Ten Lifestyle Group PLC Intra-Group Transaction (7577K)
August 30 2019 - 8:20AM
UK Regulatory
TIDMTENG
RNS Number : 7577K
Ten Lifestyle Group PLC
30 August 2019
30 August 2019
Ten Lifestyle Group
("Ten" or the "Company")
Intra-Group Transaction
Ten Lifestyle Group plc (AIM: TENG), a leading
technology-enabled lifestyle and travel platform for the world's
wealthy and mass affluent, announces that it has completed an
intra-group transaction, which represents a substantial transaction
pursuant to AIM Rule 12. The Company has capitalised a loan
advanced by the Company to its principle operating subsidiary, Ten
Lifestyle Management Limited (TLM).
The transaction will have no impact on the consolidated net
assets of the Company or its net cash position and Ten remains debt
free. It will reduce the level of borrowings at the subsidiary
level, which will assist with continued supplier arrangements and
licence renewals.
Details of the intra-group transaction
Since 2012, the Company has advanced proceeds of successive
equity investments, including Ten's IPO proceeds in November 2017,
to TLM as loans to finance the working capital and capital
investment requirements of TLM and its global subsidiaries. As of
29 August 2019, the closing balance of the loan stood at
GBP39,404,317.
The Company has today been issued 39,404,317 ordinary shares of
GBP0.001 in the capital of TLM at a subscription price of GBP1.00
per share, in full and final satisfaction of the loan.
The Company now holds a total of 42,591,822 ordinary shares in
TLM and retains 100% of the total voting rights of TLM.
For further information, please visit https://www.tengroup.com/
or contact:
Ten Lifestyle Group Plc via Tavistock
Alex Cheatle, Chief Executive Officer
Alan Donald, Chief Financial Officer +44 (0)20 7479
3427
Jefferies International Limited, Nominated
Advisor
Simon Hardy +44 (0) 20 7029
Thomas Hovanessian 8000
Peel Hunt LLP, Joint Broker
Edward Knight
Nick Prowting +44 (0) 20 7418
Max Irwin 8900
Tavistock, Financial PR & IR
Jos Simson
Simon Hudson +44 (0) 20 7920
Jenny Boyd 3150
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END
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