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TechFinancials Inc. - Proposed cancellation of AIM admission

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 AaronsonSamantha HarrisonSeamus 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


 


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 [email protected] or visit www.rns.com.
 
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Quick facts: TechFinancials, Inc.

Price: -

Market: AIM
Market Cap: -
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