THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF
EU REGULATION NO. 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE
UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("UK MAR"). ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
7 May 2024
("TEAM",
the "Company" or the "Group")
Convertible Loan Note
TEAM plc (AIM: TEAM), the wealth,
asset management and complementary financial services group, is
pleased to announce that it is raising £500,000 (gross) through the
subscription for unsecured convertible loan notes at par value by
Growth Financial Services, a Harwood Capital Management LLP
subsidiary (the "Noteholder").
The net proceeds of the issue of the
Convertible Loan Notes will provide funding for the Company for
working capital purposes.
Details of the Convertible Loan
Notes:
·
The principal amount of the Convertible Loan Notes
is £500,000
·
The Convertible Loan Notes are
unsecured
·
The Convertible Loan Notes have a term of 5 years,
due 7 May 2029 (the "Maturity Date"), but may be redeemed
early at the option of the Company after an initial period of at
least 12 months
·
Until the Convertible Loan Notes are repaid by the
Company, or converted, interest will accrue (as payment-in-kind)
at:
o 1%
for the first three years from issue, and then
o SONIA plus 2% (capped at a maximum of 7.5%)
thereafter
·
The Convertible Loan Notes are convertible into
the Company's ordinary shares ("Shares") at any time during the
period prior to the third anniversary of issue, at the election of
the Noteholder, at 25 pence per Share (the "Conversion
Price")
·
On the Maturity Date, any Convertible Loan Notes
that have not been converted into Ordinary Shares must be repaid by
the Company at par, together with any accrued interest
·
In the event of a change of control at any time
prior to the third anniversary, the Noteholder shall have the right
to convert all (but not part only) of the Convertible Loan Notes
outstanding at the Conversion Price or, if lower, the actual price
per Share at which the change of control event occurs
·
The Convertible Loan Notes will not be listed on
any market or stock exchange but can be transferred by a
noteholder
For
further information, please contact:
Enquiries to
|
TEAM plc
Mark Clubb, Executive
Chair
Matthew Moore, CFO and
COO
|
+44 1534 877 210
|
|
Strand Hanson (Nominated
Adviser to TEAM)
Richard Johnson, James Spinney,
David Asquith
|
+44 207 409 3494
|
|
Oberon Capital (Broker to
TEAM)
Michael Seabrook, Adam Pollock,
Jessica Cave
|
+44 20 3179 0500
|
|
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