Team acquires Neba Financial Solutions

Team said Neba Wealth, a Malaysia-regulated network of financial advisers, and Neba Singapore, which promotes structured funds to IFAs primarily in Dubai and Singapore, will be purchased from their 100% shareholder, John Beverley, for a total initial consideration of £1.18m, to be satisfied by the issue by the issue of a loan note, which will, in turn, be convertible into 3.28m new Team shares.

Subsequent deferred payments to the vendor of £1.0m for every £100.0m invested into Team funds and models arising from clients of Neba will be made payable, capped at a maximum of 25.0m new ordinary shares.

The AIM-listed group said the acquisition of Neba was in line with its strategy to bolster the distribution of its funds and services to international and expatriate clients in high-growth markets.

Neba will merge with the operations of Globaleye Group, acquired in June, to create a "significant base" to build a financial services business in developing markets, known as Team East.

As of 1010 GMT, Team shares were down 2.78% at 35.0p.

Reporting by Iain Gilbert at Sharecast.com