Team PLC - Update on Possible Offer

RNS Number : 0726W
Team PLC
20 April 2021
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

 

20 April 2021

 

TEAM plc

("TEAM" or the "Company")

Statement Regarding Possible Offer for Tavistock Investments plc

 

TEAM today announces that it no longer intends to proceed with its possible offer for Tavistock Investments plc ("Tavistock").

The basis and rationale for a possible combination of the two companies was set out in the TEAM announcement of 23 March 2021. Since that date, TEAM have engaged constructively with shareholders of Tavistock but have not been able to fully engage with the Board of Tavistock. As a consequence, the Board of TEAM believes that other growth and acquisition opportunities are more compelling at this time and in the best interest of its shareholders to pursue.

As a result of this announcement, TEAM, and any person acting in concert with TEAM, is bound by the restrictions under Rule 2.8 of the Code save in the circumstances set out below or otherwise with the consent of the Panel on Takeovers and Mergers (the "Panel").

Under Note 2 on Rule 2.8 of the Code, TEAM, and any person acting in concert with TEAM, reserves the right to announce an offer or make or participate in an offer or possible offer for Tavistock and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within six months from the date of this announcement in the following circumstances: (a) with the agreement of the board of Tavistock; (b) if any third party announces a firm intention to make an offer for Tavistock; (c) if Tavistock announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or (d) if there has been a material change of circumstances (as determined by the Panel).

TEAM, and any person acting in concert with TEAM, reserves the right to acquire and/or offer to acquire Tavistock shares or interests in Tavistock shares subject to and in accordance with Rule 2.8 of the Code.

Enquiries

 

TEAM

Mark Clubb / Matthew Moore

Telephone: +44 (0) 1534 877210

 

Hannam & Partners

(Financial Adviser to TEAM)

Giles Fitzpatrick / Richard Clarke / Ernest Bell

Telephone: +44 20 7907 8500

 

Canaccord Genuity Limited

(Nominated Adviser and Broker to TEAM)

Bobbie Hilliam / Alex Aylen / Jeremy Grime

Telephone: +44 20 7523 8000

 

Novella Communications

(Financial Public Relations)

Tim Robertson / Fergus Young

Telephone: +44 20 3151 7008

Information on TEAM

TEAM is a Jersey based specialist, investment-led active fund manager providing discretionary and advisory portfolio management services to private clients and trusts. On 8 March 2021, TEAM's shares were admitted to trading on AIM in an IPO raising £7.8 million. As at market close on 19 April 2021, TEAM has a market capitalisation of £14.1 million and available cash of approximately £6.0 million.

TEAM's strategy is to grow into an internationally recognised wealth and asset management group. The TEAM Board believes that it has in place the right senior management team and the right financial firepower from its major institutional shareholders to deliver on this strategy and be a leading consolidator in the wealth management industry.

 

 

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