Team PLC announced on Friday the results of its retail offer, which delivered fewer proceeds than had been hoped for by the firm.

In March, the Jersey-based wealth, asset management and complementary financial services company announced its intention to offer up to 3.8 million new shares through the Winterflood Retail Access Platform, or WRAP.

The offer was intended to raise up to £750,000 in gross proceeds.

The offer closed on Thursday, by which point Team had raised gross proceeds of £136,300 at 20.00 pence per share. The company now will issue 681,500 new ordinary shares at the issue price.

Overall, Team’s placing, subscription and WRAP retail offer raised £1.2 million in aggregate gross proceeds.

The completion of its WRAP retail offer is subject to shareholder approval at the annual general meeting on April 17.

Team shares were down 5.5% at 18.90 pence each in London on Friday afternoon.

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