TechFinancials Inc. Proposed cancellation of AIM admission (2316X)
December 18 2019 - 1:00AM
UK Regulatory
TIDMTECH
RNS Number : 2316X
TechFinancials Inc.
18 December 2019
18 December 2019
Techfinancials, Inc
("TechFinancials" or the "Company" or the "Group")
Proposed cancellation of admission of Ordinary Shares to trading
on AIM and sole listing on the NEX Exchange Growth Market
Notice of General Meeting
As announced by the Company on 2 December 2019, the Directors
have concluded that it is in the best interests of the Company and
its Shareholders to cancel the admission of the Ordinary Shares to
trading on AIM (the "Cancellation") and remain listed only on
NEX.
The Company believes the Cancellation from AIM, with NEX
becoming its primary listing, is in the best interest of the
business. The Company has taken the decision to make substantial
adjustments to its operating structure and cost base while seeking
to develop its newer blockchain based businesses. In addition, the
considerable cost and management time associated with maintaining
the Company's admission to trading on AIM are, in the Directors'
opinion, disproportionate to the benefits to the Company.
With this in mind, the Board considers that NEX is a more
appropriate market given TechFinancials' currently reduced size and
its focus on new business streams, as it prepares to move forward
with the opportunities it has in the blockchain arena. The Board
also believes that NEX is a more appropriate market for blockchain
companies with low revenues.
Notice of General Meeting
The Company is seeking Shareholders' approval for the
Cancellation at the General Meeting, which has been convened for
10:00 a.m. on 10 January 2020 at the offices of Grant Thornton UK
LLP, 30 Finsbury Square, London EC2A 1AG. If the Cancellation
Resolution is passed at the General Meeting, it is anticipated that
the Cancellation will become effective at 7.00 a.m. on 20 January
2020. Consequently, the last of trading in the Company's Ordinary
Shares on AIM will be 19 January 2020.
The Cancellation Resolution is conditional, pursuant to Rule 41
of the AIM Rules, upon the approval of not less than 75 per cent.
of the votes cast by Shareholders (whether present in person or by
proxy) at the General Meeting.
The notice of the General Meeting will be posted to shareholders
by 19 December 2019 and is available to view on the Company's
investor relations website at
https://group.techfinancials.com/financial-calendar/.
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
Lucy Williams / Eran Zucker
Media enquiries:
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7747
788 221
Charles Goodwin
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END
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