REG - Ten Lifestyle Group - Result of Placing

Ten LifestyleAnnouncement

26/09/2024 15:15

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RNS Number : 8638F  Ten Lifestyle Group PLC  26 September 2024

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INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

26(th) September 2024

Ten Lifestyle Group plc

("Ten" or the "Group")

 

Result of Placing

 

Ten Lifestyle Group plc (AIM: TENG), the global concierge platform driving
customer loyalty for global financial institutions and other premium brands,
announces that, further to the announcement made at 7.00 a.m. on 26(th)
September 2024 (the "Launch Announcement"), the Company has successfully
concluded the Bookbuild and the Placing has now closed. As a result of
increased demand, the Placing raised gross proceeds of approximately £5.9
million from existing and new investors pursuant to the Placing of 9,317,460
Placing Shares at the Fundraising Price.

 

As previously indicated, a separate conditional Retail Offer will be made via
the BookBuild Platform to provide existing Retail Shareholders with an
opportunity to take part in the Fundraising at the same Fundraising Price as
the Placing. Further details about the Retail Offer will be provided by the
Company by a separate announcement in due course.

 

Related Party Transaction

 

Canaccord Genuity Wealth Management Limited ("Canaccord Genuity"), a
substantial shareholder in the Group (as defined in the AIM Rules), has
conditionally acquired 1,057,142 Placing Shares at the Fundraising Price. The
participation of Canaccord Genuity constitutes a related party transaction
under rule 13 of the AIM Rules.

 

Accordingly, the Directors, consider, having consulted with Singer Capital
Markets Advisory LLP, acting in its capacity as the Group's Nominated Adviser,
that the terms of the participation of Canaccord Genuity in the Placing is
fair and reasonable insofar as the Group's Shareholders are concerned.

 

General Meeting

 

The issue of the Placing Shares and the Retail Offer Shares (and therefore
completion of the Fundraising) is conditional upon the approval by
Shareholders of the Resolutions to be proposed at the General Meeting of the
Company to be held at the offices of the Group, Level 9, Regent's Place, 338
Euston Road, London, NW1 3BG at 11.00 a.m. on 16(th) October 2024. A Circular
is expected to be posted to Shareholders shortly and the Circular, once
published, will be available on the Company's website at
www.tenlifestylegroup.com (http://www.tenlifestylegroup.com) . The same
definitions apply throughout this announcement as are applied in the Circular.

 

Subject to Shareholders approving the Resolutions to be proposed at the
General Meeting, it is expected that Admission of the Placing Shares and
Retail Offer Shares will take place on or about 8.00 a.m. on 17(th) October
2024.

 

Capitalised terms used in this announcement have the meanings given to them in
the Launch Announcement, unless context provides otherwise.

 

 

- End -

 

For further information please visit www.tenlifestylegroup.com
(http://www.tenlifestylegroup.com/)  or call:

 

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

 Alex Cheatle, Chief Executive Officer

 Alan Donald, Chief Financial Officer

 Singer Capital Markets Advisory LLP, Nominated Advisor and Broker   +44 (0) 20 7496 3000

 Corporate Finance: James Moat / Oliver Platts

 Corporate Broking: Tom Salvesen / Charles Leigh-Pemberton

 

Notes to Editors:

About Ten Lifestyle Group Plc

 

Ten Lifestyle Group plc (http://www.tenlifestylegroup.com)  partners with
financial institutions and other premium brands to attract and retain wealthy
and mass affluent customers.

 

Millions of members have access to Ten's services across lifestyle, travel,
dining and entertainment on behalf of over fifty clients including HSBC,
Swisscard and Royal Bank of Canada. Ten's partnerships are based on multi-year
contracts generating revenue through platform-as-a-service and technology
fees.

 

Ten's operations are underpinned by an increasingly sophisticated
personalisation platform comprising industry-first, proprietary technology,
thousands of supplier relationships and 25 years of proprietary expertise
delivered from over 20 global offices. Ten was also the first B Corp-certified
company on the AIM market, demonstrating its commitment to sustainability,
social responsibility and ethical business practices.

 

Ten is on a mission 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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