Intra-Group Transaction

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 £39,404,317.

The Company has today been issued 39,404,317 ordinary shares of £0.001 in the capital of TLM at a subscription price of £1.00 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 Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	via Tavistock [phone]
Jefferies International Limited, Nominated Advisor Simon Hardy Thomas Hovanessian	[phone]
Peel Hunt LLP, Joint Broker Edward Knight Nick Prowting Max Irwin	[phone]
Tavistock, Financial PR & IR Jos Simson Simon Hudson Jenny Boyd	[phone]

 

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