REG - Ten Lifestyle Group - Related Party Transaction

Ten LifestyleAnnouncement

28/03/2022 07:00

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RNS Number : 1533G  Ten Lifestyle Group PLC  28 March 2022

28 March 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Related Party Transaction

 

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global
concierge platform for the world's wealthy and mass affluent, has approved its
wholly owned subsidiary, Ten Lifestyle Management Limited (the "Company"), to
take on a loan from an individual closely associated with a Director of the
Group, to cover the business' normal working capital cycles, to allow the
Group to continue to invest in its technology platform and to support revenue
growth, in line with management's expectations.

 

The Group has borrowed £1.5m from Susan Weatherill, wife of Bruce Weatherill,
Non-Executive Chairman, secured on the book debts of the Company (the "Loan").

 

The key terms of the Loan are as follows: interest payable monthly in arrears
in cash at 8% per annum during the term of the Loan, a 1% administration fee
payable in cash at drawdown, a 15 month term and no early repayment penalty.

 

The Loan is designed to provide additional working capital as the Group
continues to recover from the impacts of Omicron and maintains its investment
in the Group's technology. As previously announced, the Group had net cash of
c.£4.7m at the end of February 2022 and no debt. The Directors do not
anticipate that the Group will move into a net debt position as a consequence
of the Loan.

 

The Group continues to trade in line with the Board's expectations, with a
notable recovery in travel bookings over the recent period.

 

The independent directors of the Group who are not involved in the Related
Party Transaction, being Gillian Davies, Jules Pancholi, Alex Cheatle, Alan
Donald, Sarah Hornbuckle and Andrew Long, each consider, having consulted with
the Group's nominated adviser, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.

 

 

For further information, please visit https://www.tenlifestylegroup.com/
(https://www.tenlifestylegroup.com/)  or contact:

 

 Ten Lifestyle Group Plc                       +44 (0)20 7850 2796

 Alex Cheatle, Chief Executive Officer

 Alan Donald, Chief Financial Officer

 Peel Hunt LLP, Nominated Advisor and Broker   +44 (0) 20 7418 8900

 Edward Knight

 Paul Gillam

 James Smith

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc (http://www.tenlifestylegroup.com)  is a leading
technology-enabled, global concierge platform, helping wealthy and mass
affluent individuals and their families to discover, organise, and enjoy
dining, live entertainment, travel and premium retail (and other relevant
services) with better results and more quickly than they could themselves.

Underpinned by industry-first technology, Ten provides its trusted concierge
services to millions of members, in over 15 languages, 24/7, 365 days a year,
wherever they are in the world. Founded in 1998, the business listed on the
AIM market of the London Stock Exchange in November 2017 (AIM: TENG).

The growth engine at the heart of Ten's business model is the driving force
behind its progress towards its objective to become the most trusted service
platform in the world.

 For further information please go to: www.tenlifestylegroup.com
(http://www.tenlifestylegroup.com/) .

 

 

 

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