TIDMTEAM
RNS Number : 3816W
Team PLC
12 December 2023
TEAM PLC
("TEAM", the "Company" or the "Group")
Acquisition of Neba Businesses
TEAM plc (AIM: TEAM), the wealth, asset management and
complementary financial services group, is pleased to announce that
it has acquired the entire issued share capital of: -
- Neba Financial Solutions Limited ("Neba Wealth"), a Labuan,
Malaysia regulated network of financial advisers operating in
Asian, South and Central American, African and Middle Eastern
markets; and
- Neba Financial Solutions Private Limited ("Neba Singapore")
which promotes structured funds to IFAs primarily in Dubai and
Singapore
(together "Neba") from the 100% shareholder, John Beverley, for
a total initial consideration of GBP1.181 million to be satisfied
by the issue by the Company of a loan note which is convertible
into new TEAM shares (the "Acquisition").
Highlights
-- Newly created TEAM East reporting unit will comprise Neba and
all the operations of Globaleye Group ("Globaleye") which was
acquired by the Company in June 2023, creating a significant base
to build a financial services business in developing markets
-- An intention to recruit high calibre financial advisers to
TEAM East, driving growth in Assets Under Advice and inflows into
TEAM Asset Management funds and models ("TEAM AM").
Consideration
The initial consideration will be satisfied by the issue by the
Company of a nil coupon convertible loan note with a value of
GBP1.1 81million, which is convertible into 3,281,250 new ordinary
shares of nil par value in TEAM ("Ordinary Shares") at the point
TEAM has refreshed its authorities to issue the required shares,
which is expected to be at its forthcoming Annual General Meeting
to be held in early 2024. Subsequent deferred payments to the
vendor of GBP1.0 million for every GBP100 million which is invested
into TEAM AM funds and models arising from clients of TEAM East
will be settled by the issue of new TEAM shares at the then
prevailing market price, capped at a maximum of 25 million new
Ordinary Shares. All new shares to be issued to the vendor whether
on conversion of the loan note or in satisfaction of any deferred
payments will have to be held for two years from the date of issue
before they may be sold.
Neba Wealth - Overview
-- Operating from Labuan, Malaysia, Neba Wealth provides a
regulatory and operational structure for self-employed financial
advisers
-- Neba Wealth currently provides a regulatory umbrella for 25
advisers who are primarily based in Vietnam, China, the
Philippines, Kenya and Thailand, where they promote investment and
insurance products to expatriates
-- In the year to 31 December 2022, Neba Wealth generated
audited turnover of GBP0.9 million and a loss of GBP4k.
Neba Singapore - Overview
-- Neba Singapore promotes funds to IFAs in Asia, South and
Central America, Africa and the Middle East
-- In the year to 31 December 2022, Neba Singapore generated
unaudited turnover of GBP0.1 million and a profit of GBP5k.
Acquisition Rationale
-- The acquisition of Neba is in line with TEAM's strategy to
bolster the distribution of TEAM AM funds and services to
international and expatriate clients in high growth markets
-- Combining Neba with Globaleye is a logical step for TEAM to
create Team East under John Beverley's leadership. Globaleye is
headquartered in Dubai, has a Labuan business together with offices
in Abu Dhabi, Singapore and Durban (South Africa)
-- Team East's focus will be to recruit high performing
advisers, and deepen its presence in developing markets. TEAM AM
will provide TEAM East's clients with its investment services which
will grow the Group's revenues and profits.
Mark Club, Chairman of TEAM, commented: " John Beverley is a
successful entrepreneur who has a disciplined approach with deep
knowledge and extensive experience of overseas financial services
markets. Under John, TEAM East will build a high-quality advisory
service. I am confident that our reputation will continue to grow
which, in turn, will support John as he spearheads our next phase
through the recruitment of high calibre individuals to expand our
client base. John will become a meaningful shareholder following
conversion of his loan note aligning him with all shareholders.
This is undoubtedly an exciting next step for TEAM."
John Beverley, Founder and Managing Director of Neba, said: "I
am delighted to be joining and directing TEAM East. Over the past
eight years, I have built Neba Wealth and Neba Singapore into two
attractive and bespoke businesses in the international financial
advisory market. Moving these two businesses into TEAM East was not
only the natural next step, but a unique opportunity to partner
with a reputable listed company as it embarks on the next stage of
its global strategy."
Enquiries to
TEAM plc
Mark Clubb, Executive Chair
Matthew Moore, CFO and COO +44 1534 877 210
Shore Capital (Nominated Adviser and Broker
to TEAM)
Tom Griffiths, Iain Sexton, Guy Wiehahn +44 20 7523 8000
Novella Communications (Financial Public
Relations)
Tim Robertson, Claire de Groot, Safia Colebrook +44 20 3151 7008
Hannam & Partners (Financial Adviser to
TEAM)
Giles Fitzpatrick, Richard Clarke +44 20 7907 8500
www.teamplc.co.uk
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END
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December 12, 2023 02:00 ET (07:00 GMT)
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