TechFinancials Inc. Notice of General Meeting (9970I)
March 27 2018 - 1:01AM
UK Regulatory
TIDMTECH
RNS Number : 9970I
TechFinancials Inc.
27 March 2018
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Notice of General Meeting
TechFinancials (AIM: TECH), a leading technology provider to
financial trading brokers, announces that the Company's General
Meeting will be held at 11.00am on 26 April 2018, at the offices of
Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU.
The General meeting has been convened for shareholders to grant
directors the necessary authorities to allow for the issuance of
shares to shareholders of OptionFortune Trade Limited, on a
non-pre-emptive basis, as consideration to the OptionFortune
Shareholders for the second measurement payment under the Joint
Venture ("JV") Agreement as announced on 21 October, 2015.
Pursuant to the JV Agreement, the Company is required to issue
shares or make cash payments to the OptionFortune Shareholders,
depending on the financial results of the JV business,
DragonFinancials for the years 2016 and 2017.
Based on the audited financial statements of DragonFinancials
for the year 2016, the Company issued 3,868,615 shares of the
Company to the OptionFortune Shareholders, as consideration for the
first measurement payment under the JV Agreement.
Based on the audited financial statements of DragonFinancials
for the years 2016 and 2017, DragonFinancials achieved financial
results requiring the Company, at the Company's sole discretion, in
addition to the issuance of the First Payment Shares, to either:
(i) pay USD 4,527,927 (the "Cash Payment") to the OptionFortune
Shareholders; or (ii) issue 12,406,352 shares of the Company, at a
price per share of GBP0.27, representing following such issuance,
14.60% of the issued share capital of the Company (the "Second
Payment Shares") to the OptionFortune Shareholders.
Under the Articles of Association of the Company, an issuance of
shares exceeding 6% of the issued share capital of the Company in
any single transaction is subject to the pre-emptive rights of the
shareholders.
Further details are set out in the Notice of General Meeting,
which has been posted to shareholders today.
Copies of the Notice of General Meeting and Forms of Proxy are
available on the Company's website
https://group.techfinancials.com/
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information:
TechFinancials, Inc.
Asaf Lahav, Group Chief Executive
Officer
Yuval Tovias, Chief Financial www.techfinancials.com
Officer
Grant Thornton UK LLP (Nominated
Adviser)
Colin Aaronson / Samantha Harrison Tel: +44 (0) 20
7383 5100
Northland Capital Partners Limited
(Joint Broker)
David Hignell/ John Howes Tel: +44 (0) 20
3861 6625
Peterhouse Corporate Finance (Joint
Broker)
Lucy Williams / Eran Zucker Tel: +44 (0) 20
7469 0932
Media enquiries:
Yellow Jersey (Media Relations)
Charles Goodwin / Katie Bairsto
Tel: +44 (0) 7748
843 871
About TechFinancials
TechFinancials, Inc (AIM: TECH) is a leading innovator and
supplier of financial trading solutions for retail clients. The
Group operates a B2B division licensing white label trading
platform solutions to online brokers. In addition, the Company
operates a B2C division operating trading platform incorporating a
strategic joint venture focusing on solutions for traders in the
Asia Pacific region.
Further information can be found at
http://techfinancials.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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