23rd Mar 2021 13:36
Team PLC - fund management company - Reports revenue of GBP701,000 for period stretching from July 4, 2019 to September 30, 2020. Pretax loss GBP467,000. As at September 30, company had net assets of GBP1.4 million.
"Team PLC incurred expenditure relating to raising new equity capital, transaction expenditure relating to the acquisition of Team Ltd, and costs relating to the preparation of the business for admission on the AIM market," company notes.
Team PLC bought Team Ltd in January 2020, and the results include the financial results of Team Ltd for the eight months up to the end of September. Earlier this month, Team PLC was admitted to trading on AIM.
Separately says that, on March 11, it made a confidential approach to the board of Tavistock Investments PLC over a possible offer. Says in a letter it requested that the board engage with Team in "good faith" and provide access to mutual due diligence, to see if the terms of a recommended offer could be agreed upon.
"The confidential approach was made to the Tavistock board at market close on 11 March 2021. On the following day the share price of Tavistock rose from 2.00 pence to 2.45 pence, an increase of approximately 23%," Team notes.
Team was notified on March 15 that Tavistock would not be engaging or providing access to due diligence materials. Team says it is seeking to engage with Tavistock shareholders to discuss the merits of a possible offer at an exchange ratio of one Team share for every 36 Tavistock shares. This would imply a value of 2.50p per Tavistock share, Team says.
"Team believes that a combination could have the potential to transform the investment proposition for Tavistock shareholders as a result of greater scale, a clean and "fresh" investment thesis, a more liquid market in the shares, a stronger balance sheet and significantly improved access to equity and debt markets," Team says.
Current Team stock price: 88.20 pence
Year-to-date change: up 0.2% from 88p IPO price
Current Tavistock stock price: 2.45p
Year-to-date change: up 75%
By Lucy Heming;Â [email protected]
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