4 February 2025
Investment Evolution Credit
plc
("IEC",
the "Company" or the Group)
Subscription, Directorate
Changes, Director/PDMR Dealing, Related Party Transaction, Issue of
Equity
Investment Evolution Credit plc
(AQSE: IEC) - 4 February 2025: IEC, a global fintech group
specialising in online consumer loans, is pleased to announce that
it has raised £35,650 through the issue of 3,565,000 new ordinary
shares of £0.005 each in the Company ("Subscription Shares") at an
issue price of £0.01 each per share through a subscription by
existing shareholders and one (1) Director of the Company
("Subscription"). The Company also announces changes to its Board
of Directors.
Subscription & Related Party Transaction
The Subscription is on the same
terms of the subscription and broker
option announced by the Company on 31
October 2024. The funds will be used to
fund the Company's business plan and for general working capital
purposes.
The participation in the
Subscription by Richard Leaver, a director of the Company, is a
related party transaction pursuant to Rule 4.6 of the AQSE Growth
Market Access Rulebook (the "Transaction"). The Directors of IEC
independent of the Transaction, being Neil Patrick and Glendys
Aguilera confirm that, having exercised reasonable care, skill and
diligence, the related party transaction is fair and reasonable
insofar as the shareholders of IEC are concerned.
Following the Subscription, Richard
Leaver will hold the following number of shares in the
Company:
|
Name
|
Role
|
Number of shares held prior
to the Subscription
|
Number of Subscription Shares
subscribed for
|
Resultant shareholding
following the Subscription
|
Percentage shareholding in
enlarged issued share capital following
Subscription
|
|
Richard Leaver
|
Director
|
1,000,000
|
1,000,000
|
2,000,000
|
2.92%
|
Directorate Changes
The Company announces that Marc
Howells has resigned as Executive Director and CEO, effective 2
February 2025, to pursue his other business interests. Dr Richard
Leaver will step into the role of CEO and has been appointed as
Executive Director and CEO effective 2 February 2025. Dr Leaver was
appointed Non-Executive Director of the Company on 1 January 2025
and was previously IEC Board Adviser from 1 October to 31 December
2024.
The Board thanks Marc for his
contribution. Additionally, further to the announcement of 17
December 2024, the Company is no longer proceeding with the
appointment of John Philip de Blocq van Kuffeler to the Board as
Director & Executive Chairman.
In its recent Strategic Report, the
Company confirmed its focus on acquisition opportunities as part of
its buy and build strategy as well as incorporating extensive
beneficial use of AI, particularly in the UK and USA markets.
These two markets form the basis of a resilient and expanding area
of focus which IEC is well placed to address. The Board anticipates
Dr Leaver's international experience both in AI, and as an AIM
quoted investment company CEO, will strongly contribute to the
Company's ambitious plans for growth.
Neil Patrick remains as independent
Non-Executive Chairman and as Chairman of the Audit & Risk,
Remuneration and Nomination & AQSE Rules Committees. Glendys
Aguilera remains as Executive Director and General Manager, and Bob
Mennie remains as Chief Financial Officer (non-board role).
The Company intends to commence a search for a
replacement independent non-executive director and will update the
market in due course.
Admission
Application has been made for the
3,565,000 Subscription Shares to be admitted to trading on AQSE
("Admission") and it is expected that Admission will take place on,
or around, 10 February 2025. The Subscription Shares will
rank pari
passu in all respects with the existing ordinary shares
of the Company.
Total Voting Rights
Following admission of the
Subscription Shares, the Company's enlarged issued share capital
will comprise 68,528,671 ordinary shares. The Company does not hold
any shares in treasury. The figure of 68,528,671 ordinary shares
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
share capital of the Company under the Financial Conduct
Authority's Disclosure and Transparency Rules.
About IEC
IEC is an AI driven, consumer
finance fintech innovator with a mission to rehabilitate borrowers
through better technology and fairer products. IEC is an
experienced regulated licensed lender under the consumer brand Mr.
Amazing Loans in the United States with state consumer lending
licenses/certificates of authority in the 6 states of California,
Florida, Georgia, Illinois, Nevada and New Jersey and an
established track-record of regulatory compliance for over 14
years. IEC plans to expand its United States lending model to the
United Kingdom market in 2025 by providing £2,000 to £10,000 online
personal loans with fixed affordable repayments,
subject to the successful acquisition of an
existing UK FCA licensed consumer lender.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
accept responsibility for the contents of this
announcement.
Enquiries:
|
Investment Evolution Credit plc
|
|
|
Neil Patrick, Director and
Non-Executive Chairman
|
iec@investmentevolution.com
|
|
Cairn Financial Advisers LLP (IEC AQSE Corporate
Adviser)
|
|
|
Ludovico Lazzaretti
|
+44 (0) 20 7213
0880
|
|
Jo Turner
|
|
|
|
|
For
more information please visit: www.investmentevolution.com/investors
Caution Regarding Forward Looking Statements
Certain statements made in this
announcement are forward-looking statements. These forward-looking
statements are not historical facts but rather are based on the
Company's current expectations, estimates, and projections about
its industry; its beliefs; and assumptions. Words such as
'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,'
'estimates,' and similar expressions are intended to identify
forward-looking statements. These statements are not a guarantee of
future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the
Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. The Company cautions security
holders and prospective security holders not to place undue
reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.
|
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a.
|
Name
|
Richard Leaver
|
|
2
|
Reason for notification
|
|
|
a.
|
Position/Status
|
Director
|
|
b.
|
Initial notification/
Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a.
|
Name
|
Investment Evolution Credit
plc
|
|
b.
|
LEI
|
984500ARA55ED7411Y77
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a.
|
Description of the financial
instrument, type of instrument
Identification Code
|
Ordinary Shares
ISIN: GB00BPQC9525
|
|
b.
|
Nature of the transaction
|
Purchase of ordinary shares through
a subscription
|
|
|
|
|
Price(s) per share (p)
|
Volume(s)
|
|
|
1p
|
1,000,000
|
|
|
|
|
d.
|
Aggregated information
- Volume
- Price
|
- 1,000,000
- 1 pence per share
|
|
e.
|
Date of the transaction
|
3 February 2025
|
|
f.
|
Place of the transaction
|
AQSE, London
|
