Neba Wealth is a Labuan, Malaysia regulated network of financial advisers operating in Asian, South and Central American, African and Middle Eastern markets and Neba Singapore promotes structured funds to IFAs primarily in Dubai and Singapore (together ‘Neba’).
The consideration is to be satisfied by the issue by the company of a loan note which is convertible into new TEAM shares, the company said in a statement today (12 December).
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
The statement further highlighted “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’)”.
The initial consideration will be satisfied by the issue by the Company of a nil coupon convertible loan note with a value of £1.1 81m, 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 £1.0m for every £100m 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.
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 £0.9m and a loss of £4k.
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 £0.1 million and a profit of £5k.
TEAM said the acquisition of Neba was “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, said: “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.”
