Team plc Raises GBP2.7 Mln to Acquire Investment Consultancy Concentric

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Team PLC said Thursday that it is raising 2.7 million pounds ($3.3 million) via a share issue to part fund the acquisition of financial planning and investment consultancy business Concentric Group Ltd.

The fund-management group is issuing 4.4 million shares at a price of 60 pence each, representing a 5.5% discount to the closing price on Wednesday.

Team will pay an initial consideration of GBP1.7 million in cash to the owners of Concentric, plus a deferred consideration of up to GBP0.8 million in new Team shares.

Concentric, which provides advice and analysis to over 430 investors, generated revenue of GBP1.0 million and adjusted earnings before interest, taxes, depreciation and amortization of GBP0.2 million in 2021.

The acquisition is expected to complete in the autumn.

Team shares at 17th May 2022 0709 GMT were down 1.6% at 62.5 pence.

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TEAM plc

About TEAM plc

TEAM plc is building a new wealth, asset management and complementary financial services group. With a focus on Jersey and International Finance Centres, the strategy is to build local businesses of scale around TEAM plc’s core skill of providing investment management services. Growth will be achieved via targeted and opportunistic acquisitions, team and individual hires, collaboration with suitable partners, and by organic growth and expansion.

TEAM plc has three principal activities, Investment Management, Advisory, and International.

Investment Management provides discretionary investment management services, model portfolios, bespoke portfolios and fund management services via fixed income and equity fund vehicles.

Advisory primarily for individuals’ resident in Jersey, investment consultancy services to wealthy individuals and trusts and treasury advisory service for institutions, professional advisers, trustees and high net worth individuals.

International is the Group’s financial advisory, fund distribution division and insurance brokering services covering Africa, the Middle East and Asia.

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