TEAM plc (AIM:TEAM) acquired Neba Financial Solutions Limited and Neba Financial Solutions Private Limited for approximately £10.2 million from John Beverley on December 12, 2023. The initial consideration will be satisfied by the issue by Team of a nil coupon convertible loan note with a value of £1.181 million, which is convertible into 3.28 new ordinary shares of nil par value in TEAM. Subsequent deferred payments to the vendor of £1 million for every £100 million 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. Neba Wealth generated audited turnover of £0.9 million and Neba Singapore generated unaudited turnover of £0.1 million. Tom Griffiths, Iain Sexton, Guy Wiehahn of Shore Capital Markets Limited acted as the financial advisor to TEAM. Giles Fitzpatrick and Richard Clarke of Hannam & Partners (Advisory) LLP acted as the financial advisor to TEAM.

TEAM plc (AIM:TEAM) completed the acquisition of Neba Financial Solutions Limited and Neba Financial Solutions Private Limited from John Beverley on December 12, 2023.