TIDMBANK
RNS Number : 7677R
Immediate Acquisition PLC
08 July 2022
8 July 2022
Immediate Acquisition Plc (to be renamed Fiinu Plc)
(or the "Company")
Admission to Trading on AIM and First Day of Dealings
Immediate Acquisition plc (AIM: BANK) (to be renamed Fiinu plc),
is pleased to announce the readmission of its shares to trading on
AIM ("Admission") following completion of the reverse takeover of
Fiinu Holdings Limited ("Fiinu" and the enlarged group following
Admission being the "Group"), a fintech company and creator of the
Plugin Overdraft(R).
About Fiinu
Fiinu, founded in 2017, is a technology platform and provider of
consumer banking products.
Fiinu comprises two innovative businesses: Fiinu 2 Ltd (to be
renamed Fiinu Bank Ltd) ("Fiinu 2"), which has been granted Part 4A
Permission from the UK regulators and will offer the Group's
flagship product, the Plugin Overdraft(R), and Fiinu Ltd, a
provider of financial technology and alternative data
solutions.
Fiinu's Plugin Overdraft(R) is an unbundled overdraft solution,
whereby Fiinu can provide its customers with an overdraft facility
without them having to switch their current account with their
present bank, giving customers access to affordable credit.
Importantly, an overdraft does not negatively impact a consumer's
credit score and helps avoid expensive "payday lenders", giving
consumers the opportunity to build their credit rating.
Fiinu Ltd is the Group's technology arm which will manage and
develop the Group's platform utilising data insights and
analytics.
Following the receipt of the deposit taking licence from the UK
regulators on 7 July 2022, Fiinu 2 has entered a mobilisation
period which is expected to last for up to 12 months. Mobilisation
is an optional stage in which new banks, once authorised, operate
with deposit restrictions while they complete their set up before
starting to trade fully. During mobilisation, the Group will update
investors as and when it completes various mobilisation actions,
for example:
-- advancing its operational capabilities (for example, securing
further investment for when it exits mobilisation);
-- recruiting senior managers and other staff;
-- building out control functions such as risk, internal audit and compliance;
-- investing in and testing IT systems;
-- committing to third-party suppliers etc.; and
-- finalising the firm's recovery plan and solvent wind-down
plan, while the PRA/FCA will continue their assessments of whether
the Group is ready to exit mobilisation and become fully
operational.
During mobilisation, the amount of total deposits that a new
bank can accept is limited to a total of GBP50,000. A new bank can
exit the mobilisation phase by submitting a Variation of Permission
to the PRA and the FCA, having submitted evidence that all actions
set out in its authorisation letter, and any other actions
requested from the firm during mobilisation, have been
completed.
Chris Sweeney, CEO of Fiinu and incoming CEO of the Company,
commented: "We are very proud to be joining AIM today. This move to
the public markets completes the next step in Fiinu's growth plan.
We are confident that we have both an innovative new product in our
Plugin Overdraft and a market that desperately needs a responsible,
easy to access credit. We have an exciting opportunity ahead of us
and being a quoted business will allow us to capitalise on this and
accelerate our growth plans."
Placing Highlights
The Company has successfully raised GBP8.01 million (before
expenses) via a placing of 40,050,000 new ordinary shares at an
issue price of 20 pence per share (the "Placing"). The net proceeds
of the Placing will be used in combination with the Company's
existing capital resources for regulatory capital, investment in
technology and general operating expenses.
SPARK Advisory Partners Limited is acting as Nominated Adviser
and SP Angel Corporate Finance LLP is acting as broker in relation
to Admission.
The ISIN of the Ordinary Shares is GB0033881904 , the SEDOL of
the Ordinary Shares is 3388190 and the Company's LEI number is
213800XSRH9SNN1EXX92.
Total Voting Rights
The number of shares in issue immediately after Admission is
265,131,861 giving the Company a market capitalisation of
approximately GBP53 million at the issue price of 20 pence per
share. Admission took place at 8.00 a.m. today, 8 July 2022.
The Company holds no shares in treasury and therefore the figure
above may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority.
Change of Name and TIDM
The Company's TIDM has changed to "BANK" with effect from
Admission. The Company has today resolved to change its name to
Fiinu plc ("Change of Name"), the Change of Name is being processed
by Companies House and will take effect on the London Stock
Exchange once this has occurred.
Directorate Changes
As set out in the Company's Admission Document dated 15 June
2022, Tim Hipperson (Non-Executive Chairman) and Mark Horrocks
(Non-Executive Director) have today stepped down from the Board of
Directors. Simon Leathers (Non-Executive Director) will remain in
his position.
In addition to Simon Leathers, the following have been appointed
to the Board of Directors with effect from Admission:
David Hopton - Non-Executive Chairman
Chris Sweeney - Chief Executive Officer
Marko Sjoblom - Founder and Executive Director
Philip Tansey - Chief Financial Officer
Jerry Loy - Independent Non-Executive Director
Huw Evans - Independent Non-Executive Director
Full details of the Directors are given in the Company's
Admission Document dated 15 June 2022. There are no further
disclosures to be made pursuant to Schedule Two paragraph (g) of
the AIM Rules for Companies.
Tim Hipperson, departing Non-Executive Chairman, commented: "I,
along with my colleague Mark Horrocks, as departing directors,
would like to wish Simon Leathers and the Fiinu team the very best
on their future endeavours. We are proud of what the Company has
achieved in completing the reverse takeover of Fiinu and have every
confidence the executive team will deliver significant long-term
value for the Company's shareholders"
Change of Registered Office
With effect from Admission, the Company's registered office has
changed to Abbey House, Wellington Way, Weybridge KT13 0TT.
For further information please contact:
Immediate Acquisition Plc (to be renamed via Brazil London
Fiinu plc)
David Hopton, Non-Executive Chairman
Chris Sweeney, Chief Executive Officer
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady
Adam Dawes
SP Angel Corporate Finance LLP (Broker) Tel: +44 (0) 207 470 0470
Abigail Wayne
Matthew Johnson
Buchanan Communications (Financial Tel: +44 (0) 207 466 5000
PR adviser) Email: Fiinu@buchanan.uk.com
Chris Lane / Kim van Beeck / Jack Devoy
Brazil London (Press office for Fiinu) Tel: +44 (0) 207 785 7383
Joshua Van Raalte / Christine Webb Email: fiinu@agencybrazil.com
/ Jamie Lester
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END
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July 08, 2022 03:14 ET (07:14 GMT)
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