Acquisition

 1 December 2021

TEAM PLC

Acquisition of Omega Financial Services

TEAM plc ("TEAM"), the wealth, asset management and complementary financial services group, is pleased to announce the acquisition of the entire issued share capital of Omega Financial Services Limited ("Omega") (the "Acquisition"). Omega is a Jersey-based IFA, specialising in retirement planning, mortgage advice, life assurance and bespoke investment advisory services. An initial consideration of £2.0 million is payable in cash, plus further deferred consideration of up to £2.0 million in a mixture of cash and new shares in TEAM. The transaction is subject to approval by the Jersey Financial Services Commission.

Acquisition Rationale

· TEAM was established to become a leading wealth and asset management business via (amongst other paths) acquiring wealth management businesses which add to scale and breadth of the services provided to clients

· Omega is a successful Jersey-based IFA providing financial and investment advice to over 500 clients, with assets under advice ("AUA") of £77 million (as at 30 Sept 2021) and a solid track record of profitability

· In the 12 months to 31 December 2020, Omega generated revenues of £1.1 million and made a net profit before directors' payments of £0.85 million

· Omega generates a run-rate EBITDA of approximately £0.7 million, which on a pro forma basis is expected to be a significant step for TEAM towards becoming cashflow positive

· In the 12 months to 14 November 2020, Omega reported profit before tax of £0.3 million and had net assets of £0.4 million

· On completion of the transaction, TEAM will have assets under management and advice of £372 million, with a further £1.6 billion of cash under advice

· The Acquisition is an ideal fit with TEAM's existing businesses and investment expertise, expanding the Jersey client base as well as introducing financial advice expertise into the Group, which we expect to be of relevance to existing and future investment management clients

· The Acquisition follows the Group's acquisition of Jersey based cash management business, JCAP, in July, which has now been successfully integrated

· The Acquisition is expected to complete in early 2022

Consideration for the Acquisition

· The initial consideration will be due at completion and will comprise £2.0 million in cash

· The deferred component is split over two equal payments, payable subject to certain performance conditions being met, each made up of £0.785 million in cash and £0.215 million in Ordinary Shares, for a total net consideration of up to £4.0 million. The net tangible current assets of Omega, less the regulatory capital required in the business, will be acquired on a pound for pound basis. This is expected to be a total cost of nil.

· The initial cash consideration will be funded from TEAM's existing cash resources, and the deferred consideration cash payments from both existing cash resources and earnings from Omega

Matthew Moore COO and CFO of TEAM, commented:

"Omega has a first-class reputation amongst its clients, is a natural partner with TEAM Asset Management for investment management services, and is therefore an ideal entry point into the advice space in Jersey for TEAM plc.

We believe it is a good transaction for TEAM plc shareholders, staff and clients. and we are very much looking forward to working side by side with the Omega team and seeing the future benefits of our joint efforts."

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