REG - Team PLC - Issue of Equity

TeamAnnouncement

23/02/2022 07:00

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RNS Number : 4826C  Team PLC  23 February 2022

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

 

 

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