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Ten Lifestyle Group PLC - London-based customer loyalty platform for financial institutions - Retail share offer raises just £10,000 but total equity raise, including share placing, secures £5.9 million before expenses. Both share offers are at 63 pence per share, and up to 500,000 new shares were on offer to retail investors, which would have been worth £315,000. In the event, only 15,393 are taken up. The placing consists of 9.3 million new shares. Ten Lifestyle calls a general meeting for October 16 to approve the equity raise, which was launched late last month to support a new multi-year US contract worth more than £5 million per year initially. Ten will take over from an incumbent high-touch provider at the customer, an existing global corporate client. Ten Lifestyle also last month said it expects to report adjusted earnings for the financial year that ended August 31 of £12.8 million, up 6.7% from £12.0 million in financial 2023, though flat at constant currency. Net revenue is estimated at £62.9 million, flat on £63.0 million the year before, or down 2.3% at constant currency. Current stock price: 63.28p, up 2.1% in London on Wednesday 12-month change: down 33% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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