TEAM issues shares as consideration for Globaleye and Concentric Group acquisitions

TEAM plc has announced the issue of new ordinary shares of no par value as consideration for the acquisitions of the Globaleye Wealth Management Group and Concentric Group.

The AIM-listed wealth business said in the statement on 27 October that following regulatory approval being received from the Jersey Financial Services Commission, it had issued 6,208,667 Ordinary Shares to Strategic Venture Partners Europe as "initial consideration pursuant to the acquisition of Globaleye which was announced on 1 June 2023".

It also issued 1,820,402 Ordinary Shares as deferred consideration pursuant to the acquisition of Concentric which was announced on 8 August 2022.

The statement further said: "Application has been made to the London Stock Exchange for the 8,029,069 new Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence in the New Ordinary Shares at 8.00 a.m. on 1 November 2023.

"Following Admission, the Company's issued share capital will comprise of 30,005,214 Ordinary Shares, none of which are held in treasury. Accordingly, the figure of 30,005,214 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules."