TechFinancials Inc. Update re. Sale of Shareholding in Subsidiary (8531D)
June 28 2019 - 6:12AM
UK Regulatory
TIDMTECH
RNS Number : 8531D
TechFinancials Inc.
28 June 2019
28 June 2019
TechFinancials, Inc.
("TechFinancials" or the "Company" or the "Group")
Update re. Sale of Shareholding in Subsidiary
TechFinancials (AIM: TECH), a fintech software provider of
financial solutions including blockchain-based digital assets and
traditional financial trading solutions for retail clients,
provides the market with an update relating to the sale of its
shareholding in MarketFinancials Limited ("MF"). Further to the
announcement made on 16 January 2019, the Company has agreed to
extend the completion date of the conditional Share Purchase
Agreement (the "SPA") to sell its entire holdings in MF, a non-core
loss-making asset, for EUR100,000 to 31 August 2019.
The Seychelles Financial Services Authority (the "SFSA") has
given its approval in principle to M&N Equity Research Ltd
("M&N"), a Cypriot entity, to acquire MF. The original SPA with
Proverial Ltd has also been assigned to M&N. With this, M&N
wishes to proceed with the transaction and has paid the full
purchase price to the Company. Completion of the acquisition
remains subject to, inter alia, the full SFCA consent and
registration of the share transfer. To this end, the Company and
M&N have signed an amendment to the SPA which include
provisions for M&N to pay additional expenses to the Company if
the transaction, either completes after 30 June 2019, or does not
complete due to M&N not receiving final consent from the SFCA.
Consequently, in the event the transaction does not complete, the
Company will refund the consideration to M&N, less any costs
incurred.
The Company will provide a further update in due course.
The information communicated 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. Tel: +972 54 5233 943
Asaf Lahav, Group Chief Executive Officer
Yuval Tovias, Chief Financial Officer
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383
5100
Colin Aaronson / Samantha Harrison / Seamus
Fricker
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469
0930
Fungai Ndoro / Eran Zucker
Media enquiries:
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7748 843
871
Charles Goodwin / Felicity Winkles
About TechFinancials
TechFinancials, Inc (AIM: TECH) is a fintech software provider
of financial trading solutions, including blockchain-based digital
assets and traditional 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.
In December 2018, the Company signed a binding agreement with
Footies Tech Ltd, a ticketing venture for sports venues and teams,
to license its technological blockchain infrastructure and
established a new company to develop and market a blockchain based
ticketing solution and event economics management system. The new
venture is underway and is focused on enabling sports organisations
to take full control over their ticket path once issued, including
secondary market trading configuration and enforcement. The
ultimate vision is to fully digitise sport clubs match day
experience to economically benefit both fans and football
clubs.
Additionally, TechFinancials holds a 2% interest and an option
to acquire a further 90% in CEDEX, a blockchain-based on-line
exchange for diamonds, which would give TechFinancials up to 92% of
CEDEX or 87.4 % on a fully diluted basis.
Further information can be found at
http://techfinancials.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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