 1534 877 210 |
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Shore Capital (Nominated Adviser and Broker) Tom Griffiths, Iain Sexton, Guy Wiehahn
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+44 20 7523 8000 |
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Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook
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+44 20 3151 7008 |
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Hannam & Partners (Financial Adviser) Giles Fitzpatrick, Ernest Bell, Richard Clarke
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+44 20 7907 8500 |
Background
TEAM plc is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM plc's core skill of providing investment management services. Growth will be achieved via targeted and opportunistic acquisitions, through team and individual hires, through collaboration with suitable partners, and organic growth and expansion.
