TIDMTEA

RNS Number : 1613O

Teathers Financial PLC

05 February 2016

Teathers Financial Plc / Index: AIM / Epic: TEA / Sector: Investment

5 February 2016

Teathers Financial Plc ('Teathers' or 'the Company')

Update

Following the announcement dated 4 December 2015 the Company would like to provide the following update to shareholders.

On 4 December 2015, the Company announced that as it had not implemented its investing policy within 12 months of becoming an investing company, its shares would be suspended from trading on AIM. The Company also stated that it was currently considering all of its options and will continue to work towards the implementation of its investing policy or completion of a reverse takeover.

Since that date, the Company has been reviewing possible new investments and assessing the likelihood of implementing its investing policy before 4 June 2016, after which the Company's shares would cease to be listed on AIM in the absence of a reverse takeover or successful implementation of its investing policy. The board's current view is that it is unlikely that the Company will be deemed to have implemented its investing policy through a portfolio of investments by 4 June 2016.

Since 4 December 2015, the Company has also been focusing primarily on identifying a potential reverse takeover target and accordingly, has been in discussions with two potential targets, both of which have synergies with Teathers Financial Software Limited ("TFSL"), the Teathers investee company that owns the Teathers app. The board has also been in discussions with its advisers about creating a structure that would give shareholders both direct ownership of TFSL and the potential upside from a reverse takeover.

This review has not yet been concluded and the Company will provide a further update before the end of this month.

On an operational front, the Company continues to maintain its portfolio of investments and in particular continues to support the activities of TFSL. This is making progress through the Teathers App which is revolutionising the way private investors can participate in IPOs and placings on the same terms as institutions. Since the launch of the App in tandem with FCA regulated Shard Capital Partners LLP, 6 corporate allocations have been concluded successfully. TFSL is actively seeking additional avenues for commercial tie-ups and hopes to announce further progress in the near future.

* * ENDS * *

For further information please visit www.teathers.com or contact:

 
                        Teathers Financial      +44 203 
 Jason Drummond          Plc                     021 3466 
 Colin Aaronson         Grant Thornton UK 
  / Jamie Barklem        LLP                    +44 20 7383 
  / Carolyn Sansom       (Nominated Adviser)     5100 
                        Peterhouse Corporate 
 Lucy Williams /         Finance                +44 20 7469 
  Duncan Vasey           (Broker)                0936 
 Charlotte Heap         St Brides Partners      +44 20 7236 
  / Elisabeth Cowell     Limited                 1177

Notes:

Teathers Financial PLC is focused primarily on the investment in AIM or unquoted companies, joint ventures or individual projects. The Company is led by highly experienced individuals with proven track records in the growth company arena. It considers all sectors but is looking for stand out companies, which it believes it can also add value to.

Amongst other investments, the Company has a 100% interest in Teathers Financial Software Ltd, which is looking to revolutionise the crowd equity arena for listed companies and empower private investors. In essence it has developed proprietary technology to provide brokers and fundraisers with a secure, seamless and innovative platform to connect, offer and manage private investors in Placings and IPOs, crucially on the same terms as institutional investors. The software, which runs across all major mobile platforms, also encourages ongoing user engagement by providing a real-time gateway for private investors and continual information on their portfolios. FCA regulated Shard Capital have adopted the technology for the Teathers App to drive private investors to their fundraising initiatives. The technology is available to be white-labelled to brokers and fundraisers who want to engage further with private individuals who potentially represent a supportive pool of capital.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 05, 2016 02:00 ET (07:00 GMT)

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