Ten Lifestyle Group PLC Related Party Transaction (1533G)
28 Marzo 2022 - 12:00AM
UK Regulatory
TIDMTENG
RNS Number : 1533G
Ten Lifestyle Group PLC
28 March 2022
28 March 2022
Ten Lifestyle Group plc
("Ten" or the "Group")
Related Party Transaction
Ten Lifestyle Group plc (AIM: TENG), a leading
technology-enabled, global concierge platform for the world's
wealthy and mass affluent, has approved its wholly owned
subsidiary, Ten Lifestyle Management Limited (the "Company"), to
take on a loan from an individual closely associated with a
Director of the Group, to cover the business' normal working
capital cycles, to allow the Group to continue to invest in its
technology platform and to support revenue growth, in line with
management's expectations.
The Group has borrowed GBP1.5m from Susan Weatherill, wife of
Bruce Weatherill, Non-Executive Chairman, secured on the book debts
of the Company (the "Loan").
The key terms of the Loan are as follows: interest payable
monthly in arrears in cash at 8% per annum during the term of the
Loan, a 1% administration fee payable in cash at drawdown, a 15
month term and no early repayment penalty.
The Loan is designed to provide additional working capital as
the Group continues to recover from the impacts of Omicron and
maintains its investment in the Group's technology. As previously
announced, the Group had net cash of c.GBP4.7m at the end of
February 2022 and no debt. The Directors do not anticipate that the
Group will move into a net debt position as a consequence of the
Loan.
The Group continues to trade in line with the Board's
expectations, with a notable recovery in travel bookings over the
recent period.
The independent directors of the Group who are not involved in
the Related Party Transaction, being Gillian Davies, Jules
Pancholi, Alex Cheatle, Alan Donald, Sarah Hornbuckle and Andrew
Long, each consider, having consulted with the Group's nominated
adviser, that the terms of the transaction are fair and reasonable
insofar as its shareholders are concerned.
For further information, please visit
https://www.tenlifestylegroup.com/ or contact:
Ten Lifestyle Group Plc
Alex Cheatle, Chief Executive Officer +44 (0)20 7850
Alan Donald, Chief Financial Officer 2796
Peel Hunt LLP, Nominated Advisor and Broker
Edward Knight
Paul Gillam +44 (0) 20 7418
James Smith 8900
Notes to Editors:
About Ten Lifestyle Group Plc
Ten Lifestyle Group plc is a leading technology-enabled, global
concierge platform, helping wealthy and mass affluent individuals
and their families to discover, organise, and enjoy dining, live
entertainment, travel and premium retail (and other relevant
services) with better results and more quickly than they could
themselves.
Underpinned by industry-first technology, Ten provides its
trusted concierge services to millions of members, in over 15
languages, 24/7, 365 days a year, wherever they are in the world.
Founded in 1998, the business listed on the AIM market of the
London Stock Exchange in November 2017 (AIM: TENG).
The growth engine at the heart of Ten's business model is the
driving force behind its progress towards its objective to become
the most trusted service platform in the world.
For further information please go to: www.tenlifestylegroup.com
.
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END
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March 28, 2022 02:00 ET (06:00 GMT)
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