Last checked at 23 Feb 2022 07:00
23 February 2022
TEAM PLC
("TEAM" or the "Company")
Issue of Equity
TEAM plc (AIM: TEAM), the wealth, asset management and complementary financial services group, is pleased to announce that JCAP Limited ("JCAP"), a leading Jersey based provider of cash management services, acquired by TEAM in July last year, has met all performance targets set at the time of the acquisition and is now due the maximum deferred consideration payment.
Consequently, further to its RNS of 2 July 2021 the Company has issued 259,683 deferred consideration shares in respect of the acquisition of JCAP Limited.
The total deferred consideration payment is £737,500, comprising £553,125 in cash and £184,375 in ordinary shares in the capital of TEAM plc (the "Deferred Consideration Shares"), at a price of 71 pence per ordinary share.
Application will be made to the London Stock Exchange for the 259,683 Deferred Consideration Shares, to be issued pursuant to the acquisition, to be admitted to trading on AIM. The ordinary shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of the company. It is expected that Admission will become effective and dealings in the ordinary shares will commence at 8.00 a.m. on or around 28 February 2022.
Following Admission, taking account of the above issue the Company's issued share capital will comprise 17,559,478 ordinary shares. From Admission, the figure of 17,559,478 may be used by Shareholders as the denominator for calculations to determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules.
Mark Clubb, Executive Chairman of TEAM, commented:
"We were confident when we acquired JCAP that it was a solid business and this has been demonstrated to date by the meeting of the set performance targets. Further, since we acquired JCAP cash management has become a progressively more central issue for clients alongside the global increase in interest rates and we see JCAP's expertise in these areas as increasingly important within the TEAM offering."
TEAM plc
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
Telephone: +44 20 7523 8000
Novella Communications
(Financial Public Relations)
Tim Robertson / Fergus Young
Telephone: +44 20 3151 7008
Information on TEAM
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.
www.teamplc.co.uk