Singer Capital Markets is delighted to have acted as Nominated Adviser & Broker to Ten Lifestyle Group on their conditional £5.9 million Placing & Retail offer.

Ten Lifestyle Group plc (AIM: TENG), the global concierge platform driving customer loyalty for global financial institutions and other premium brands, announces that, pursuant to the Retail Offer it has conditionally raised gross proceeds of c.£10,000. As a result, the Group has conditionally raised a total of approximately £5.9 million before expenses pursuant to the Placing and Retail Offer, at a Fundraising Price of 63 pence per share. The Fundraising Price represents a discount of approximately 4.9 per cent. to the closing mid-price per Ordinary Share on 25th September 2024, being the last practicable date prior to the announcement of the Fundraising.

9,317,460 Placing Shares and 15,393 Retail Offer Shares, resulting in a total of 9,332,853 new Ordinary Shares, will, subject to the passing of the Resolutions at the General Meeting, be issued in relation to the Fundraising.

The net proceeds of the Fundraising will be used to fund the operational and working capital investment to support the launch of the new Extra Large contract; to strengthen the Group’s balance sheet; and general working capital purposes.

Ten wins new Extra Large contract in the USA

• Ten has won a new multi-year contract in the USA worth over £5.0m per year initially in corporate revenue, with scope to grow, with an existing global corporate client.

• Ten will take over from the incumbent high-touch provider towards the end of H1 FY 2025, with the launch of Ten’s digitally enabled concierge platform expected during H2 FY 2025.

• Given the substantial volume of existing service requirements from launch, operational and working capital investment will be necessary to support the transition and ongoing service delivery. The Group expects the early demands of working capital to be compensated across the year.

• At initial scale, the new contract underpins the current market expectations for Net Revenue and Adjusted EBITDA growth in FY 2025.

Ten Lifestyle Group plc partners with financial institutions and other premium brands to attract and retain wealthy and mass affluent customers.

Millions of members have access to Ten’s services across lifestyle, travel, dining and entertainment on behalf of over fifty clients including HSBC, Swisscard and Royal Bank of Canada. Ten’s partnerships are based on multi-year contracts generating revenue through platform-as-a-service and technology fees.

Ten’s operations are underpinned by an increasingly sophisticated personalisation platform comprising industry-first, proprietary technology, thousands of supplier relationships and 25 years of proprietary expertise delivered from over 20 global offices. Ten was also the first B Corp-certified company on the AIM market, demonstrating its commitment to sustainability, social responsibility and ethical business practices.

​Ten is on a mission to become the most trusted service platform in the world.

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