Company Announcements

Convertible Loan Note

Source: RNS
RNS Number : 4762N
Team PLC
07 May 2024
 

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

 

 

A black and green logo Description automatically generated

("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:

1% for the first three years from issue, and then

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

 

 

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