TIDMIME
RNS Number : 0227R
Immediate Acquisition PLC
01 July 2022
1 July 2022
Immediate Acquisition Plc
("IME", the "Group" or the "Company")
Result of General Meeting
Proposed acquisition of Fiinu Holdings Limited
The Directors of Immediate Acquisition Plc (AIM: IME) are
pleased to announce that, further to the announcement on 15 June
2022, at a General Meeting ("GM") held earlier today, Resolutions 1
to 4 and Resolution 6 were all duly approved by shareholders by way
of a poll. The Directors decided to withdraw Resolution 5 and it
was not voted on at the Meeting.
Acquisition of Fiinu Holdings Limited
At today's GM, shareholders approved the acquisition of Fiinu
Holdings Limited ("Fiinu Holdings") (the "Acquisition"), a fintech
company and creator of the Plugin Overdraft(R), which is classified
as a reverse takeover under AIM Rule 14. The Acquisition remains
conditional upon Fiinu Holdings' subsidiary, Fiinu 2 Ltd ("Fiinu
2"), receiving confirmation of its Part 4A deposit taking licence
("Banking Licence") from the Prudential Regulation Authority, with
the consent of the Financial Conduct Authority, and completion of
the Acquisition Agreements and Placing Agreement. Further details
are set out in the Company's Admission Document dated 15 June 2022
(the "Admission Document").
Confirmation of the Banking Licence is expected shortly and will
take place prior to Admission, at which time the Acquisition, and
the Placing Agreement, will complete.
As such, it is expected that the readmission of the Enlarged
Issued Ordinary Share Capital to trading on AIM ("Admission") will
take place at 8.00 a.m. on 8 July 2022.
Proposed change of name and TIDM
At today's GM, the Directors decided to withdraw Resolution 5,
which proposed to change the name of the Company from Immediate
Acquisition Plc to Fiinu Group Plc. The Company now plans to change
the name of the Company to "Fiinu Plc" after Admission. This name
change will need to be registered at Companies House before it
becomes effective at the London Stock Exchange.
At Admission, the Company's TIDM will change to "BANK".
The timetable of principal events is set out below.
Unless stated otherwise, defined terms used in this announcement
have the same meaning as given to them in the Admission Document,
which is available to download from the Company's website at
www.imeplc.com .
Further announcements will be made as appropriate.
For further information please contact:
Immediate Acquisition Plc Tel: +44 (0) 203 515 0233
Tim Hipperson, Non-executive Chairman
Simon Leathers, Non-executive Director
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady
Neil Baldwin
SP Angel Corporate Finance LLP (Broker) Tel: +44 (0) 207 470 0470
Abigail Wayne
Matthew Johnson
Buchanan Communications Tel: +44 (0) 207 466 5000
Chris Lane / Kim van Beeck / Jack Devoy
Information on Immediate Acquisition plc
In May 2022 IME disposed of its main trading subsidiary and
adopted a capital growth strategy through the monetisation of its
remaining investments, and the pursuit of an acquisition of a
company in the technology or fintech sectors.
Information on Fiinu
Fiinu Holdings, founded in 2017, is a technology platform and
provider of consumer banking products.
Fiinu is comprised of two innovative businesses: Fiinu 2, which
is in the final stages of obtaining Part 4A Permission from the UK
regulators and will offer the group's flagship product, the Plugin
Overdraft(R), and Fiinu Ltd, a provider of financial technology and
alternative data solutions.
Fiinu's Plugin Overdraft(R) is an unbundled overdraft solution,
whereby Fiinu can provide its customers with an overdraft facility
without them having to switch their current account with their
present bank, giving customers access to affordable credit.
Importantly, an overdraft does not negatively impact a consumer's
credit score and helps avoid expensive "payday lenders", giving
consumers the opportunity to build their credit rating.
Fiinu Ltd is the group's technology arm which will manage and
develop the group's platform utilising data insights and
analytics.
Results of the Poll
Details of the results of the poll are given below. Resolutions
1 to 3 were proposed as ordinary resolutions and resolutions 4 and
6 as special resolutions.
Resolution Votes % of Votes % Votes Votes
For Votes Against of Withheld Total
Votes
1. To approve the grant
of a waiver by the Panel
of any obligation under
Rule 9 of the City Code
for the members of the
Concert Party to make
a general offer for the
Company as a result of
the issue to the Concert
Party of the Consideration
Shares 4,380,791 99.64% 1,320 0.03% 14,544 4,396,655
---------- ------- --------- ------- ---------- ----------
2. To approve the acquisition
by the Company of the
entire issued share capital
of Finnu Holdings Limited 8,994,293 99.97% 1,320 0.01% 1,042 8,996,655
---------- ------- --------- ------- ---------- ----------
3. To allot Ordinary
Shares 8,994,293 99.97% 1,320 0.01% 1,042 8,996,655
---------- ------- --------- ------- ---------- ----------
4. To disapply pre-emption
rights in connection
with allotments of Ordinary
Shares 8,980,791 99.82% 1,320 0.01% 14,544 8,996,655
---------- ------- --------- ------- ---------- ----------
5. Withdrawn N/A N/A N/A N/A N/A N/A
---------- ------- --------- ------- ---------- ----------
6. To adopt new Articles
of Association 8,994,293 99.97% 1,320 0.01% 1,042 8,996,655
---------- ------- --------- ------- ---------- ----------
Expected Timetable of Principal Events
Publication of the Admission Document 15 June 2022
Latest time and date for receipt of CREST 29 June 2022
voting intentions
Latest time and date for receipt of Forms 10.00 a.m. on 29 June
of Proxy 2022
Time and date of the General Meeting 10.00 a.m. on 1 July
2022
Expected date of confirmation of Banking anticipated within
Licence to Fiinu 2 by FCA & PRA five Business
Days of the date of
the General
Meeting
Expected completion of Acquisition, issue anticipated to be
of the New Ordinary 8.00 a.m. on or
Shares, re-admission of the Enlarged Issued about the Business
Share Capital and Day following
commencement of dealings on AIM confirmation of the
Banking
Licence
Expected date for New Ordinary Shares to anticipated to be
be credited to CREST accounts 8.00 a.m. on or
about the Business
Day following
confirmation of the
Banking
Licence
Despatch of definitive certificates for within 14 days of
New Ordinary Shares Admission
All of the above timings refer to UK time. All future times
and/or dates referred to above are subject to change at the
discretion of the Company and SPARK.
Any changes to the above dates and times will be communicated by
the Company via RIS announcements.
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END
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(END) Dow Jones Newswires
July 01, 2022 06:02 ET (10:02 GMT)
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