LONDON - TEAM plc, a wealth, asset management, and complementary financial services group listed on AIM, has announced the successful completion of an equity fundraise totaling approximately £1.07 million. The fundraise consisted of a placing and subscription of new ordinary shares, with an issue price of 10 pence per share.
The equity fundraise includes the placing of £372,500 before expenses and a subscription of £694,087 before expenses, resulting in the issue of up to 10,665,869 new ordinary shares. Directors of TEAM plc have participated in the fundraise through the subscription. Notably, the fundraise saw support from existing shareholders, including a new strategic shareholder, Salus Alpha Financial Services AG.
TEAM plc has also introduced a WRAP Retail Offer, allowing retail and other eligible UK shareholders to participate on the same terms as the equity fundraise. A portion of the fundraise, comprising 9,665,869 ordinary shares, will use the company's existing authority to allot shares on a non-pre-emptive basis, with these shares expected to be admitted to trading on AIM on or around December 5, 2024.
The remaining balance of 1,000,000 placing shares and any new ordinary shares issued under the retail offer are contingent on shareholder approval at a forthcoming general meeting, with admission to trading on AIM anticipated around January 20, 2025.
Oberon Investments Limited, operating as Oberon Capital, and Hannam & Partners conducted the placing. Furthermore, TEAM plc is in discussions regarding additional funding through the subscription for unsecured convertible loan notes, with further announcements to be made if these discussions come to fruition.
The net proceeds from the equity fundraise are intended for financing deferred consideration, as well as bolstering working capital and general corporate purposes. The details of the general meeting will be provided in the GM Circular, which is expected to be released in the coming weeks, along with any subsequent regulatory announcements from the company.
This news is based on a press release statement and provides an overview of the recent financial activities undertaken by TEAM plc.
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