TIDMFINS TIDMFNWR
RNS Number : 9665W
Financials Acquisition Corp
15 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH
FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (THE "UK MARKET ABUSE REGULATION").
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
15 December 2023
FINANCIALS ACQUISITION CORP
(the "Company")
Update on Redemption of Class A Ordinary Shares
Redemption Price
Further to its announcement on 20 November 2023, Financials
Acquisition Corp (LSE: FINS) (the "Company") has continued to work
with Interpath (Cayman) Limited ("Interpath") as an independent
advisor to supervise the allocation of payments to creditors and
the redemption of class A ordinary shares in the Company (the
"Class A Ordinary Shares").
In accordance with that process, and taking into account
submissions by creditors filed following the announcement on 20
November 2023, the Company has calculated the redemption price at
GBP9.50 per Class A Ordinary Share (the "Redemption Price"), being
the amount on deposit in the Company's escrow account as at 15
December 2023, including interest earned on the funds therein and
not previously released to the Company (less any taxes payable, an
amount to pay dissolution expenses, and subject to obligations to
provide for amounts to be paid to creditors and other requirements
of applicable law), divided by the number of Class A Ordinary
Shares then outstanding but excluding any Class A Ordinary Shares
for which redemption rights have been waived.
Upon payment of the Redemption Price, the redemption will
extinguish the rights of holders of Class A Ordinary Shares as
shareholders of the Company, including the right to receive further
liquidation distributions, if any, unless otherwise determined by
the Company and/or any duly-appointed liquidators in due
course.
Whilst the Company has used its best efforts to determine the
Redemption Price, such Redemption Price may be subject to change,
including in circumstances where the Company becomes aware of any
further creditor claims.
Expected Timetable of Events
Each of the following times and dates noted below is indicative
only and subject to change without further notice. All references
to times are to London time.
Event Expected Timetable
Announcement of Redemption Price..................... 15 December 2023
Record date for redemption of
Class A Ordinary Shares......................................................... 6.30 p.m. on 18 December 2023
Redemption of Class A Ordinary
Shares.................. 18 December 2023
Redemption Price payment date........................... By 27 December 2023
Appointment of voluntary liquidator...................... As soon as reasonably possible
following redemption of the
Class A Ordinary Shares
Dissolution of the Company................................ During Q2 2024
Total Voting Rights
Following the redemption, the voting share capital of the
Company will consist of a total of 450,000 Class A Ordinary Shares,
held by FINSAC II LLP, a sponsor entity of the Company which has
waived its rights to redemption, and 3,862,500 unlisted sponsor
shares. The Company holds no shares in treasury. The total number
of voting rights in respect of the Class A Ordinary Shares, being
the only class of share admitted to trading, is 450,000.
The foregoing notification is made in accordance with Rule 5.6
of the Financial Conduct Authority's ("FCA") Disclosure Guidance
and Transparency Rules.
The Company has applied to the FCA for the cancellation of the
listing of the Class A Ordinary Shares. An announcement confirming
the timing of the cancellation of listing will be published in due
course.
Public Warrants and Sponsor Warrants
There are no redemption rights or liquidating distributions with
respect to the issued warrants of the Company, which will
automatically expire without value upon completion of the
liquidation of the Company.
The Company has applied to the FCA for the cancellation of the
listing of the public warrants of the Company. An announcement
confirming the timing of the cancellation of listing will be
published in due course.
Enquiries
Financials Acquisition Corp
William Allen (Chief Executive Officer)
will@fins.ac
Interpath (Cayman) Limited (Independent advisor to the
Company)
Elizabeth Mackay (Managing Director)
Cassandra Ronaldson (Director)
elizabeth.mackay@interpathadvisory.com
cassandra.ronaldson@interpathadvisory.com
The information contained in this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the UK Market Abuse Regulation. By publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain. The
person responsible for arranging the release of this announcement
on behalf of the Company is William Allen, Chief Executive
Officer.
The Company's LEI is 254900SWRQCI5ZUQEF15.
DISCLAIMER
The contents of this announcement have been prepared by, and are
the sole responsibility of, the Company.
This announcement may contain forward-looking statements. The
forward-looking statements include, but are not limited to,
statements regarding the Company's or its directors' expectations,
hopes, beliefs, intentions or strategies regarding the future. In
addition, any statement that refers to projections, forecasts or
other characterisations of future events or circumstances,
including any underlying assumptions, is a forward-looking
statement. The words "anticipate", "believe", "continue", "could",
"estimate", "expect", "intend", "may", "might", "plan", "possible",
"potential", "predict", "project", "seek", "should", "would" and
similar expressions, or in each case their negatives, may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
Forward-looking statements include all matters that are not
historical facts. Forward-looking statements are based on the
current expectations and assumptions regarding the Company, the
business, the economy and other future conditions. Because
forward-looking statements relate to the future, by their nature,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Forward-looking
statements are not guarantees of future performance and the
Company's actual financial condition, actual results of operations
and financial performance, and the development of the industries in
which it operates or will operate, may differ materially from those
made in or suggested by the forward-looking statements contained in
this announcement. In addition, even if the Company's financial
condition, results of operations and the development of the
industries in which it operates or will operate, are consistent
with the forward-looking statements contained in this announcement,
those results or developments may not be indicative of financial
condition, results of operations or developments in subsequent
periods. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include regional, national or global, political, economic, social,
business, technological, competitive, market and regulatory
conditions.
Any forward-looking statement contained in this announcement
applies only as of the date of this announcement and is expressly
qualified in its entirety by these cautionary statements. Factors
or events that could cause the Company's actual results to differ
may emerge from time to time, and it is not possible for the
Company to predict all of them. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any
change in events, conditions or circumstances on which any
forward-looking statement contained in this announcement is based,
unless required to do so by applicable law, the Listing Rules or
the Disclosure Guidance and Transparency Rules of the FCA or the UK
Market Abuse Regulation.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDGPGRPPUPWUQA
(END) Dow Jones Newswires
December 15, 2023 02:00 ET (07:00 GMT)
Financials Acquisition (LSE:FINS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Financials Acquisition (LSE:FINS)
Historical Stock Chart
From Apr 2023 to Apr 2024
