Results of Placing and Proposed Admission to AIM

24th November 2017 | Ten Lifestyle Group Plc

Ten Lifestyle Group Plc (AIM: TENG), a technology-enabled lifestyle and travel platform providing trusted concierge services to the world’s wealthy and mass affluent, today announces its initial public offering by way of a conditional placing of 13,432,836 new Ordinary Shares to be issued by the Company (“New Shares”) and 10,589,752 existing Ordinary Shares (“Sales Shares”) to be sold by existing shareholders of the Company (“Selling Shareholders”) at 134 pence per Ordinary Share (the “Placing Price”) with gross proceeds raised of approximately £32.2 million before expenses, of which the Selling Shareholders will receive aggregate gross proceeds of approximately £14.2 million (the “Placing” and together with Admission, the “IPO”).

Jefferies International Limited (“Jefferies”) is acting as Nominated Adviser and Sole Bookrunner to the Company in connection with the IPO.

Highlights:

  • Based on the Placing Price, the market capitalisation of the Company on the admission to trading of the Ordinary Shares on AIM (“Admission”) will be £104.8 million.
  • The Company has conditionally raised approximately £18.0 million (before expenses) pursuant to the Placing.
  • The Company will also receive approximately £7.6 million proceeds from the exercise of options converted into ordinary shares, including the exercise of 2,410,024 options by Andrew Long (which will be effected on the day after Admission).
  • The net proceeds of the Placing, payable to the Company, will be applied to investment in technology, content and operational infrastructure, investment in new markets and for general corporate purposes.
  • Selling shareholders (including certain directors of the Company (and connected persons) and senior management) will receive aggregate gross proceeds of approximately £14.2 million pursuant to the Placing.
  • On Admission, the Company will have 78,240,025 Ordinary Shares in issue and will have approximately 26.9 per cent of shares in public hands.
  • Application has been made for Admission and Admission and commencement of dealings in the Ordinary Shares under the ticker “TENG” are expected to take place at 8.00 a.m. on 29 November 2017.
  • The Company’s ISIN is GB00BF188X60 and its SEDOL is BF188X6.
  • The Company has today published its Admission Document on its website at www.tengroup.com.

Alex Cheatle, Chief Executive Officer and Co-Founder of Ten, said:

“We will use the money raised in the Placing to progress our ambition to become the world’s most trusted service platform. We already have 20 offices around the world and the traction our business model and technology platform has generated in our target expansion markets will now be supported by significant investment. This is a great start to Ten’s life as a publicly listed company.”

Bruce Weatherill, Chairman of Ten, also commented:

“The response to our fund raise from investors has been gratifying. Ten Lifestyle Group is a UK headquartered business with a truly international offering that has the potential to become a global leader in its field. On behalf of the Board and the Group, I’d like to thank investors for their support and welcome them to our growing community of stakeholders.”

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