Asset manager Team prepares to float on AIM

TEAM unveiled its plans to pursue a listing on the London Stock Exchange's junior market on Wednesday.

The stated goal of TEAM's directors was to grow into an internationally recognised wealth and asset management firm both through organic growth and by pursuing acquisitions to build on.

The firm was seeking to raise £5m via a placing, with the capacity to accept oversubscriptions, valuing it at £7m 'pre-money'.

Those funds would be used to supplement its working capital and as the launchpad for its acquisition driven strategy.

Admission to AIM was expected to take place in March with Canaccord Genuity set to act as its nominated advisor and broker.

Hannam and Partners would serve in the role of financial advisor.

TEAM was acquired in January 2020, since when its assets under management had grown from £140m to £291m.

The Jersey-based outfit highlighted the benefits of its tax neutral jurisdiction among its attractions, together with its "strong connectivity" and stable regulatory framework.

It was also planning to use Jersey domiciled listed shares to fund transactions which it said would provide a competitive advantage versus private equity backed buyers.

A number of potential acquisitions ranging in enterprise value from £1-60m had already been identified.

Focus would be on overseas purchases in geographies were asset management was considered a growth business, instead of more mature lower growth jurisdictions.

A high proportion of the group's revenues was expected to be of a recurring nature.