TechFinancials Inc. Issue of Equity (8234N)
11 May 2018 - 8:42PM
UK Regulatory
TIDMTECH
RNS Number : 8234N
TechFinancials Inc.
11 May 2018
11 May 2018
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Issue of Equity
Further to its announcement of 26 April 2018, TechFinancials
(AIM: TECH), a leading technology provider to financial trading
brokers, today is pleased to announce that the Company has issued
12,406,352 shares of US$0.0005 ("Ordinary Shares") of
TechFinancials, at a price of GBP0.27 per share to the
OptionFortune Shareholders, in lieu of payment of US$4,527,927. The
closing price of the Ordinary Shares on 10 May 2018 was GBP0.165
per share.
Under the to the JV Agreement, the Company is required to issue
shares or make cash payments to the OptionFortune Shareholders,
depending on the financial results of the JV business,
DragonFinancials for the year 2017. Based on the audited financial
statements of DragonFinancials for the year 2017, DragonFinancials
achieved financial results requiring the Company to pay
US$4,527,927 as consideration to the OptionFortune
Shareholders.
Application has been made for the 12,406,352 Ordinary Shares,
comprising 9,304,764 shares issued to Mr. Shen Chaohui, 1,860,953
shares issued to Mr. Ma Liangliang and 1,240,635 shares issued to
Mr. Ke Endian which rank pari passu with the Company's existing
issued Ordinary Shares, to be admitted to trading on the AIM Market
of the London Stock Exchange ("AIM"). Dealings on AIM are expected
to commence at 8:00 a.m. on or around 17 May 2018
("Admission").
Total Voting Rights
Following Admission, the issued share capital of the Company
will comprise 84,980,979 Ordinary Shares with voting rights
attached (one vote per share). The Company does not hold any shares
in treasury. This figure of 84,980,979 may be used by shareholders
as the denominator for the calculation by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Market Abuse Regulation (MAR) Disclosure
The information contained 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.
Asaf Lahav, Group Chief Executive Officer
Yuval Tovias, Chief Financial Officer www.group.techfinancials.com
Grant Thornton UK LLP (Nominated Adviser)
Colin Aaronson / Samantha Harrison Tel: +44 (0) 20 7383
5100
Northland Capital Partners Limited (Joint
Broker)
David Hignell/ John Howes Tel: +44 (0) 20 3861
6625
Peterhouse Corporate Finance (Joint Broker)
Lucy Williams / Eran Zucker Tel: +44 (0) 20 7469
0932
Media enquiries:
Yellow Jersey (Media Relations)
Charles Goodwin / Katie Bairsto Tel: +44 (0) 7748 843
871
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.
The Company currently holds a 2 per cent interest and an option
to acquire a further 90 per cent in Cedex Holdings Ltd ("CEDEX"), a
blockchain-based on-line exchange for diamonds, which would give
TechFinancials up to 92 per cent of CEDEX or 87.4 per cent on a
fully diluted basis.
Further information can be found at
http://techfinancials.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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