TEAM, the parent company of Jersey-based investment management business TEAM Asset Management, has announced its intention to proceed with an initial public offering and to seek admission of its shares to trading on the UK’s Alternative Investment Market.
The company expects the admission to occur in early March.
Canaccord Genuity is acting as the company’s nominated adviser, and broker and Hannam & Partners is acting as financial adviser.
The company is seeking to raise at least £5m, with capacity to accept oversubscriptions.
The placing will be priced on a pre-money valuation for the company of £7m, and proceeds from the placing will primarily be used to supplement working capital and to support acquisitions.
Mark Clubb, Executive Chairman, commented: "The listing and fundraise will provide the board with the ability to execute TEAM’s strategy, both by funding organic growth and enabling the company to seek to make complementary acquisitions.
"UK onshore and offshore wealth and asset management is a highly fragmented market that will benefit from consolidation, and TEAM is well positioned to capitalise on this opportunity.
"TEAM intends to target other regulated financial services companies primarily engaged in wealth management, asset management, cash management or investment management activities located in Jersey and other jurisdictions."
• The full listing announcement can be viewed here